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Registration number: 11764189

Prepared for the registrar

Hyper Studios Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2022

 

Hyper Studios Ltd

(Registration number: 11764189)
Balance Sheet as at 31 January 2022

Note

2022
 £

2021
 £

Fixed assets

 

Tangible assets

4

25,934

16,455

Current assets

 

Debtors

5

141,067

125,486

Cash at bank and in hand

 

113,399

74,543

 

254,466

200,029

Creditors: Amounts falling due within one year

6

(117,415)

(62,725)

Net current assets

 

137,051

137,304

Total assets less current liabilities

 

162,985

153,759

Creditors: Amounts falling due after more than one year

6

-

(16,820)

Deferred tax liabilities

7

(6,484)

(3,126)

Net assets

 

156,501

133,813

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

156,401

133,713

Total equity

 

156,501

133,813

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

Directors' 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 directors acknowledge 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 by the Board on 13 September 2022 and signed on its behalf by:
 


S J Paterson-Browne
Director

 

Hyper Studios Ltd

Notes to the Financial Statements for the Year Ended 31 January 2022

 

1

General information

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

The address of its registered office is:
Dunstone House
111 Tewkesbury Road
Longford
Gloucester
GL2 9BN

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Hyper Studios Ltd

Notes to the Financial Statements for the Year Ended 31 January 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Hyper Studios Ltd

Notes to the Financial Statements for the Year Ended 31 January 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Hyper Studios Ltd

Notes to the Financial Statements for the Year Ended 31 January 2022

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

4

Tangible assets

Computer equipment
 £

Cost

At 1 February 2021

18,713

Additions

14,182

At 31 January 2022

32,895

Depreciation

At 1 February 2021

2,258

Charge for the period

4,703

At 31 January 2022

6,961

Carrying amount

At 31 January 2022

25,934

At 31 January 2021

16,455

 

5

Debtors

2022
 £

2021
 £

Trade debtors

71,924

94,655

Other debtors

67,923

29,970

Prepayments

1,220

861

 

141,067

125,486

 

Hyper Studios Ltd

Notes to the Financial Statements for the Year Ended 31 January 2022

 

6

Creditors

Note

2022
 £

2021
 £

Due within one year

 

Loans and borrowings

8

45,596

4,832

Trade creditors

 

1,550

544

Social security and other taxes

 

49,692

17,686

Accrued expenses

 

5,470

1,051

Corporation tax liability

15,107

38,612

 

117,415

62,725

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

-

16,820

2022
£

2021
£

After more than five years by instalments

-

1,359

-

-

 

7

Deferred tax

Deferred tax assets and liabilities

2022

Liability
£

Fixed asset timing differences

6,484

   

2021

Liability
£

Fixed asset timing differences

3,126

   
 

Hyper Studios Ltd

Notes to the Financial Statements for the Year Ended 31 January 2022

 

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

-

2,430

Directors' loan accounts

45,596

2,402

45,596

4,832

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

16,820

 

9

Related party transactions

Other transactions with directors

At 31 January 2022, the company owed the director S J Paterson-Browne £931 (2021: £858) in the form of a director's loana ccount. The loan is repayable on demand and no interest is payable.

At 31 January 2022, the company owed the director A M Williams £44,665 (2021: £1,544) in the form of a director's loan account. The loan is repayable on demand and no interest is payable.