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Registration number: 13983616

Hopco International Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Hopco International Ltd

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 13

Detailed Profit and Loss Account

14 to 15

 

Hopco International Ltd

Company Information

Directors

Mr David Jacofsky

Mr Peter Slate

Registered office

Fifth Floor
5 New Street Square
London
EC4A 3BF

Auditors

Metric Accountants Limited
Level 30, The Leadenhall Building
122 Leadenhall Street
London
EC3V 4AB

 

Hopco International Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr David Jacofsky

Mr Peter Slate

Principal activity

The principal activity of the company is that of a holding company.

Going concern

We believe that the Company's financial statements should be prepared on a going concern basis. We can confirm that the Company has sought and received confirmation from the Company’s ultimate parent company, HOPCo Group Holding, L.P., that there remains a current firm undertaking to provide finance sufficient to enable the Company to continue as a going concern for the next twelve months.

Restatement of prior period financial statements

These financial statements include revisions to the financial statements for the year ended 31 March 2023 and replace the original financial statements for the year ended 31 March 2023 which were approved by the board on 1 October 2024. These revised financial statements are now the statutory financial statements of the company for the period. In accordance with the Companies Act 2006, the financial statements have been revised as at the date of the original financial statements and not as at the date of this revision. Accordingly they do not deal with events between those dates.

The revisions made include the following:
• Additional £65,924 of deferred consideration on investment which should have been recognised in the year ended 31 March 2023 has now been included.
• The amount originally recorded as a creditor with related parties should have been recorded as a capital contribution in the year ended 31 March 2023.
• The share capital was original recorded as being unpaid which was incorrect, and has now been recorded as fully paid.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mr David Jacofsky
Director

 

Hopco International Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hopco International Ltd

Independent Auditor's Report to the Members of Hopco International Ltd

Opinion

We have audited the financial statements of Hopco International Ltd (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Hopco International Ltd

Independent Auditor's Report to the Members of Hopco International Ltd

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified certain internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

 

Hopco International Ltd

Independent Auditor's Report to the Members of Hopco International Ltd

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including the Companies Act 2006 and UK tax legislation.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings and correspondence, including legal correspondence.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including reviewing and testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
James Richardson (Senior Statutory Auditor)
For and on behalf of Metric Accountants Limited, Statutory Auditor

Level 30, The Leadenhall Building
122 Leadenhall Street
London
EC3V 4AB

24 March 2025

 

Hopco International Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

(As restated)

2023
£

Turnover

 

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(7,200)

(7,200)

Operating loss

 

(7,200)

(7,200)

Loss before tax

(7,200)

(7,200)

Loss for the financial year

 

(7,200)

(7,200)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hopco International Ltd

(Registration number: 13983616)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investments

4

14,265,924

14,265,924

Creditors: Amounts falling due within one year

5

(80,324)

(73,124)

Net assets

 

14,185,600

14,192,800

Capital and reserves

 

Called up share capital

100

100

Capital contribution reserve

14,199,900

14,199,900

Retained earnings

(14,400)

(7,200)

Shareholders' funds

 

14,185,600

14,192,800

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mr David Jacofsky
Director

 

Hopco International Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital contribution reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

14,199,900

(7,200)

14,192,800

Loss for the year

-

-

(7,200)

(7,200)

At 31 March 2024

100

14,199,900

(14,400)

14,185,600

Share capital
£

Capital contribution reserve
£

Retained earnings
£

Total
£

Loss for the year

-

-

(7,200)

(7,200)

New share capital subscribed

100

-

-

100

Other capital redemption reserve movements

-

14,199,900

-

14,199,900

At 31 March 2023

100

14,199,900

(7,200)

14,192,800

 

Hopco International Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fifth Floor
5 New Street Square
London
EC4A 3BF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Hopco International Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investments

2024
£

(As restated)

2023
£

Investments in subsidiaries

14,265,924

14,265,924

Subsidiaries

£

Cost or valuation

At 1 April 2023

14,265,924

Carrying amount

At 31 March 2024

14,265,924

At 31 March 2023

14,265,924

 

Hopco International Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Healthcare Outcomes Performance Company Limited (previously Future Health Works Ltd)

3rd Floor
1 Ashley Road
Altrincham
Cheshire
WA14 2DT
UK

Ordinary shares

100%

100%

Subsidiary undertakings

Healthcare Outcomes Performance Company Limited (previously Future Health Works Ltd)

The principal activity of Healthcare Outcomes Performance Company Limited (previously Future Health Works Ltd) is business and domestic software development.

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Amount owed to related parties

7

65,924

65,924

Accruals and deferred income

 

14,400

7,200

 

80,324

73,124

 

Hopco International Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Related party transactions

Summary of transactions with group companies

The company has been provided with a loan by its subsidiary company, totalling £65,924. This loan is not accruing interest and is repayable at the request of the subsidiary company.

 

8

Control

The controlling party is The Center For Orthopedic And Research Excellence, Inc. This company is incorporated in the USA.

The ultimate controlling party is HOPCo Group Holdings L.P. This company is incorporated in the USA.

 

Hopco International Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2024

Year ended 31 March 2024
 £

(As restated)
17 March 2022 to 31 March 2023
 £

Turnover (analysed below)

-

-

Administrative expenses

General administrative expenses (analysed below)

(7,200)

(7,200)

Operating loss

(7,200)

(7,200)

Loss before tax

(7,200)

(7,200)

 

Hopco International Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

General administrative expenses

Audit and accountancy fees

(7,200)

(7,200)