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Registration number: 02179374

Hyprotect Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

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 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,713

23,668

Tangible assets

5

212,957

231,239

Investment property

6

261,825

261,825

 

495,495

516,732

Current assets

 

Stocks

7

176,690

267,489

Debtors

8

159,260

100,112

Cash at bank and in hand

 

939,523

914,338

 

1,275,473

1,281,939

Creditors: Amounts falling due within one year

9

(208,189)

(180,370)

Net current assets

 

1,067,284

1,101,569

Total assets less current liabilities

 

1,562,779

1,618,301

Provisions for liabilities

(22,721)

(27,176)

Net assets

 

1,540,058

1,591,125

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,539,958

1,591,025

Shareholders' funds

 

1,540,058

1,591,125

For the financial year ending 31 May 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

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

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 2024

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 2024

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 2024

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 8 (2023 - 8).

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 June 2023

29,553

29,553

At 31 May 2024

29,553

29,553

Amortisation

At 1 June 2023

5,885

5,885

Amortisation charge

2,955

2,955

At 31 May 2024

8,840

8,840

Carrying amount

At 31 May 2024

20,713

20,713

At 31 May 2023

23,668

23,668

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Fixtures and fittings on spanish property
 £

Total
£

Cost or valuation

At 1 June 2023

235,366

496,638

28,383

760,387

At 31 May 2024

235,366

496,638

28,383

760,387

Depreciation

At 1 June 2023

74,387

426,507

28,254

529,148

Charge for the year

3,782

14,467

33

18,282

At 31 May 2024

78,169

440,974

28,287

547,430

Carrying amount

At 31 May 2024

157,197

55,664

96

212,957

At 31 May 2023

160,979

70,131

129

231,239

Included within the net book value of land and buildings above is £157,197 (2023 - £160,979) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

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

2024
£

2023
£

Raw materials and consumables

176,690

267,489

 

Hyprotect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

94,008

53,732

Prepayments

8,607

2,043

Other debtors

56,645

44,337

 

159,260

100,112

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

56,396

-

Trade creditors

 

23,477

26,482

Taxation and social security

 

77,608

108,350

Accruals and deferred income

 

48,156

45,538

Other creditors

 

2,552

-

 

208,189

180,370

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100