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Registration number: 08810187

Hyper Island Executive Education Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Hyper Island Executive Education Limited

Contents

Company Information

1

Director's Report

2 to 3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Notes to the Financial Statements

11 to 17

 

Hyper Island Executive Education Limited

Company Information

Director

H E Rundt

Registered office

111 Piccadilly
Manchester
M1 2HY

Independent auditor

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Hyper Island Executive Education Limited

Director's Report for the Year Ended 31 December 2023

The director presents her report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is offering hands on consultation designed to unlock progress in organisations by understanding the current state and identifying opportunity areas.

Director of the company

The director who held office during the year and up to date of authorisation of this report was as follows:

H E Rundt

Going concern

Whilst the director is confident that the company will have sufficient resources for the foreseeable future, being twelve months from the date of approval of the financial statements, this will depend on the financial support from its immediate parent company. Consequently, the director has reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due in the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Statement of disclosure to the auditors

The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditors are unaware.

Reappointment of auditors

Following a merger of Harmer Slater Limited with Shaw Gibbs (Audit) Limited in November 2023, Harmer Slater Limited resigned as the company's auditors and Shaw Gibbs (Audit) Limited were appointed to act as the company's auditors. Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Hyper Island Executive Education Limited

Director's Report for the Year Ended 31 December 2023 (continued)

Small companies provision statement

The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director reports on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 6 June 2024
 

.........................................
H E Rundt
Director

 

Hyper Island Executive Education Limited

Statement of Director's Responsibilities

The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hyper Island Executive Education Limited

Independent Auditor's Report to the Member of
Hyper Island Executive Education Limited

Opinion

We have audited the financial statements of Hyper Island Executive Education Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, 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 Section 1A of the Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Hyper Island Executive Education Limited

Independent Auditor's Report to the Member of
Hyper Island Executive Education Limited (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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 auditor’s 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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:

 

Hyper Island Executive Education Limited

Independent Auditor's Report to the Member of
Hyper Island Executive Education Limited (continued)

The extent to which the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our cumulative audit and commercial knowledge and experience of the company;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, General Data Protection Rules (GDPR), Taxation legislations, The Equality Act 2010, Anti-bribery Act, Anti-corruption law, Employment Law, Competition Law and Health & Safety legislations;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships and tested journal entries to identify unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statements to disclosures underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Hyper Island Executive Education Limited

Independent Auditor's Report to the Member of
Hyper Island Executive Education Limited (continued)

Use of our report

This report is made solely to the company’s member, 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 member those matters we are required to state to them in an auditor’s 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

6 June 2024

 

Hyper Island Executive Education Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Revenue

569,754

739,924

Cost of sales

 

(87,377)

(189,915)

Gross profit

 

482,377

550,009

Administrative expenses

 

(589,370)

(555,413)

Operating loss

(106,993)

(5,404)

Other operating income

 

514,244

-

Interest payable and similar charges

(7,728)

(7,393)

Profit/(loss) before tax

 

399,523

(12,797)

Profit/(loss) for the financial year

 

399,523

(12,797)

Retained earnings brought forward

 

(1,169,682)

(1,156,885)

Retained earnings carried forward

 

(770,159)

(1,169,682)

 

Hyper Island Executive Education Limited

(Registration number: 08810187)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non current assets

 

Property plant and equipment

5

196

456

Current assets

 

Receivables

6

28,341

85,626

Cash at bank and in hand

 

21,487

285,481

 

49,828

371,107

Payables: Amounts falling due within one year

8

(657,718)

(1,378,780)

Net current liabilities

 

(607,890)

(1,007,673)

Total assets less current liabilities

 

(607,694)

(1,007,217)

Payables: Amounts falling due after more than one year

8

(162,464)

(162,464)

Net liabilities

 

(770,158)

(1,169,681)

Equity

 

Called up share capital

1

1

Retained earnings

(770,159)

(1,169,682)

Total equity

 

(770,158)

(1,169,681)

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Hyper Island Executive Education Limited were approved and authorised for issue by the director on 6 June 2024
 

.........................................

H E Rundt
Director

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

Hyper Island Executive Education Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

Whilst the director is confident that the company will have sufficient resources for the foreseeable future, being twelve months from the date of approval of the financial statements, this will depend on the financial support from its immediate parent company. Consequently, the director has reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due in the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Hyper Island Capital AB, which may be obtained from Virkesvägen 2, 120 30 Stockholm, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates, assumptions and judgements that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation and judgements means that actual outcomes could differ from those estimates. The following judgement have had the most significant effect on amounts recognised in the financial statements. At the year end, the company has unrelieved tax losses of approximately £1,404,626 (2022: £1,279,772).

No deferred tax asset has been recognised in respect of losses. In the director's judgement, there may not be other future taxable profits against which the tax losses will be relieved and consequently have not recognised any deferred tax asset.

Revenue recognition

Revenue represents amounts chargeable, net of value added tax, in respect of courses provided to clients. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met. Where payments are received from clients in advance of services provided, the amounts are received as deferred income and released as services are provided. Where services have already been provided, but not invoiced, the amounts receivable are estimated and recorded as accrued income.

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 rates prevailing on the initial transaction dates.

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

Taxation

Corporation tax payable is provided on taxable profits at the current rate of tax.

Deferred tax is provided in full on timing differences which represent a liability at the statement of financial position date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted

Property plant and equipment

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

The cost of property plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

Straight line 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank current account balances and are subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables 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.

Payables

Payables 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.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company. Contributions are recognised in the profit and loss account in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 9).

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

-

-

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

399,523

(12,797)

Corporation tax at standard rate

99,881

(2,431)

Effect of revenues exempt from taxation

(128,561)

-

Effect of tax losses

28,680

2,431

Total tax charge/(credit)

-

-

The company has tax losses which are available to be carried forward and utilised against future trading profits of approximately £1,401,625 (2022: £1,279,772). No deferred tax asset has been recognised in respect of these losses.

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Property plant and equipment

Computer Equipment
 £

Cost

At 1 January 2023

3,365

At 31 December 2023

3,365

Depreciation

At 1 January 2023

2,909

Charge for the year

260

At 31 December 2023

3,169

Carrying amount

At 31 December 2023

196

At 31 December 2022

456

6

Receivables

2023
£

2022
£

Trade receivables

14,311

69,212

Other receivables

10,877

1,399

Accrued income

3,153

15,015

28,341

85,626

7

Cash and cash equivalents

2023
£

2022
£

Cash at bank

21,487

285,481

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

8

Payables

2023
£

2022
£

Due within one year

Trade payables

14,261

36,620

Amounts owed to group undertakings

576,108

953,516

Social security and other taxes

5,453

21,835

Other payables

1,267

1,688

Accrued expenses and deferred income

60,629

365,121

657,718

1,378,780

Due after one year

Amounts owed to immediate parent undertaking

162,464

162,464

The amounts owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and interest bearing.

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.50 each

2

1

2

1

         

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

10

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £10,838 (2022 - £10,001). Contributions totalling £1,267 (2022 - £1,688) were payable to the scheme at the end of the year and are included in creditors.

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

11

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 the "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

12

Parent and ultimate parent undertaking

The company is controlled by Hyper Island Capital AB, incorporated in Sweden, by virtue of its 100% interest in the issued equity share capital of the company. This is the largest group for which consolidated financial statements are prepared. Copies of that undertaking's consolidated financial statements can be obtained from Virkesvägen 2, 120 30 Stockholm, Sweden.

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.