Company registration number 09973653 (England and Wales)
HYPERDRIVE INNOVATION HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HYPERDRIVE INNOVATION HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HYPERDRIVE INNOVATION HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
5,236,344
5,236,344
Current assets
Debtors
4
3,238,144
3,238,144
Net current assets
3,238,144
3,238,144
Net assets
8,474,488
8,474,488
Capital and reserves
Called up share capital
5
464,379
464,379
Share premium account
8,010,109
8,010,109
Total equity
8,474,488
8,474,488

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
M S Karim
Director
Company registration number 09973653 (England and Wales)
HYPERDRIVE INNOVATION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Hyperdrive Innovation Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Future Technology Centre, Barmston Court, Nissan Way, Sunderland, SR5 3NY.

1.1
Accounting convention

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 on the historical cost convention.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Hyperdrive Innovation Holdings Limited is a wholly owned subsidiary of Turntide Transport Ltd and the results of Hyperdrive Innovation Holdings Limited are included in the consolidated financial statements of Turntide Transport Ltd which are available from Turntide Drives, Eighth Avenue, Team Valley Trading Estate, Gateshead, England, NE11 0AQ.

1.2
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HYPERDRIVE INNOVATION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include other debtors and loans due from group undertaking, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, loans, and redeemable preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

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

2022
2021
Number
Number
Total
3
3
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
5,236,344
5,236,344
HYPERDRIVE INNOVATION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,238,144
3,238,144
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
464,378,345
464,378,345
464,379
464,379
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stephen Slater
Statutory Auditor:
Sumer Auditco Limited
2022-12-312022-01-01true28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedM S KarimR J MorrisR ShakooriM CoxC R Pennisonfalse099736532022-01-012022-12-31099736532022-12-31099736532021-12-3109973653core:ShareCapital2022-12-3109973653core:ShareCapital2021-12-3109973653core:SharePremium2022-12-3109973653core:SharePremium2021-12-3109973653bus:Director12022-01-012022-12-31099736532021-04-012021-12-3109973653core:CurrentFinancialInstruments2021-12-3109973653bus:EntityHasNeverTraded2022-01-012022-12-3109973653bus:PrivateLimitedCompanyLtd2022-01-012022-12-3109973653bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3109973653bus:FRS1022022-01-012022-12-3109973653bus:Audited2022-01-012022-12-3109973653bus:Director22022-01-012022-12-3109973653bus:Director32022-01-012022-12-3109973653bus:Director42022-01-012022-12-3109973653bus:Director52022-01-012022-12-3109973653bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP