2023-02-012024-01-312024-01-31false13145710Hiphops.io Ltd2024-10-30iso4217:GBPxbrli:pure131457102023-02-01131457102024-01-31131457102023-02-012024-01-31131457102022-02-01131457102023-01-31131457102022-02-012023-01-3113145710bus:SmallEntities2023-02-012024-01-3113145710bus:AuditExempt-NoAccountantsReport2023-02-012024-01-3113145710bus:FullAccounts2023-02-012024-01-3113145710bus:PrivateLimitedCompanyLtd2023-02-012024-01-3113145710core:WithinOneYear2024-01-3113145710core:AfterOneYear2024-01-3113145710core:WithinOneYear2023-01-3113145710core:AfterOneYear2023-01-3113145710core:ShareCapital2024-01-3113145710core:SharePremium2024-01-3113145710core:RevaluationReserve2024-01-3113145710core:OtherReservesSubtotal2024-01-3113145710core:RetainedEarningsAccumulatedLosses2024-01-3113145710core:ShareCapital2023-01-3113145710core:SharePremium2023-01-3113145710core:RevaluationReserve2023-01-3113145710core:OtherReservesSubtotal2023-01-3113145710core:RetainedEarningsAccumulatedLosses2023-01-3113145710core:LandBuildings2024-01-3113145710core:PlantMachinery2024-01-3113145710core:Vehicles2024-01-3113145710core:FurnitureFittings2024-01-3113145710core:OfficeEquipment2024-01-3113145710core:NetGoodwill2024-01-3113145710core:IntangibleAssetsOtherThanGoodwill2024-01-3113145710core:ListedExchangeTraded2024-01-3113145710core:UnlistedNon-exchangeTraded2024-01-3113145710core:LandBuildings2023-01-3113145710core:PlantMachinery2023-01-3113145710core:Vehicles2023-01-3113145710core:FurnitureFittings2023-01-3113145710core:OfficeEquipment2023-01-3113145710core:NetGoodwill2023-01-3113145710core:IntangibleAssetsOtherThanGoodwill2023-01-3113145710core:ListedExchangeTraded2023-01-3113145710core:UnlistedNon-exchangeTraded2023-01-3113145710core:LandBuildings2023-02-012024-01-3113145710core:PlantMachinery2023-02-012024-01-3113145710core:Vehicles2023-02-012024-01-3113145710core:FurnitureFittings2023-02-012024-01-3113145710core:OfficeEquipment2023-02-012024-01-3113145710core:NetGoodwill2023-02-012024-01-3113145710core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3113145710core:ListedExchangeTraded2023-02-012024-01-3113145710core:UnlistedNon-exchangeTraded2023-02-012024-01-3113145710core:MoreThanFiveYears2023-02-012024-01-3113145710core:Non-currentFinancialInstruments2024-01-3113145710core:Non-currentFinancialInstruments2023-01-3113145710dpl:CostSales2023-02-012024-01-3113145710dpl:DistributionCosts2023-02-012024-01-3113145710core:LandBuildings2023-02-012024-01-3113145710core:PlantMachinery2023-02-012024-01-3113145710core:Vehicles2023-02-012024-01-3113145710core:FurnitureFittings2023-02-012024-01-3113145710core:OfficeEquipment2023-02-012024-01-3113145710dpl:AdministrativeExpenses2023-02-012024-01-3113145710core:NetGoodwill2023-02-012024-01-3113145710core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3113145710dpl:GroupUndertakings2023-02-012024-01-3113145710dpl:ParticipatingInterests2023-02-012024-01-3113145710dpl:GroupUndertakingscore:ListedExchangeTraded2023-02-012024-01-3113145710core:ListedExchangeTraded2023-02-012024-01-3113145710dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-02-012024-01-3113145710core:UnlistedNon-exchangeTraded2023-02-012024-01-3113145710dpl:CostSales2022-02-012023-01-3113145710dpl:DistributionCosts2022-02-012023-01-3113145710core:LandBuildings2022-02-012023-01-3113145710core:PlantMachinery2022-02-012023-01-3113145710core:Vehicles2022-02-012023-01-3113145710core:FurnitureFittings2022-02-012023-01-3113145710core:OfficeEquipment2022-02-012023-01-3113145710dpl:AdministrativeExpenses2022-02-012023-01-3113145710core:NetGoodwill2022-02-012023-01-3113145710core:IntangibleAssetsOtherThanGoodwill2022-02-012023-01-3113145710dpl:GroupUndertakings2022-02-012023-01-3113145710dpl:ParticipatingInterests2022-02-012023-01-3113145710dpl:GroupUndertakingscore:ListedExchangeTraded2022-02-012023-01-3113145710core:ListedExchangeTraded2022-02-012023-01-3113145710dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-02-012023-01-3113145710core:UnlistedNon-exchangeTraded2022-02-012023-01-3113145710core:NetGoodwill2024-01-3113145710core:IntangibleAssetsOtherThanGoodwill2024-01-3113145710core:LandBuildings2024-01-3113145710core:PlantMachinery2024-01-3113145710core:Vehicles2024-01-3113145710core:FurnitureFittings2024-01-3113145710core:OfficeEquipment2024-01-3113145710core:AfterOneYear2024-01-3113145710core:WithinOneYear2024-01-3113145710core:ListedExchangeTraded2024-01-3113145710core:UnlistedNon-exchangeTraded2024-01-3113145710core:ShareCapital2024-01-3113145710core:SharePremium2024-01-3113145710core:RevaluationReserve2024-01-3113145710core:OtherReservesSubtotal2024-01-3113145710core:RetainedEarningsAccumulatedLosses2024-01-3113145710core:NetGoodwill2023-01-3113145710core:IntangibleAssetsOtherThanGoodwill2023-01-3113145710core:LandBuildings2023-01-3113145710core:PlantMachinery2023-01-3113145710core:Vehicles2023-01-3113145710core:FurnitureFittings2023-01-3113145710core:OfficeEquipment2023-01-3113145710core:AfterOneYear2023-01-3113145710core:WithinOneYear2023-01-3113145710core:ListedExchange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Hiphops.io Ltd

