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Registration number: 02179374

Hyprotect Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Hyprotect Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Hyprotect Limited

Company Information

Director

S Curry

Company secretary

R Curry

Registered office

Hassall Road
Skegness Industrial Estate
Skegness
Lincs
PE25 3TB

 

Hyprotect Limited

(Registration number: 02179374)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

24,167

15,045

Tangible assets

5

253,419

267,819

Investment property

6

261,825

261,825

 

539,411

544,689

Current assets

 

Stocks

7

309,657

215,628

Debtors

8

221,197

101,375

Cash at bank and in hand

 

568,746

735,834

 

1,099,600

1,052,837

Creditors: Amounts falling due within one year

9

(210,878)

(380,672)

Net current assets

 

888,722

672,165

Total assets less current liabilities

 

1,428,133

1,216,854

Provisions for liabilities

(24,314)

(24,533)

Net assets

 

1,403,819

1,192,321

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,403,719

1,192,221

Shareholders' funds

 

1,403,819

1,192,321

For the financial year ending 31 May 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 her 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 director on 7 September 2022
 

.........................................
S Curry
Director

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 02179374.

The address of its registered office is:
Hassall Road
Skegness Industrial Estate
Skegness
Lincs
PE25 3TB

The financial statements cover the individual entity, Hyprotect Limited.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Capital grants received in the year are released to the profit and loss account over the life of the asset.

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Tax

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

The current income 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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

Land and buildings

2% straight line

Fixtures and fittings

20% reducing balance

Office equipment

20% straight line, 33% reducing balance

Plant and machinery

20% reducing balance

Spanish fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value. The directors assess each year what they deem to be fair value.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

10% 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.

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

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, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

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.

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 9 (2021 - 9).

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 June 2021

16,483

16,483

Additions acquired separately

10,820

10,820

At 31 May 2022

27,303

27,303

Amortisation

At 1 June 2021

1,438

1,438

Amortisation charge

1,698

1,698

At 31 May 2022

3,136

3,136

Carrying amount

At 31 May 2022

24,167

24,167

At 31 May 2021

15,045

15,045

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Fixtures and fittings on spanish property
 £

Total
£

Cost or valuation

At 1 June 2021

235,366

485,847

28,383

749,596

Additions

-

10,791

-

10,791

At 31 May 2022

235,366

496,638

28,383

760,387

Depreciation

At 1 June 2021

66,823

386,812

28,142

481,777

Charge for the year

3,782

21,346

63

25,191

At 31 May 2022

70,605

408,158

28,205

506,968

Carrying amount

At 31 May 2022

164,761

88,480

178

253,419

At 31 May 2021

168,543

99,035

241

267,819

Included within the net book value of land and buildings above is £164,761 (2021 - £168,543) in respect of freehold land and buildings.
 

6

Investment properties

2022
£

At 1 June

261,825

At 31 May

261,825

The directors have deemed that the fair value of the investment properties is the same as the cost when acquired.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2022
£

2021
£

Raw materials and consumables

228,934

127,115

Finished goods and goods for resale

80,723

88,513

309,657

215,628

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Debtors

Current

2022
£

2021
£

Trade debtors

129,520

93,496

Prepayments

5,877

3,379

Other debtors

85,800

4,500

 

221,197

101,375

9

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

14,670

69,966

Taxation and social security

15,715

18,577

Other creditors

134,150

244,404

Accruals and deferred income

46,343

47,725

210,878

380,672

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100