Toytesters.tv is looking for toy companies to get involved in what it's saying will be 'the most exciting competition the toy world has seen'.
Throughout the year, 100 children will test nominated toys. The top three toys in each of the 24 categories will be awarded with a bronze, silver or gold star, while there will also be categories such as 'Most Fun', 'The Coolest', 'Most Entertaining', 'Best Invention' and 'Best Pocket Money Spend' to name a few.
Toys voted in these categories will then go through to a final battle where celebrities will pitch the finalists to a panel of head toy testers who will decide which ones win the accolades for 2014.
The film, to be screened at a red carpet event, will unveil the winning products as voted by children, in November.
"It's going to be a lot of fun and we've already had a huge amount of interest," said Gemma Gallagher, founder of Toytesters.tv. "We want everyone in the industry to be involved. Toys are for children and they should decide who and what wins.
"The Toytesters.tv awards will give kudos to toys, as voted by the target audience and very importantly will play a massive part in the marketing of toys in the run up to Christmas.
"As there's quite a lot of planning involved, it's crucial we receive nominations within eight weeks of a product launch so places can be secured. Bring on the pitches - we can't wait."
Nigel Clarke, director of content for Toytesters.tv, added: "These awards are a fantastic idea and a great way to provide toy makers, children and parents with information on what's hot, what's not and what's needed in the world of toys. They will become an invaluable resource in the toy industry and it's a privilege to be involved."