HIPFAN_LIMITED - Accounts

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

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

Hipfan Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beacon House, 15 Christchurch Road, Bournemouth, Dorset, BH1 3LB.

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, modified to include the revaluation of freehold property and to include investment property at fair value. The principal accounting policies adopted are set out below.

Turnover represents gross rents receivable from tenants of the company's freehold investment property, excluding Value Added Tax. Rental income is recognised in the financial statements in the periods to which the rental income actually relates.

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:

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.

It is the company's policy to maintain the property so that the estimated residual value will not be impaired over time. The costs of this maintenance are charged to the profit and loss account as incurred. The directors are of the opinion that any depreciation in respect of the company's freehold properties would be immaterial and consequently no provision is made in the accounts for such depreciation.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date to the extent that the directors consider it to be material. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 in the period are included in profit or loss.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgement that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is the fair value estimate by the directors of the investment property as at 31 December 2022. However, if the property was sold then the amount realised could be higher or lower than this estimate, potentially generating a material profit or loss on disposal depending upon the circumstances of any future sale.

The average monthly number of persons (including directors) employed by the company during the year was:

The directors have valued the property at fair value as at 31 December 2022 without any independent advice. The directors have a long standing knowledge of the property and local market conditions and remain actively involved in the management thereof.

No deferred tax has been provided on the revaluation of the company's investment property due to the availability of indexation allowance.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

On 26 August 2022 the company reduced its share capital under section 643 of the Companies Act 2006 following the passing of a special resolution by the member. The share capital so reduced comprised ordinary shares of £1 each which had an aggregate nominal value of £100,000.

During the year the company entered into the following transactions with related parties:

The immediate parent undertaking throughout the previous year and up to 24 March 2022, was Heliting Holding SA a company incorporated in Switzerland and that company was regarded as the company's ultimate parent undertaking throughout these years.

Heliting Holding SA was controlled by Mr Giorgio Fanelli until his passing on 31 January 2009, and since that time has been controlled by various members of his close family, who are regarded as the company's ultimate controlling party.

The entire shareholding was transferred to the personal name of Nicola Fanelli on 24 March 2022.