Registered number:
For the 52 weeks Ended
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HYPERAMA PLC
COMPANY INFORMATION
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HYPERAMA PLC
CONTENTS
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HYPERAMA PLC
GROUP STRATEGIC REPORT
For the 52 weeks Ended 31 January 2023
Within this report the directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the period end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
During the 52 weeks, the Group's principal activities has changed significantly with the sale / discontinued operation of the Cash & Carry business. The business has now resized its operation and will continue with its JK Foods division with the distribution and supply to restaurants, takeaways, wholesalers and retailers throughout the UK of its range of Asian and Far East food products and specialist packaging. Turnover on continuing operations has increased year on year by £2.6 million, however, the gross profit % on continuing operations decreased from 16.9% to 14.1%, due to overall increased costs levels. In addition the continued operations in the year included some one off costs amounting to £1.6 miliion, of which £1.2 million is included as exceptional costs. The market remains a difficult environment and the supply chain disruption experienced in the broader market during the year, resulted in additional costs for importation of product from the Far East. Net cash generated from operating activities was an overall deficiency of £15.9 million due to the repayment of creditors as a result of the sale of the C&C division at £13.4m million (2022: £2.2 million increase). During the year, due to the on-going challenges of the economic environment, the directors reviewed the strategic aims of the Group and implemented a major restructure, which included the disposal of a number of its operations and reducing its overhead costs. As part of this reorganisation, the Group has sold its cash and carry division at Peterborough, West Bromwich and Nottingham. Also it has closed its Bring Me Drink online services. The strategic aim of this reorganisation is to improve the overall profitability and cash generation of the Group. The deals resulted in a gross cash inflow to the business of £13.1 million. As shown on the balance sheet, the financial position at the year-end remained strong with net assets of £14.9m.
Business Risk
The business has been impacted by the ongoing impact of price increases and supply constraints and an overall increase in costs, The Group is now as an Oriental food wholesaler/ distributor has continued to operate but has seen a constriction of trading in the 52 weeks, due to the supply chain disruption encountered. Failure to adapt to these changing circumstances could have an adverse effect on our business and the team has been working tirelessly to ensure continuity of trade for our customers. Financial Risk Management The Group's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk, interest rate risk and foreign exchange risk. The Group has a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and related finance costs. The Group has implemented policies that require appropriate credit checks before a sale is made. The Group maintains a mixture of long term and short-term debt, including an invoice discounting facility and stock loans, to ensure the Group has sufficient funds for its operations and any planned expansions. The Group hedges its exposure to foreign currency fluctuations using forward exchange contracts where required
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Group as a whole, these being turnover, gross margin, EBITDA, and cashflow. These have been considered within the business review.
The directors do not use any other key performance indicators to monitor the business.
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HYPERAMA PLC
GROUP STRATEGIC REPORT (CONTINUED)
For the 52 weeks Ended 31 January 2023
The Directors of Hyperama plc consider that they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole, having regard to matters set out in s172(1)(a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 January 2023. In particular:
(a) Likely consequences of any decision in the long-term Our core business model and strategy are designed to secure sustainable long-term growth whilst continuing to deliver strong results in the meantime. (b) The interests of the Company’s employees Our employees are fundamental to the delivery of our strategy. We encourage employee participation and have worked hard on improving the working environment. We have regard for their interests and this has helped shape our decision-making processes. (c) The need to foster the Company’s business relationships with suppliers, customers and others Engaging with our stakeholders is very much a part of our ethos as it strengthens our relationships and helps us make better business decisions. (d) The impact of the Company’s operations on the community and the environment We are proud to support our local community. In 2022/23, as part of our Corporate Social Responsibility (CSR) programme to support local communities, we are providing product to a local foodbank. We have introduced a number of initiatives to minimise our impact on the environment, including installing energy saving lighting, installing EV charging points at the Nottingham site and exploring the use of solar energy on our site and the switching to Hybrid vehicles. (e) The desirability of the Company maintaining a reputation for high standards of business conduct The Board is committed to achieving and maintaining high standards of business conduct, corporate governance, integrity and business ethics. (f) The need to act fairly as between members of the Company. The Company is a public limited company and the interests of the shareholders as a whole are considered so that members are treated fairly.
This report was approved by the board on 20 October 2023 and signed on its behalf.
