Hip Media Group Limited - Accounts to registrar (filleted) - small 22.3
Hip Media Group Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2021 |
| for |
| Hip Media Group Limited |
| Hip Media Group Limited (Registered number: 09158497) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Hip Media Group Limited |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 38 Craven Street |
| London |
| WC2N 5NG |
| Hip Media Group Limited (Registered number: 09158497) |
| Balance Sheet |
| 31 December 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/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Hip Media Group Limited (Registered number: 09158497) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Hip Media Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable in relation to the sale of books and membership fee income, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Office Equipment: 20% straight line |
| Computer Equipment: 33.33% straight line |
| The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hip Media Group Limited (Registered number: 09158497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, |
| including bank loans, are measured initially at fair value, net of transaction costs, and are |
| measured subsequently at amortised cost using the effective interest method. |
| Government grants |
| The Government has introduced a range of initiatives to help businesses during the COVID-19 pandemic, including the Coronavirus Job Retention Scheme. Government grants have not been recognised until there is reasonable assurance that the entity will (a) comply with the conditions attaching to them and (b) the grants will be received (FRS 102.24.3A).Grants are recognized based on the performance model and where related to income they are presented as part of profit or loss under a general heading as Other income. Banks also provide Bounce back loans given free of interest for 12 months. |
| Going concern |
| The uncertainty and disruption caused by COVID-19 require an evaluation on how the pandemic has affected the entity's individual performance, position and future prospects. The directors believe that there are no material uncertainties that might affect the entity's ability to continue as a going concern based on the assumption that the business will continue to operate into the foreseeable future and for minimum of 12 months from the date that the financial statements are authorised for issue. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Hip Media Group Limited (Registered number: 09158497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| AMORTISATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Hip Media Group Limited (Registered number: 09158497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | RELATED PARTY DISCLOSURES |
| At the end of the year, a balance of £3,000 (2020: £3,000) was owed to Magic Ventures Limited, the parent undertaking. This amount is non-interest bearing with no fixed repayments. A balance of £36,661 (2020: £36,661) from Hip Media LLC, this is related to the company and incorporated in USA. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |