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Registered number (England and Wales) : 11602781
HIMS & HERS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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HIMS & HERS UK LIMITED
REGISTERED NUMBER:11602781
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Net current assets/(liabilities)
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Total assets less current liabilities
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These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
These financial statements have been prepared 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 were signed on its behalf by:
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HIMS & HERS UK LIMITED
REGISTERED NUMBER:11602781
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hims & Hers UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor Halo, Counterslip, Bristol, United Kingdom, BS1 6AJ. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £ unless otherwise stated.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The principal accounting policies adopted are set out below.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The company relies heavily on the support of their parent company and they have expressed their continued support for a minimum of 12 months from the date of the accounts approval.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, and other sales taxes. Turnover from the sale of goods is recognised when goods have been shipped to customers.
Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Other - 1 year
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:
Facility equipment - 20% 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.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS102 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.
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 are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
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.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The company's parent company has granted rights to its equity instruments to employees of Hims & Hers UK Limited. Such arrangements are accounted for as equity-settled share-based payment arrangements and a capital contribution is recognised to the extent that the company is not recharged by its parent.
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the company's estimate of equity instruments that will eventually vest. At each balance sheet date, the company revises its estimate of the number of equity instruments expected to vest as a result of the effect of non market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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. There were no significant accounting judgements or estimates used in the production of these financial statements.
The average monthly number of employees, including directors, during the year was 4 (2023: 4).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Charge for the year on owned assets
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Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Amounts owed to group undertakings
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Taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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3,127,631 (2023 - 2,580,000) Ordinary share capital shares of £0.0001 each
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On 23 July 2024, the Company issued 323,416 ordinary shares of £0.0001 each at a price of £22.30. This was settled by a payment of £19.66 and the settlement of an intercompany balance of £7,212.157.14. Share premium of £7,212,144.46 was recognised.
On 25 July 2024, the Company issued 224,215 ordinary shares of £0.0001 each at a price of £22.30. This was settled in cash. Share premium of £4,999,972.08 was recognised.
Hims & Hers UK Limited is a wholly owned subsidiary of Hims, Inc, a company registered in the United States.
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Related party transactions
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The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Page 7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Impact of prior year restatement
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The results of the year ended 31 December 2023 and 2022 have be restated due to the Company incorrectly omitting equity based share based payment expenses. This has impacted the Profit and Loss Account and Balance Sheet along with opening retained earnings of 31 March 2023 and 2022.
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Profit and Loss Account
Administrative expenses
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Balance as at 31 December as stated
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Restated balance as at 31 December
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Capital and reserves
Share Option reserve
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Balance as at 31 December as stated
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Restated balance as at 31 December
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Balance as at 31 December as stated
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The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 28 May 2025 by Chris Howitt (Senior Statutory Auditor) on behalf of Henton & Co LLP.
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