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HYPERAMA PLC
DIRECTORS' REPORT
For the 52 weeks Ended 31 January 2023
The directors present their report and the financial statements for the 52 weeks ended 31 January 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the 52 weeks, after taxation, amounted to £602 thousand (2022 - loss £236 thousand).
Dividends of £159,000 were paid during the period (2022: £164,000).
The directors who served during the 52 weeks were:
There are no significant future developments in the business about which the directors are required to report.
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HYPERAMA PLC
DIRECTORS' REPORT (CONTINUED)
For the 52 weeks Ended 31 January 2023
Details of the number of employees and related costs can be found in note 8 to the financial statements.
The Group's employment policies have been designed to meet the needs of its business, and follow best practice whilst complying with both current and anticipated legislation. Applied consistently throughout the Group they provide a fair framework within which employees work. The Group is firmly committed to ensuring that the manner in which it employs staff is fair and equitable. Its equal opportunities policy is designed to ensure that no person or group of individuals will be treated less favourably because of their race, colour, ethnic origin, gender or sexual orientation, age or disability. The Group maintains a policy of regular consultation and discussion with its employees on a wide range of issues that are likely to affect their interests and ensure that all employees are aware of the financial and economic performance of their business units and of the Group as a whole.
The Group remains committed to the on-going development ot its business relationships with suppliers and customers.
The figures below detail the annual GHG emissions (scope 1&2) from activities for which the Group is directly responsible.
The methodology used to calculate emissions is abased upon GHG protocol Corporate Accounting and Reporting Standards and has been calculated using the carbon convention factors published by the BEIS in January 2022.
Energy Performance 2023 2022 kWh energy use kWh 4,852,999 6,745,111 Diesel Transport L 352,034 368,297 Scope 1 Emissions 976 925 Scope 2 Emissions 1,390 1,414 Total Carbon emissions TCO2e 2, 530 339 Intensity Ratio tonnes of CO2 per £m sales 47.38 16.58 During the year we had full years benefit of carbon footprint reduction as a result of the upgrade to LED lighting across the estate.
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HYPERAMA PLC
DIRECTORS' REPORT (CONTINUED)
For the 52 weeks Ended 31 January 2023
The Group have included details of key risks and uncertainties and disclosures in respect of engagement with suppliers, customers and others in the Strategic Report using the provisions of section 414(c) of the Companies Act 2006.
The Group does not follow a specific code on corporate governance. This is due to the fact that the Company is not defined as a large private company under the regulations and is a plc, on a historic basis. Therefore, the Waites principles are not seen as an appropriate code to follow, due to the following:The directors are the shareholders of the Group. The Group seeks to ensure that it maintains positive relationships with staff and suppliers and monitors this on an ongoing basis. The directors seek to identify and mitigate the risks facing the Group, whilst promoting the success of the Group by identifying appropriate opportunities. This is driven by regular board meetings, which set and review goals and objectives to achieve the Group’s strategy.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC
Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Group. We have audited the financial statements of HYPERAMA PLC (the 'parent Company') and its subsidiaries (the 'Group') for the 52 weeks ended 31 January 2023, which comprise the Group Profit and loss account, the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Group. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Group. We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial 52 weeks for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Group. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified that the principal risk of fraud or noncompliance with laws and regulations related to: management bias in respect of accounting estimates and judgements made: management override of control; posting of unusual journals or transactions significant cash based transactions/misappropriation of cash compliance with bank/debt covenants We focussed on those area that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing minutes of meetings of those charged with governance where available; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular, property valuations and recoverability and completeness of amounts due to the Group and Company, in repsect of retrospective rebates and overriders.; analytical procedures to identify any unexpected or unusual relationships that might indicate material misstatement due to fraud, It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
1 Prospect Place
Millennium Way
Pride Park
DE24 8HG
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HYPERAMA PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
Registered number: 02667340
CONSOLIDATED BALANCE SHEET
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.
The notes on pages 19 to 42 form part of these financial statements.
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HYPERAMA PLC
Registered number: 02667340
COMPANY BALANCE SHEET
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 42 form part of these financial statements.
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HYPERAMA PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
CONSOLIDATED ANALYSIS OF NET DEBT
For the 52 weeks Ended 31 January 2023
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Hyperama plc is a a public limited company limited by shares incorporated in England and Wales. Its registered office is included on the information page within the financial statements. The Group's principal activity is disclosed in the directors' report. The accounts are rounded tol the nearest £'000.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
2.Accounting policies (continued)
The Group has experienced a challenging year, with the on-going increases in supply chain and freight costs. This on-going economic volatility has impacted upon the Group's year end results and resulted in the directors re-assessing the Group's strategic aims including a review of each division to assess its overall contribution to the Group and to implement efficiencies and streamline costs.
