HOROPITO_LIMITED - Accounts


Company Registration No. 10984513 (England and Wales)
HOROPITO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
HOROPITO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
HOROPITO LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,607
15,337
Tangible assets
4
580
998
19,187
16,335
Current assets
Stocks
30,678
-
Debtors
5
42,717
680
Cash at bank and in hand
51,284
63,403
124,679
64,083
Creditors: amounts falling due within one year
6
(373,296)
(222,712)
Net current liabilities
(248,617)
(158,629)
Total assets less current liabilities
(229,430)
(142,294)
Provisions for liabilities
(110)
-
Net liabilities
(229,540)
(142,294)
Capital and reserves
Called up share capital
7
335,000
235,000
Profit and loss reserves
(564,540)
(377,294)
Total equity
(229,540)
(142,294)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HOROPITO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2019
30 September 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 June 2020
A Hope
Director
Company Registration No. 10984513
HOROPITO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 27 July 2017
-
-
-
Period ended 30 September 2018:
Loss and total comprehensive income for the period
-
(377,294)
(377,294)
Issue of share capital
7
235,000
-
235,000
Balance at 30 September 2018
235,000
(377,294)
(142,294)
Period ended 30 September 2019:
Loss and total comprehensive income for the period
-
(187,246)
(187,246)
Issue of share capital
7
100,000
-
100,000
Balance at 30 September 2019
335,000
(564,540)
(229,540)
HOROPITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
1
Accounting policies
Company information

Horopito Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

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
Going concern

As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £229,540 (2018: £142,294) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.true

1.3
Reporting period

The financial statements for the previous accounting period were prepared from 27 September 2017 to 30 September 2018, therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business 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:

Patents and trademarks
Over 10 years
1.5
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:

Computer equipments
33.33% on cost

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.

HOROPITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and 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 less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Debtors

Short term debtors are measured at transaction price, less any impairments. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.9
Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

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.

HOROPITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

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 or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including director) employed by the company during the year was 1 (2018 - 1).

HOROPITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
3
Intangible fixed assets
Other
£
Cost
At 1 October 2018
15,948
Additions
5,060
At 30 September 2019
21,008
Amortisation and impairment
At 1 October 2018
611
Amortisation charged for the year
1,790
At 30 September 2019
2,401
Carrying amount
At 30 September 2019
18,607
At 30 September 2018
15,337
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2018 and 30 September 2019
1,253
Depreciation and impairment
At 1 October 2018
255
Depreciation charged in the year
418
At 30 September 2019
673
Carrying amount
At 30 September 2019
580
At 30 September 2018
998
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
42,717
680
HOROPITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
6,236
5,042
Taxation and social security
4,428
4,281
Other creditors
362,632
213,389
373,296
222,712
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
335,000 (2018: 235,000) Ordinary shares of £1 each
335,000
235,000

100,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2019
2018
£
£
4,280
5,832
9
Directors' transactions

Included within other creditors is an amount of £362,632 (2018: £213,389) owed to the director. The loan is interest free and repayable on demand.

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