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Registration number: 09577054

HP1 Technologies Limited

Unaudited Filleted Financial Statements

for the Period from 1 May 2024 to 31 December 2024

 

HP1 Technologies Limited

(Registration number: 09577054)
Balance Sheet as at 31 December 2024

31 December
2024
£

30 April
2024
£

Fixed assets

44,664

53,962

Current assets

325,188

275,681

Creditors: Amounts falling due within one year

(326,595)

(236,249)

Net current (liabilities)/assets

(1,407)

39,432

Total assets less current liabilities

43,257

93,394

Creditors: Amounts falling due after more than one year

(735,000)

(668,011)

Accruals and deferred income

(73,583)

(12,771)

 

(765,326)

(587,388)

Capital and reserves

(765,326)

(587,388)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
A J Howes
Director

 

HP1 Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 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:
Nexus
Discovery Way
LEEDS
LS2 3AA

These financial statements were authorised for issue by the Board on 11 April 2025.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

The accounts are presented in UK sterling pounds and rounded to the nearest pound.

Going concern

The balance sheet shows net liabilities overall at 31 December 2024 as the Company's long-term funding structure includes convertable loan notes which, together with the accrued interest, are shown as liabilities until converted into equity or repaid.

The going concern basis has been adopted because the Directors believe that sufficient funds will be earned or available to support the business for at least the next twelve months taking into account:

(i) the profitable licence and consultancy fee income that is expected to be generated on development work for the subsidiary companies that commercialise the Company’s intellectual property;

(ii) the expected cash receipts from the sale of a subsidiary company that was agreed subsequent to the balance sheet date; and

(iii) the continued willingness of certain directors to provide financial support by deferring the payment of remuneration for services rendered until the Company has sufficient cash resources and by providing repayable short-term bridging finance if necessary.

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2024 - 6).

3

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £160,684 (2024 - £132,687). The company has a financial commitment to a director for unpaid salary of £160,684 (April 2024 - £132,687).