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Registered number:
For the Year Ended
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HYPERAMA PLC
COMPANY INFORMATION
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HYPERAMA PLC
CONTENTS
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HYPERAMA PLC
STRATEGIC REPORT
For the Year Ended 31 January 2026
Within this report the directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the period end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
The Company trades via its JK Foods division with the distribution and supply to restaurants, takeaways, wholesalers and retailers throughout the UK of its range of Asian and Far East food products and specialist packaging. Turnover has decreased year on year by 10.1%, and the gross profit % decreased from 23.7% to 23.1% before exceptionals (see note 14), due to increased cost pressures. The market remains a difficult environment and the supply chain disruption experienced in the broader market continues to present on-going business challenges. However, overall improvements has led to an improvement to cash generation from operating activities to £2.7 million from £2.1 million in 2025. The EBITDA has slightly fallen in 2026, to £2.7 million from £3.8 million due to the overall cost pressures,adding back exceptionals. As shown on the balance sheet, the financial position at the year-end remained strong with net assets of £21.6 million (2025: £20.6 million).
Business Risk
The Company is as an Oriental food wholesaler/distributor. The business remains at risk to any price increases and supply constraints as these risks can impact the overall level of margins and costs, Failure to adapt to any changing circumstances could have an adverse effect on the business and the Company has been working tirelessly to ensure continuity of trade for customers and mitigating these risks. Financial Risk Management The Company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk, interest rate risk and foreign exchange risk. The Company has a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and related finance costs. The Company has implemented policies that require appropriate credit checks before a sale is made. The Company maintains a mixture of long term and short-term debt, including an invoice discounting facility to ensure the Company has sufficient funds for its operations and any planned expansions. The Company has utilised loans from the Pension Scheme and continues to meet the repayment and interest terms on these loans. The Company hedges its exposure to foreign currency fluctuations using forward exchange contracts where required.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin, EBITDA, and cashflow. These have been considered within the business review.
The directors do not consider any other performance indicators as key to monitor the business.
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HYPERAMA PLC
STRATEGIC REPORT (CONTINUED)
For the Year Ended 31 January 2026
The Directors of Hyperama plc consider that they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole, having regard to matters set out in s172(1)(a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 January 2026. In particular:
(a) Likely consequences of any decision in the long-term Our core business model and strategy are designed to secure sustainable long-term growth whilst continuing to deliver strong results in the meantime. (b) The interests of the Company’s employees Our employees are fundamental to the delivery of our strategy. We encourage employee participation and have worked hard on improving the working environment. We have regard for their interests and this has helped shape our decision-making processes. (c) The need to foster the Company’s business relationships with suppliers, customers and others Engaging with our stakeholders is very much a part of our ethos as it strengthens our relationships and helps us make better business decisions. (d) The impact of the Company’s operations on the community and the environment We are proud to support our local community. In 2025/26, as part of our Corporate Social Responsibility (CSR) programme to support local communities, we are prioritising the use of local business to service our fleet of vehicles and various other facility costs. We have continue to use a number of initiatives to minimise our impact on the environment, including energy saving lighting, EV charging points at the Nottingham site, solar panels on our site and using Hybrid vehicles. (e) The desirability of the Company maintaining a reputation for high standards of business conduct The Board is committed to achieving and maintaining high standards of business conduct, corporate governance, integrity and business ethics. (f) The need to act fairly as between members of the Company. The Company is a public limited company and the interests of the shareholders as a whole are considered so that members are treated fairly.
This report was approved by the board on 1 May 2026 and signed on its behalf.
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HYPERAMA PLC
DIRECTORS' REPORT
For the Year Ended 31 January 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,360 thousand (2025 - £2,030 thousand).
Dividends of £328,000 were paid during the period (2025: £150,000). No further dividends are recommended.
The directors who served during the year were:
There are no significant future developments in the business about which the directors are required to report.
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HYPERAMA PLC
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 31 January 2026
The Company remains committed to the on-going development of its business relationships with suppliers and customers.
The figures below detail the annual GHG emissions (scope 1&2) from activities for which the Company is directly responsible.
The methodology used to calculate the emissions is based upon GHG protocol Corporate Accounting and Reporting Standards and has been calculated using the carbon factors published by the BEIS.
Solar panels were installed in the prior year, which has increased energy efficiency in the reporting period. No further actions have been taken in the current year.
The Company have included details of key risks and uncertainties and disclosures in respect of engagement with suppliers, customers and others in the Strategic Report using the provisions of section 414(c) of the Companies Act 2006.
