Company registration number 07193749 (England and Wales)
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Unaudited financial statements
For the year ended 30 April 2024
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Balance sheet
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
512,905
498,386
Current assets
Debtors
5
110,087
102,113
Cash at bank and in hand
220,095
238,502
330,182
340,615
Creditors: amounts falling due within one year
6
(282,757)
(262,110)
Net current assets
47,425
78,505
Total assets less current liabilities
560,330
576,891
Creditors: amounts falling due after more than one year
7
(10,833)
(20,833)
Provisions for liabilities
8
(75,250)
(53,537)
Net assets
474,247
502,521
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
474,147
502,421
Total equity
474,247
502,521
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Balance sheet (continued)
As at 30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr S Shorrock
Director
Company registration number 07193749 (England and Wales)
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Oasis Business Park, Road One, Winsford Industrial Estate, Winsford, Cheshire, CW7 3RY.
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
Turnover
Turnover represents amounts receivable for events and goods supplied net of VAT. Turnover is recognised at the point at which the events take place and amounts received in advance are included in creditors as deferred income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
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.
Depreciation 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:
Buildings
2% straight line
Plant and machinery
25% straight line
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
21
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
60,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
60,000
Carrying amount
At 30 April 2024
At 30 April 2023
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 5 -
4
Tangible fixed assets
Buildings
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
235,227
733,483
16,738
125,505
1,110,953
Additions
114,254
2,480
116,734
Disposals
(32,585)
(32,585)
At 30 April 2024
235,227
815,152
19,218
125,505
1,195,102
Depreciation and impairment
At 1 May 2023
18,617
544,600
13,682
35,668
612,567
Depreciation charged in the year
4,705
72,792
1,903
22,459
101,859
Eliminated in respect of disposals
(32,229)
(32,229)
At 30 April 2024
23,322
585,163
15,585
58,127
682,197
Carrying amount
At 30 April 2024
211,905
229,989
3,633
67,378
512,905
At 30 April 2023
216,610
188,883
3,056
89,837
498,386
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,926
78,867
Other debtors
10,161
23,246
110,087
102,113
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
8,780
12,217
Taxation and social security
28,643
29,317
Other creditors
235,334
210,576
282,757
262,110
Other creditors include deferred income and accruals of £229,803 (2023: £203,648).
Hipswing Holdings Limited (formerly Hipswing Entertainments Limited)
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
20,833
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
75,250
53,537
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
50
50
50
50
B Ordinary shares of £1 each
50
50
50
50
100
100
100
100