Company registration number 02873882 (England and Wales)
HIPFAN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
HIPFAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HIPFAN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
5
528,329
540,376
Debtors falling due within one year
5
28,815
39,743
Cash at bank and in hand
6,500
4,986
563,644
585,105
Creditors: amounts falling due within one year
6
(24,000)
(57,359)
Net current assets
539,644
527,746
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
539,544
527,646
Total equity
539,644
527,746

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 26 February 2025 and are signed on its behalf by:
N Fanelli
Director
Company registration number 02873882 (England and Wales)
HIPFAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Hipfan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chilfrome Close, Poole, Dorset, BH17 9WE.

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 gross rents receivable from tenants of the company's freehold investment property, excluding Value Added Tax. Rental income is recognised in the financial statements in the periods to which the rental income actually relates.

1.3
Taxation

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

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date to the extent that the directors consider it to be material. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

2
Judgements and key sources of estimation uncertainty
Critical judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

Management does not consider there to be any such matters which result in any fundamental uncertainty within these financial statements.

HIPFAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses)
Realised loss on sale of investment property
-
(7,094)

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,106
21,082
Long term loan receivable
12,183
11,517
Prepayments and accrued income
1,526
4,091
28,815
36,690
Deferred tax asset
-
0
3,053
28,815
39,743
2024
2023
Amounts falling due after more than one year:
£
£
Long term loan receivable
528,329
540,376
Total debtors
557,144
580,119
HIPFAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Debtors
(Continued)
- 4 -

The long-term loan receivable relates to the balance of the monies due in respect of the sale of the company’s freehold investment property in 2023. The loan is secured by a fixed charge over that property and includes a negative pledge. The repayments are based on equal monthly instalments inclusive of interest so as to amortise the capital sum borrowed over a period of 30 years. The borrower has the option at the end of the five years to repay the balance in full or to extend for a further period of five years. The loan together with all accrued interest thereon becomes repayable immediately upon the completion of a sale of the property upon which it is secured.

Interest is payable at the rate of 3% per annum on the amount outstanding from time to time for the first five years of the loan and thereafter at 1% per annum above the Bank of England base rate calculated for the immediately following year on the relevant anniversary date, but subject to a restriction that any increase in the rate of interest for each successive year shall not exceed 1% but subject at all times to a floor of 3% per annum.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
112
-
0
Other taxation and social security
-
0
154
Other creditors
21,472
55,348
Accruals and deferred income
2,416
1,857
24,000
57,359
7
Related party transactions

During the year the company entered into the following transactions with related parties:

Amounts due to related parties
£
£
Key management personnel
21,472
55,348
8
Controlling Party

The controlling party throughout the year has been Nicola Fanelli who holds the entire issued share capital of the company.

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