The Company does not follow a specific code on corporate governance. This is due to the fact that the Company is not defined as a large private company under the regulations and is a plc, on a historic basis. Therefore, the Wate's principles are not seen as an appropriate code to follow, due to the following:The directors are the shareholders of the Company. The Company seeks to ensure that it maintains positive relationships with staff and suppliers and monitors this on an ongoing basis. The directors seek to identify and mitigate the risks facing the Company, whilst promoting the success of the Company by identifying appropriate opportunities. This is driven by regular board meetings, which set and review goals and objectives to achieve the Company’s strategy.
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HYPERAMA PLC
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 31 January 2026
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on 1 May 2026 and signed on its behalf.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC
We have audited the financial statements of Hyperama PLC (the 'Company') for the year ended 31 January 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity, the Statement of cash flows, the Analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Company and the industry, we identify the key laws and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • management bias in respect of accounting estimates and judgements made; • management override of control; • posting of unusual journals or transactions; • significant cash based transactions/misappropriation of cash. We focussed on those areas that could give rise to a material misstatement in the Company's financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular, property valuation and EPR provisions that might indicate material misstatement due to fraud. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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HYPERAMA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYPERAMA PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
1 Prospect Place
Millennium Way
Pride Park
DE24 8HG
1 May 2026
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HYPERAMA PLC
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended 31 January 2026
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HYPERAMA PLC
Registered number: 02667340
BALANCE SHEET
As at
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HYPERAMA PLC
Registered number: 02667340
BALANCE SHEET (CONTINUED)
As at 31 January 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
The notes on pages 16 to 35 form part of these financial statements.
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HYPERAMA PLC
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 31 January 2026
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HYPERAMA PLC
STATEMENT OF CASH FLOWS
For the Year Ended 31 January 2026
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HYPERAMA PLC
ANALYSIS OF NET DEBT
For the Year Ended 31 January 2026
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Hyperama plc is a public limited company limited by shared incorporated in England and Wales. Its registered office is included on the information page within the financial statements. The company's principal activity is disclosed in the directors' report. The accounts are rounded to the nearest £'000.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has experienced an improved year and has successfully managed supply chain and freight costs.
The Directors believe that the Company’s financial statements should be prepared on a going concern basis and have considered a period of a minimum of twelve months from the date of approval of the financial statements. Forecasts have been prepared through to January 2028 and cashflows have been prepared to end of May 2027 and the Directors consider that the Company has adequate funding in place, to remain in operation for the foreseeable future and to meet its current liabilities as they fall due. The forecasts show the Company is reliant on the continued support of the Company’s creditors, in particular the Bank, via the provision of the invoice discounting facility, and the Hyperama Executive Retirement Benefit Scheme. Based on the continued availability of this support the Directors continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
2.Accounting policies (continued)
Revenue from rental income is recognised within other operating income on a receivable basis.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years, with patents being amortised over 10 years and computer software over 3 years, once available for use.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The directors do not consider it appropriate to depreciate long leasehold property since, in their opinion, any charge to the depreciation would be immaterial as the estimated residual value of the building is not materially different from the carrying value of the building. Any minor additions are depreciated at 15% per annum.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
2.Accounting policies (continued)
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
2.Accounting policies (continued)
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Page 23
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Page 24
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
There were no factors that may affect future tax charges.
Page 25
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Page 26
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
15.Intangible assets (continued)
Page 27
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
16.Tangible fixed assets (continued)
Cost or valuation at 31 January 2026 is as follows:
Page 28
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
The 2026 valuations were made by the directors, on an open market value basis.
Page 29
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Page 30
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Page 31
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Page 32
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
26.Deferred taxation (continued)
Page 33
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
Revaluation reserve
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
The Company has a duty deferment guarantee with HMRC of £40,000 (2025: £40,000).
The Company also has in place a £20,000 guarantee (2025: £20,000) to facilitate the purchasing from the Rural Payments Agency.
The Company operates a defined contribution pension scheme covering certain employees. The assets of the scheme are held separately from those of the Company in an independently administered fund Pension cost charged against the profits represent the amount paid to the scheme in respect of the period. Contributions for the period to 31 January 2026 amounted to £54,000 (2025: £60,000). There were outstanding contributions of £9,000 (2025: £10,000).
At 31 January 2026 there was an amount of £19,317 owed by M Singh Johal, a director and shareholder (2025: £186,141). The maximum balance owed during the period by M Singh Johal was £258,343 (2024: £516,998 owed to). Amounts withdrawn in total over the year were £201,391 and monies repaid in total over the year were £368,215. The loan is unsecured and repayable on demand.
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HYPERAMA PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 January 2026
At the year end, the ultimate controlling party was
Page 35
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