Company registration number 09823547 (England and Wales)
HIUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
HIUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
HIUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
302,172
390,864
Tangible assets
5
24,997
37,717
327,169
428,581
Current assets
Debtors
6
140,180
17,005
Cash at bank and in hand
2,016
1,254
142,196
18,259
Creditors: amounts falling due within one year
7
(2,931,788)
(2,847,220)
Net current liabilities
(2,789,592)
(2,828,961)
Net liabilities
(2,462,423)
(2,400,380)
Capital and reserves
Called up share capital
8
126
126
Share premium account
9
3,310,666
3,310,666
Other reserves
9
209,989
209,989
Profit and loss reserves
9
(5,983,204)
(5,921,161)
Total equity
(2,462,423)
(2,400,380)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr B C Kavanagh
Director
Company registration number 09823547 (England and Wales)
HIUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2021
126
3,310,666
209,989
(5,165,496)
(1,644,715)
Year ended 31 October 2022:
Loss for the year
-
-
-
(755,665)
(755,665)
Balance at 31 October 2022
126
3,310,666
209,989
(5,921,161)
(2,400,380)
Year ended 31 October 2023:
Loss for the year
-
-
-
(62,043)
(62,043)
Balance at 31 October 2023
126
3,310,666
209,989
(5,983,204)
(2,462,423)
HIUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

HIUP Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have considered a period of twelve months from this date and, despite the company making
losses and having negative reserves of £2,462,423 (2022: £2,400,380) at the reporting date, are satisfied that the company will operate successfully and generate sufficient funds in order to trade out of its current trading position. The directors and shareholders have also confirmed their own support to the company for the foreseeable future.
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Applications
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

HIUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Depreciation is provided on the following basis:

Computer equipment
33% straight line
Computer modules
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gain or loss arising on the disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

HIUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HIUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The company has no employees other than the directors, who did not receive any remuneration.

2023
2022
Number
Number
Total
-
0
-
0
HIUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Intangible fixed assets
Applications
£
Cost
At 1 November 2022 and 31 October 2023
886,955
Amortisation and impairment
At 1 November 2022
496,091
Amortisation charged for the year
88,692
At 31 October 2023
584,783
Carrying amount
At 31 October 2023
302,172
At 31 October 2022
390,864
5
Tangible fixed assets
Computer equipment
Computer modules
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
9,732
124,980
134,712
Depreciation and impairment
At 1 November 2022
9,510
87,485
96,995
Depreciation charged in the year
222
12,498
12,720
At 31 October 2023
9,732
99,983
109,715
Carrying amount
At 31 October 2023
-
0
24,997
24,997
At 31 October 2022
222
37,495
37,717
6
Debtors
2023
2022
£
£
Trade debtors
72
72
Corporation tax recoverable
127,947
-
0
Other debtors
12,161
16,933
140,180
17,005
HIUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
104,463
76,025
Corporation tax
100
-
0
Other taxation and social security
16,202
24,225
Other creditors
2,811,023
2,746,970
2,931,788
2,847,220
8
Called up share capital
2023
2022
£
£
Shares classified as equity
Allotted, called up and fully paid
9,767,231 Ordinary shares of £0.00001 each
98
98
1,160,000 A Ordinary shares of £0.00001 each
12
12
1,612,000 B Ordinary shares of £0.00001 each
16
16
126
126
9
Other reserves
Share premium account

Share premium account includes any excess over the nominal value of shares received on the issue of share capital.

Other reserves

Other reserves includes capital contributions.

Profit and loss reserves

Profit and loss reserves represents cumulative gains and losses recognised in the Profit and Loss Account, net of transfers to / from any other reserves and any dividends paid.

10
Related party transactions

At the balance sheet date, the company was owed £5,826 (2022: £5,813) by Virtuality Limited, £3,089 (2022: £3,089) by Olive Media Solutions Inc, £2,356 (2022: £7,141) by Crosswood Developments Limited and £890 (2022: £890) by Nydam Ltd. All are related parties by virtue of common control.

 

At the balance sheet date, the company owed £2,630,057 (2022: £2,480,245) to Upskill Online Limited, £51,490 (2022: £140,122) to Olive Media Solutions UK Holdings Limited, £8,510 (2022: £8,510) to Graphene Creative Limited and £50,866 (2022: £45,268) to Edufit Training Limited. All are related parties by virtue of common control.

 

At the balance sheet date, the company owed £65,000 (2022: £65,000) to J Robinson and £400 (2022: £400) to I Slatter, both members of key management personnel. No interest is applied on these loan balances.

 

The company has taken advantage of the exemption available in FRS 102 ''Related party disclosures'', and has not disclosed transactions with any 100% members of the group.

 

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