Hyper Toy Company Limited 11539936 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is wholesale and retail sale of childrens toys. Digita Accounts Production Advanced 6.30.9574.0 true true 11539936 2023-01-01 2023-12-31 11539936 2023-12-31 11539936 core:CurrentFinancialInstruments 2023-12-31 11539936 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11539936 core:FurnitureFittingsToolsEquipment 2023-12-31 11539936 1 2023-12-31 11539936 bus:SmallEntities 2023-01-01 2023-12-31 11539936 bus:Audited 2023-01-01 2023-12-31 11539936 bus:FilletedAccounts 2023-01-01 2023-12-31 11539936 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11539936 bus:RegisteredOffice 2023-01-01 2023-12-31 11539936 bus:Director2 2023-01-01 2023-12-31 11539936 bus:Director4 2023-01-01 2023-12-31 11539936 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11539936 core:ComputerEquipment 2023-01-01 2023-12-31 11539936 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11539936 core:ParentEntities 2023-01-01 2023-12-31 11539936 countries:EnglandWales 2023-01-01 2023-12-31 11539936 1 2023-01-01 2023-12-31 11539936 2022-12-31 11539936 core:FurnitureFittingsToolsEquipment 2022-12-31 11539936 1 2022-12-31 11539936 2022-01-01 2022-12-31 11539936 2022-12-31 11539936 core:CurrentFinancialInstruments 2022-12-31 11539936 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11539936 core:FurnitureFittingsToolsEquipment 2022-12-31 11539936 1 2022-12-31 11539936 1 2022-01-01 2022-12-31 11539936 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 11539936

Hyper Toy Company Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hyper Toy Company Limited

Contents
for the Year Ended 31 December 2023

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Hyper Toy Company Limited

Company Information
for the Year Ended 31 December 2023

Directors

J Vallis

C Goldsmid

Registered office

St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

Registered number

11539936 ( England and Wales )

Auditors

Kirk Rice LLP
Andrew Beet FCA (Senior Statutory Auditor)
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP

 

Hyper Toy Company Limited

(Registration number: 11539936)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

125

Current assets

 

Stocks

5

231,765

711,773

Debtors

6

463,012

345,791

Cash at bank and in hand

 

46,726

289,706

 

741,503

1,347,270

Creditors: Amounts falling due within one year

7

(724,655)

(1,183,213)

Net current assets

 

16,848

164,057

Net assets

 

16,848

164,182

Capital and reserves

 

Called up share capital

100

100

Retained earnings

16,748

164,082

Shareholders' funds

 

16,848

164,182

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
J Vallis
Director

 

Hyper Toy Company Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

These financial statements were authorised for issue by the Board on 29 January 2025.

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.

The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company is a wholly owned subsidiary of Hyper Bicycles, Inc and is dependent on the parent company for financial support. The group’s directors have reviewed the existing working capital against operating requirements for the group and have a reasonable expectation that there will be sufficient funds from net current cash balances and working capital generated from existing and projected sales to enable the group to continue to operate at its current level of activity. The group’s directors have taken note of post-COVID market changes and the availability of funding and consider that there will be sufficient funds to enable the group to continue operations at existing levels for the foreseeable future and not less that twelve months from signing the financial statements, having regard to the circumstances which they consider likely to occur, or which could occur, and impact the business during the twelve months from signing the financial statements. The directors of the company therefore consider that the adoption of the going concern basis is appropriate.

 

Hyper Toy Company Limited

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

Audit report

The Independent Auditor's Report was qualified. We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £711,773 held at 31 December 2022 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 December 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023.

As a result, we were unable to verify whether these reported balances in the financial statements are free from material misstatement. This limitation has resulted in a scope restriction on our audit, and we were unable to perform alternative audit procedures to substantiate the accuracy of these recorded balances.

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's 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 qualified opinion.

The name of the Senior Statutory Auditor who signed the audit report on 29 January 2025 was Andrew Beet FCA, who signed for and on behalf of Kirk Rice LLP.

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

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.

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.

 

Hyper Toy Company Limited

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

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Computer equipment

33% 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.

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. They are subsequently measured at amortised cost using the effective interest method, 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.

 

Hyper Toy Company Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Hyper Toy Company Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

749

749

At 31 December 2023

749

749

Depreciation

At 1 January 2023

624

624

Charge for the year

125

125

At 31 December 2023

749

749

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

125

125

5

Stocks

2023
£

2022
£

Other inventories

231,765

711,773

6

Debtors

Current

2023
£

2022
£

Trade debtors

325,088

315,066

Prepayments

15,065

13,454

Other debtors

122,859

17,271

 

463,012

345,791

 

Hyper Toy Company Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1

-

Amounts owed to related parties

9

661,182

1,158,514

Taxation and social security

 

39,753

13,488

Accruals and deferred income

 

21,900

10,500

Other creditors

 

1,819

711

 

724,655

1,183,213

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

1

-

 

Hyper Toy Company Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Advances and creditors

606

(606)

-

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Advances and creditors

-

606

606

 

Summary of transactions with parent

The parent of the largest group in which these financial statements are consolidated is Hyper Bicycles Inc., incorporated in United States.

The address of Hyper Bicycles Inc. is:
177 Malaga Park Drive
Malaga
United States
NJ 08328