They say, "This is it." Luxury car manufacturer Lexus confirm they have developed the world's first rideable hoverboard.

The Japanese brand owned by Toyota created the Lexus Hoverboard, a futuristic skateboard without wheels that uses magnetic levitation to achieve incredible frictionless movement.

"At Lexus, we constantly challenge ourselves and our partners to push the boundaries of what is possible. That determination, combined with our passion and expertise for design and innovation, is what led us to take on the Hoverboard project," says Mark Templin, vice-president at Lexus.

The stakes are high. Lexus say they've created one of the most advanced hoverboards ever developed, equipped with liquid nitrogen cooled superconductors and permanent magnets.

The Lexus Hoverboard features the brand's spindle grille signature shape and uses materials found in the luxury car brand, from the high-tech to natural bamboo.

The company will be testing the prototype - which will not be on sale - in Barcelona, Spain, over the coming weeks until Summer 2015.