Following this review, during the year, the directors implemented a major restructure, which included the disposal of a number of its operations. As part of this reorganisation, the Group has sold its cash and carry division at Peterborough, West Bromwich and Nottingham and closed its Bring Me Drink on-line services. The strategic aim of this reorganisation is to improve the overall profitability and cash generation of the Group. The deals resulted in a gross cash inflow to the business of £13.1 million. These decisive actions have ensured that the Group will continue to have sufficient funds in place, to meet the liabilities of the Group, as they fall due and to ensure that the Group have flexibility in their funding requirements, so that no reliance is placed on one funding source. The Directors believe that the Group’s financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of the financial statements. Forecasts have been prepared through to January 2025 and the Directors consider that the Group has adequate funding in place, to remain in operation for the foreseeable future and to meet its current liabilities as they fall due however the forecasts show the Group is reliant on the continued support of the Group’s creditors, in particular the Bank, the directors and their connected companies, and the Hyperama Executive Retirement Benefit Scheme. Based on the continued availability of this support the directors continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
2.Accounting policies (continued)
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated profit and loss account in the same period as the related expenditure.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years, with patents being amortised over 10 years and computer software over 3 years, once available for use.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
2.Accounting policies (continued)
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:
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.
The directors do not consider it appropriate to depreciate long leasehold property since, in their opinion, any charge to depreciation would be immaterial as the estimated residual value of the building is not materially different from the carrying value of the building. Any minor additions are depreciated at a rate of 15% per annum.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
2.Accounting policies (continued)
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 26
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 27
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
In April 2023 the corporation tax rate will increase to 25% from 19% for taxable profits over £250,000.
Page 28
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the 52 weeks/year was £
Page 29
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 30
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
15.Intangible assets (continued)
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 32
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
16.Tangible fixed assets (continued)
Cost or valuation at 31 January 2023 is as follows:
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
16.Tangible fixed assets (continued)
Page 34
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Cost or valuation at 31 January 2023 is as follows:
Page 35
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 36
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 37
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
The other loan is an amount due to the Hyperama Executive pension scheme. The loan is repayable in annual installments and attracts interest at 1% above the Bank of England base rate. For further details see note 33 to the financial statements. The Group and Company's bank loans and overdraft are secured by a first legal charge over the long leasehold land and buildings at Hyperama Building, Bull Close Road, Lenton Industrial Estate, Nottingham, NG7 2UT and by fixed and floating charges over all the assets of the Company. In 2019, the Group and Company drew down a loan of £2.4 million. At 31 January 2023 the balance on this loan is £1.4 million, and is repayable in equal quarterly installments of £79k over a 10 year period. Interest on this bank loan is repayable at a % above LIBOR. The Group and Company drew down a further £959,000 of £1.9 million loan. At 31 January 2023, the balance on this loan is £934k. This loan is repayable in equal quarterly installments of £85k and is repayable in 5 years commencing first quarter 2021. Interest on this bank loan is repayable at a % above LIBOR.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
Page 39
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
25.Deferred taxation (continued)
Revaluation reserve
Capital redemption reserve
Profit and loss account
Page 40
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
The Group has a duty deferment guarantee with HMRC of £250,000 (2022: £250,000).
The Group also has in place a £5,000 guarantee (2022: £5,000) to facilitate the purchasing from the Rural Payments Agency. The Group has an unlimited multilateral guarantee against the borrowings of a company under common control. The value of the borrowings under this guarantee is £Nil at the year end (2022: £1,984,259)
The Group operates a defined contribution pension scheme covering certain employees. The assets of the scheme are held separately from those of the Group in an independently administered fund Pension cost charged against the profits represent the amount paid to the scheme in respect of the period. Contributions for the period to 31 January 2023 amounted to £
Page 41
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the 52 weeks Ended 31 January 2023
At 31 January 2023, there was an amount of £
Included in other debtors is a loan to M Singh, a director and shareholder. The balance at the period end was £9,153 due to M Singh (2022: £
The ultimate controlling party is M S Johal by virtue of his 54.29% holding in the company's issued equity share capital.
Page 42
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HYPERAMA PLC
Page 43
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