ACCOUNTS - Final Accounts preparation

HIP MANAGEMENT LTD - Company Information

Registered number: SC606008

HIP MANAGEMENT LTD

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

HIP MANAGEMENT LTD

COMPANY INFORMATION

Director	C A Holmes (appointed 22 August 2018)


Registered number	SC606008


Registered office	27 Fleming Drive
	Kirkcaldy
	KY2 6SL


Accountants	EQ Accountants LLP
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

HIP MANAGEMENT LTD

REGISTERED NUMBER: SC606008

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2019

		2019
		£


Current assets
Bank and cash balances	297
	297
Creditors: amounts falling due within one year	(1,802)
Net current (liabilities)/assets		(1,505)
Total assets less current liabilities		(1,505)

Net (liabilities)/assets		(1,505)

Capital and reserves
Called up share capital			2
Profit and loss account			(1,507)
			(1,505)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C A Holmes

Director

Date: 22 October 2019

The notes on pages 2 to 3 form part of these financial statements.

Page 1

HIP MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

1.	General information

HIP Management Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC606008. The registered office is 27 Fleming Drive, Kirkcaldy, KY2 6SL.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
The company started trading on 14 September 2018.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been preapred on a going concern basis, notwithstanding, the company has net liabilities as at 31 August 2019 of £1,505. The director beleives the company has sufficient working capital for it to continue trading for at least 12 months from the date the financial statements are approved.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

HIP MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 1.

4.	Share capital
		2019
		£

		Allotted, called up and fully paid

		2 Ordinary shares of £1.00 each	2

On 22 August 2018, 2 Ordinary shares of £1.00 each were issued to provide initial working capital.

Page 3