Registration number:
Hyper Island Limited
for the Year Ended 31 December 2024
Hyper Island Limited
Contents
|
Company Information |
|
|
Statement of Financial Position |
|
|
Notes to the Financial Statements |
Hyper Island Limited
Company Information
|
Director |
H E Rundt |
|
Registered office |
|
|
Auditors |
|
Hyper Island Limited
(Registration number: 07095154)
Statement of Financial Position as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Non-current assets |
|||
|
Property, plant and equipment |
- |
|
|
|
Current assets |
|||
|
Receivables |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Payables: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Equity |
|||
|
Called up share capital |
|
|
|
|
Capital contribution reserve |
|
|
|
|
Retained earnings |
( |
( |
|
|
Shareholders' funds |
|
|
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.
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 Income statement.
The financial statements of Hyper Island Limited were approved and authorised for issue by the
.........................................
Director
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
General information |
Hyper Island 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.
|
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.
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.
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 has prepared the financial statements on a going concern basis.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (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 has had the most significant effect on amounts recognised in the financial statements. At the year end, the company has unrelieved tax losses of approximately £229,405 (2023: £230,067).
No deferred tax asset has been recognised in respect of these tax losses. In the director's judgement, there may not be other future taxable profits against which the tax losses will be relieved and consequently no deferred tax asset has been recognised
Revenue recognition
Revenue represents amounts chargeable, net of value added tax, in respect of courses provided to
students. 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 students 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
Tax
The tax expense for the period comprises current tax. Tax is recognised in the income statement, 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.
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses 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, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Property, plant and equipment
Property, plant and equipment are recorded at historical cost less accumulated depreciation and any provision for impairment. Cost comprises the purchase price together with all expenses directly incurred in bringing the asset to its location and condition ready for use.
Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
|
Asset class |
Depreciation method and rate |
|
Office equipment |
Straight line over 5 years |
|
Computer equipment |
Straight line over 3 years |
|
Short leasehold improvements |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise of bank current account balances and are subject to an insignificant risk of change in value.
Trade 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.
Trade payables
Payables are obligations to pay for 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.
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
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 separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Financial instruments
|
Staff numbers |
The average number of persons employed by the company during the year, was
|
Director's remuneration |
The director did not receive any remuneration for services to the company during the year or preceding year. The director is remunerated by other group companies.
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit/(loss) before tax |
|
( |
|
Corporation tax at standard rate |
|
( |
|
Effect of tax losses |
( |
|
|
Total tax charge/(credit) |
- |
- |
The company has tax losses which are available to be carried forward and utilised against future trading profits of approximately £229,405 (2023: £230,067). No deferred tax asset has been recognised in respect of these losses.
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Property, plant and equipment |
|
Office Equipment |
Computer Equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
- |
- |
- |
|
At 31 December 2023 |
|
|
|
|
Receivables |
|
2024 |
2023 |
||
|
Trade receivables |
|
|
|
|
Amount owed by group undertakings |
|
|
|
|
Other receivables |
- |
|
|
|
Prepayments |
|
|
|
|
|
|
Details of non-current trade and other receivables
Other receivables includes unpaid share capital of £1.
The amount owed by group undertakings disclosed as falling within one year is unsecured, payable
on demand and is non-interest bearing.
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Payables |
Payables: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade payables |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
|
|
|
Share capital and reserves |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other
adjustments.
The capital contribution reserve represents a loan conversion agreed with the immediate parent
undertaking. As such, the company has treated the loan conversion as a capital contribution by the
shareholder and recognised £546,368 directly in equity within a separate Capital contribution reserve.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Hyper Island Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Events after the financial period |
|
|
|
Audit report |