The Hip Haberdasher Limited - Accounts to registrar (filleted) - small 18.2
The Hip Haberdasher Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 January 2021 |
| for |
| The Hip Haberdasher Limited |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| The Hip Haberdasher Limited |
| Company Information |
| for the Year Ended 31 January 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Statement of Financial Position |
| 31 January 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Statement of Financial Position - continued |
| 31 January 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2021 |
| 1. | STATUTORY INFORMATION |
| The Hip Haberdasher Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including the provisions of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency. |
| The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance. |
| Particular consideration has been given to the impact of the Coronavirus on the company's ability to operate for the foreseeable future. In arriving at this assessment of the going concern status of the company the directors have made key judgements about the ongoing availability of the Government's Job Retention Scheme, local council grants and the government restart grant, and the returning level of demand for the products provided by the company. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. |
| Sale of goods |
| Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
| - | the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
| - | the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| - | the amount of turnover can be measured reliably; |
| - | it is probable that the economic benefits associated with the transaction will flow to the company; and |
| - | the costs incurred or to be incurred in respect of the transition can be measured reliably. |
| Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of five years. |
| Intangible assets |
| Trademarks have been fully amortised. |
| Development costs are being amortised evenly over their estimated useful life of 4 years. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition, but excludes customs tariffs. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Financial instruments |
| Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax, if applicable. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2021 |
| AMORTISATION |
| At 1 February 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| Other tangible assets include trademarks and website development costs. |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2021 |
| DEPRECIATION |
| At 1 February 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| Total lease payments recognised as an expense during the period amounted to £33,502 (2020 - £78,322). |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| The company has given security by way of a fixed and floating charge, with a negative pledge over all of its assets to HSBC UK Bank Plc. This charge was created on 25 July 2018. |
| The CBILS loan is secured by the government. |
| 11. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £1,099 (2020 - £564) were payable to the fund at the balance sheet date and are included in creditors. |
| The Hip Haberdasher Limited (Registered number: 04463180) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 12. | CORONAVIRUS |
| In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the spread of the virus the Government has imposed significant restrictions on the movement of people and the ability of businesses to continue to trade. |
| The company has been significantly impacted by the restrictions on the movement of people implemented by the Government as a result of the coronavirus outbreak. |
| During various lockdowns, when the retail outlet was closed, the company has furloughed a significant number of employees under the Job Retention Scheme and therefore reduce their cost base. In addition, the company has been able to apply for the deferment of their March 2020 VAT liability, and they have received other grants relating to the retail sector, and taken out a loan under the CBILS. |
| The directors are confident that the company has sufficient reserves of cash to manage cash-flow in such a way as to ensure that the company can continue trading. Since the year end the company has taken advantage of further government grants including the job retention scheme, local council grants and the restart grant for non-essential retail shops. The company has increased its online trading and implemented click and collect when allowed. The directors currently believe that demand for their products will continue to be strong once the UK economy is returned to more normal trading conditions. |