In newly filed accounts for the year to 31st January 2018, the company posted a turnover of £49.9m, down from £53m.

Pre-tax profits have also fallen from £547,000 to £323,000 during the same period.

A statement signed off by the board said: “2017 calendar year was a year when the toy market declined by 3% following three years of growth.”

“Despite this reduction, Toymaster Members, who traded on a like for like basis, had a fairly successful year with 56% reporting sales at or above 2016 levels.”

“These sales increases continue to demonstrate the relevance to the consumer of independently owned high street toy stores.”