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REGISTERED NUMBER: 05665974 (England and Wales)















HYDE'S TOYS & GIFTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HYDE'S TOYS & GIFTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L J Hester
D P Hyde
D Hyde
J R Hyde
P G Hyde





SECRETARY: L J Hester





REGISTERED OFFICE: Unit 1A
Common Bank Employment Area
Ackhurst Road
Chorley
Lancashire
PR7 1NH





REGISTERED NUMBER: 05665974 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 58,923 41,828

CURRENT ASSETS
Inventories 1,009,186 1,617,925
Debtors 5 68,535 58,993
Cash at bank and in hand 1,405,378 1,182,565
2,483,099 2,859,483
CREDITORS
Amounts falling due within one year 6 (281,784 ) (330,487 )
NET CURRENT ASSETS 2,201,315 2,528,996
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,260,238

2,570,824

PROVISIONS FOR LIABILITIES - (7,947 )
NET ASSETS 2,260,238 2,562,877

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,260,138 2,562,777
2,260,238 2,562,877

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





J R Hyde - Director


HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Hyde's Toys & Gifts Limited is a private company, limited by shares and registered in England and Wales. The company's registered number is 05665974 and the registered office address is Unit 1A, Common Bank Employment Area, Ackhurst Road, Chorley, Lancashire, PR7 1NH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors are satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

.Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

Revenue
Revenue represents amounts receivable for toys and gifts dispatched or sold prior to the statement of financial position date, net of Value Added Tax. Revenue is recognised as follows:-

Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered and installed products to the customer and collectability of the related receivables is fairly stated.

Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual value over their useful lives on the following basis:

Plant and machinery etc.20% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Inventories
Inventories are stated at the lower of cost and estimated selling price.

Cost includes any expenditure incurred in bringing the inventory to its present location and condition. The cost comprises of actual purchase price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.-

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rate of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on the translation in the period are included in the income statement.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2023 188,651
Additions 28,384
At 31 March 2024 217,035
DEPRECIATION
At 1 April 2023 146,823
Charge for year 11,289
At 31 March 2024 158,112
NET BOOK VALUE
At 31 March 2024 58,923
At 31 March 2023 41,828

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 68,535 58,993

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 49,149 19,166
Taxation and social security 224,109 300,807
Other creditors 8,526 10,514
281,784 330,487

HYDE'S TOYS & GIFTS LIMITED (REGISTERED NUMBER: 05665974)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 11,351 18,773
Between one and five years - 11,351
11,351 30,124