The Christmas lights are shining bright, the sound of carols and sleigh bells drift through the crisp winter air, children are writing their lists for Santa Claus. It's all so romantic.

Until you read the lists, that is. Long or short, children's lists tend to send waves of panic through their terrified parents. The amount of money you'd need to get the half of what they want is phenomenal.

The just say no position is all very well, but the look of bewilderment and dismay on a child's face is more than most parents can bear. Especially at Christmas time. So, imagine you had the money, an endless supply of it - not money you'd spent the year saving, or money you had on loan, not even money you should be spending on the electricity bill, but so much money you didn't need to think twice about what they wanted. You could get them all that, and more.

You pull up in your car outside Smyth's toy shop. In fact, the chauffeur does, and you head on in while he takes care of the tedious business of finding a parking space. You have a very long name, and two children, a boy aged 10 and a girl aged three. The store manager is called Cathal O'Dea.

"I went in looking for the few bits the kids had on their lists early enough this year, so things wouldn't be sold out," says Caroline Wratbottom-de Bruin. "David wanted the new video-game console, Dreamcast, and a battery operated Formula One Grand Prix car he could drive around in himself. I thought I'd get him a few bits I'd seen on the Christmas ads as well, and maybe a couple of educational things.

"Unfortunately, there were a couple of disappointments. First of all, the car, which at £499 turned out to be the most expensive thing in the shop, was only suitable for children up to eight years old. I had a look at the two-seater jeep instead, which was a bit cheaper at £399. I thought it would actually be more fun if the two kids could drive around the garden together. But again, David was too old for it.

"In the end I got the Rodeo Sugar 'n' Spice two seater battery powered jeep (£299) which came in a lovely sort of Barbie pink, complete with forward and reverse gears, adjustable wing mirrors, horn and seat belts, for Anna.

"I had to make do with a Viper mountain bike, 26-inch alloy wheels - Y-frame - front and rear suspension, 21-speed Shimano grip shift gears with gear indicator, cantilever brakes, and rear shock (£249.99) for David."

Cathal O'Dea is not remotely fazed. "Even when things were very bad in Ireland, people would spend a huge amount at Christmas on their children. I'm having no problem shifting those Formula One cars. "The big difference I'd find with the economic boom is that parents are actually spending all year round now."

Onwards to the computer section (home to what will probably be the most expensive toys on anyone's list this year) in search of Dreamcast (£249.99).

"David has PlayStation, and an awful lot of the video games, so I didn't quite understand why he wanted the new console," says Caroline. "In fact, one of the shop assistants explained that Dreamcast is the world's first online gaming console. It has a lot more power and a built-in modem. "It's a fantastic idea. David will be able to play games with children all around the world apparently. But again, there's a bit of a disappointment with it. Because it is so new, there are only a few games developed for it, and only one or two are actually suitable for David's age group. "I got a couple of those, at £44.99 each, although they look terribly similar to the games he has already."

According to retailers, it is actually not uncommon for parents whose children already have PlayStation to go out and buy Dreamcast this year.

Some of them are giving the older console away to nieces or nephews, but some children are hanging on to both. These would be the avid collectors of Final Fantasy or Tomb Raider, at around £40 each.

Like most three-year-old girls, Anna has Barbie high on her list. And if you've the money, there's just about nothing you can't get in Barbie world. "Trying to make decisions was a nightmare," says Caroline. "There are loads of gorgeous things in the Barbie range: the little princess shoes (£3.99), the cute pink umbrella (£4.99) - I had to get those. There's a lovely red convertible you drive Barbie around in (£13.99), Sleeping Beauty Barbie and Prince Ken complete with horse-drawn carriage (£69.48 all in) and a fabulous Barbie pushing her baby sister in a little buggy (£24.99).

"There was also a cute little fabric play house (£14.75), but I already had my heart set on the Little Tikes Country Cottage which comes complete with sink, plastic cooker and child-sized chair (£228).

"In the end I got a Barbie Generation Girl. I chose Tori, wearing a cute belly top, who comes with a skateboard, roller blades, a little mobile phone (£19.99) and Shavin' Ken (£13.99), who comes with a crayon to draw on a rugged look beard, and an eraser-razor for that sharp Monday morning look! "I got the convertible and the sports vehicle and horse trailer (£19.99) too, and in the end I decided to get the Barbie Disc-Girl, which comes with four CDs (£16.99)."

At this stage the bill comes to £1,196.92, and we haven't even checked out the Lego/Duplo section, cuddly toys or Action Man. Having a fortune to spend may seem like a dream come true, but will it really make children happy? We all console ourselves - as it were - with stories of how they invariably have more fun with the packaging than the toy - less is more, and all that stuff. But would they not be beside themselves if we could buy them everything they asked for, and more?

"I find myself that Christmas tends to be a time when parents make their own dreams come true," says O'Dea.

"Trollies stack up here, and you can see there's a lot of wish fulfilment going on."

Oh well, it was a wonderful dream for a while . . . .