Registered Number
13145710
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

Hiphops.io Ltd
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

T Manterfield
L C Oberhuber
Z Strubel (Appointed on 24 May 2024 and Resigned on 30 September 2024)

Registered Address

2 Baldingstone
Bury
BL9 6RX

Registered Number

13145710 (England and Wales)
Hiphops.io Ltd
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets5-1,610
-1,610
Current assets
Debtors63,97051,576
Cash at bank and on hand425,671210,059
429,641261,635
Creditors amounts falling due within one year7(21,796)(35,336)
Net current assets (liabilities)407,845226,299
Total assets less current liabilities407,845227,909
Net assets407,845227,909
Capital and reserves
Called up share capital11
Share premium40,49940,501
Other reserves1,046,707533,548
Profit and loss account(679,362)(346,141)
Shareholders' funds407,845227,909
The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2024, and are signed on its behalf by:
L C Oberhuber
Director
Registered Company No. 13145710
Hiphops.io Ltd
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis. The company has incurred losses during the reporting period however it has been successful in raising investment funds during the reporting period. The directors are of the opinion that the company will have sufficient resources to meet its obligations if and when they fall due and it is on this basis they believe that they should adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
Share based payments as set out in notes to the accounts have been made to employees and advisers of the company. As disclosed in the share based payments accounting policy note above, the fair value of the options granted is recognised in the income statement over the course of the vesting period. The fair value of the share options is estimated using a Black Scholes model which calculates the fair value of an option based on the fair value of an ordinary share at the time the options are granted. No other significant judgements or estimates have been used in order to arrive at the figures contained within the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the period comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred. Tax credits arising from claims made under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss-making, as a Corporation Tax credit. Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Staff Costs
The company operates an EMI qualifying share option scheme and, as at the year end, the company had granted 106,287 EMI qualifying share options (2023: 106,287) to 3 employees at an average weighted exercise price of £0.000001 per share (2023: £0.000001). At the statement of financial position date, 19,000 share options had vested (2023: 18,685), 5,030 share options had lapsed (2023: nil) and 99,999 options had been exercised (2023: nil). The share options vest over varying periods of up to 4 years from the date of grant with a cliff ranging up to 12 months. A credit amount of £61,889 has been charged to the income statement in respect of the EMI approved share option scheme. The company also operates an unapproved share option scheme and, as at the year end, the company had granted 1,258 EMI qualifying share options (2023: 1,258) to 1 of its contractors at an average weighted exercise price of £0.000001 per share (2023: £0.000001). At the statement of financial position date, 425 share options had vested (2023: 61), nil share options had lapsed (2023: nil) and nil options had been exercised (2023: nil). The share options vest over varying periods of up to 4 years from the date of grant with a cliff ranging up to 12 months. An amount of £1,233 has been charged to the income statement in respect of the EMI approved share option scheme.
3.Average number of employees

20242023
Average number of employees during the year44
4.Prior period adjustment
The comparative figures presented in these financial statements have been restated to account for an amendment to the way the fair value of share options was determined. The fair value of the share options has been determined with the use of black scholes model and the new fair values have been applied retrospectively. Which has lead to a restatement of the comparative figures. The effects of the restatement are that the Share Option Reserves reported at 31 July 2022 have decreased by £275,981 and the accumulated losses reserve has decreased by £275,981.
5.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 February 231,9991,999
Disposals(1,999)(1,999)
Depreciation and impairment
At 01 February 23389389
Charge for year666666
On disposals(1,055)(1,055)
Net book value
At 31 January 24--
At 31 January 231,6101,610
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables719-
Other debtors1,58450,609
Prepayments and accrued income1,667967
Total3,97051,576
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-3,996
Taxation and social security12,8628,984
Other creditors5,7265,769
Accrued liabilities and deferred income3,20816,587
Total21,79635,336
8.Further information regarding the company's financial position
At the statement of financial position date the company had 306,479 (2023: 206,480) Ordinary shares in issue with an aggregate nominal value of £0.306479 (2023: £0.20648). For the purposes of the financial statements the company's aggregate nominal share capital has been rounded up to the nearest £1.