Hype Agency Limited - Period Ending 2022-06-30

Hype Agency Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Hype Agency Limited

Company Information

Director

N P Lodge

Registered office

Unit 5 Avonside Road Bristol BS2 OUQ

Registered number

05730425

Accountants

Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Hype Agency Limited

(Registration number: 05730425)
Balance Sheet as at 30 June 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	-	-
Current assets
Debtors	5	9,902	-
Cash at bank and in hand		13,871	15,673
		23,773	15,673
Creditors: Amounts falling due within one year	6	(43,675)	(13,487)
Net current (liabilities)/assets		(19,902)	2,186
Net (liabilities)/assets		(19,902)	2,186
Capital and reserves
Called up share capital		100	100
Profit and loss account		(20,002)	2,086
Total equity		(19,902)	2,186

Hype Agency Limited

(Registration number: 05730425)
Balance Sheet as at 30 June 2022

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 27 March 2023
 

.........................................

N P Lodge
Director

Hype Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 Avonside Road
Bristol
BS2 OUQ

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

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:

Hype Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	2 years straight line
Plant and machinery	2 years straight line
Office equipment	2 years 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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Hype Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

Trade creditors

Short term 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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 profit or loss 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.

Hype Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 

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 the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the
contract.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

Hype Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

4	Tangible fixed assets

	Long-term leasehold property £	Plant and machinery £	Office equipment  £	Total £
Cost
At 1 July 2021	10,558	70,695	39,633	120,886
Disposals	-	-	(39,633)	(39,633)
At 30 June 2022	10,558	70,695	-	81,253
Depreciation
At 1 July 2021	10,558	70,695	39,633	120,886
Eliminated on disposal	-	-	(39,633)	(39,633)
At 30 June 2022	10,558	70,695	-	81,253
Carrying amount
At 30 June 2022	-	-	-	-
At 30 June 2021	-	-	-	-

5	Debtors: amounts falling due within one year

	Note	2022 £	2021 £
Trade debtors		5,400	-
Amounts owed by group undertakings	9	4,502	-
		9,902	-

Hype Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

6

Creditors

	Note	2022 £	2021 £
Amounts falling due within one year
Trade creditors		18,012	-
Amounts owed to group undertakings	9	-	647
Taxation and social security		389	-
Other creditors		11,340	11,340
Accruals		13,934	1,500
		43,675	13,487

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary A shares of £1 each	50	50	50	50
Ordinary B shares of £1 each	50	50	50	50
	100	100	100	100

8

Reserves

Profit and loss account

The profit and loss account includes all current and prior periods retained profits and losses.

9	Controlling party

The ultimate parent company is Fosters Rooms Limited by virtue of its 100% shareholding in the company. There is no ultimate controlling party.