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Registration number: 08810187

Hyper Island Executive Education Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Hyper Island Executive Education Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

Hyper Island Executive Education Limited

Company Information

Director

H E Rundt

Registered office

111 Piccadilly
Manchester
M1 2HY

Auditors

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

 

Hyper Island Executive Education Limited

(Registration number: 08810187)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Non current assets

 

Property plant and equipment

6

2,062

196

Current assets

 

Receivables

7

25,412

28,341

Cash at bank and in hand

 

9,271

21,487

 

34,683

49,828

Payables: Amounts falling due within one year

9

(621,872)

(657,718)

Net current liabilities

 

(587,189)

(607,890)

Total assets less current liabilities

 

(585,127)

(607,694)

Payables: Amounts falling due after more than one year

9

(162,464)

(162,464)

Net liabilities

 

(747,591)

(770,158)

Equity

 

Called up share capital

10

1

1

Retained earnings

(747,592)

(770,159)

Total equity

 

(747,591)

(770,158)

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 Executive Education Limited were approved and authorised for issue by the director on 7 May 2025
 

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

H E Rundt
Director

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024

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 director's 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 has 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 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 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 £1,380,924 (2023: £1,404,625).

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 2024 (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 separately 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 during the year, was 3 (2023 - 8).

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

4

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.

5

Taxation

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 19% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

22,567

399,523

Corporation tax at standard rate

4,288

99,881

Effect of revenues exempt from taxation

-

(128,561)

Effect of tax losses

(4,419)

28,680

Total tax credit

(131)

-

The company has tax losses which are available to be carried forward and utilised against future trading profits of approximately £1,380,924 (2023: £1,401,625). 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 2024 (continued)

6

Property, plant and equipment

Computer Equipment
 £

Cost or valuation

At 1 January 2024

3,365

Additions

2,498

At 31 December 2024

5,863

Depreciation

At 1 January 2024

3,169

Charge for the year

632

At 31 December 2024

3,801

Carrying amount

At 31 December 2024

2,062

At 31 December 2023

196

7

Receivables

2024
£

2023
£

Trade receivables

17,243

14,311

Other receivables

737

10,877

Accrued income

7,432

3,153

25,412

28,341

8

Cash and cash equivalents

2024
£

2023
£

Cash at bank

9,271

21,487

 

Hyper Island Executive Education Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

9

Payables

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

5,718

14,261

Amounts owed to group undertakings

576,441

576,108

Social security and other taxes

 

11,812

5,453

Other payables

 

-

1,267

Accrued expenses and deferred income

 

27,901

60,629

 

621,872

657,718

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 are unsecured, payable on demand and interest bearing.

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.50 each

2

1

2

1

       

Reserves

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

11

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 £11,018 (2023 - £10,838). Contributions totalling £Nil (2023 - £1,267) 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 2024 (continued)

12

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.

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.

14

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 May 2025 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.