REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022 |
FOR |
GINGER FOX GAMES LTD |
PREVIOUSLY KNOWN AS |
HACCHE RETAIL LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022 |
FOR |
GINGER FOX GAMES LTD |
PREVIOUSLY KNOWN AS |
HACCHE RETAIL LIMITED |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
GINGER FOX GAMES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 MAY 2022 |
31.5.22 | 31.5.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
1. | STATUTORY INFORMATION |
Ginger Fox Games Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company's ability to trade without adverse impact from external influences has been severely impacted by national and global economic factors outside of its control, including the fallout of the Covid-19 pandemic, Brexit, the Ukraine war and, more recently, the diplomatic differences between China and the USA over Taiwan. |
All of these factors lead to uncertainties for the company in conducting its business, with the potential to affect turnover and the supply chain. The directors are aware of the effect of these factors on the company's working capital requirements and continue to take steps to mitigate their impact on the company's results and cash flow. The company has drawn down a government-supported business recovery loan to assist in the short term. |
The directors have projected cash flow requirements for a period of greater than 12 months from the date of approval of these financial statements and are expecting the business to grow and generate sufficient working capital to enable it to deliver against its business plan despite the ongoing uncertainties. |
The directors believe that, with the support of the company's bankers and the cash to be generated from the forecast profits, the company will continue to be able to operate as a going concern and have prepared the financial statements on that basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Ginger Fox Games Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised upon the despatch of goods. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2021 |
Additions |
Disposals | ( |
) |
At 31 May 2022 |
DEPRECIATION |
At 1 June 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 June 2021 |
and 31 May 2022 | 108 |
NET BOOK VALUE |
At 31 May 2022 | 108 |
At 31 May 2021 | 108 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Other debtors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.5.22 | 31.5.21 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.22 | 31.5.21 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank overdraft facility is secured by a fixed and floating charge over the company's assets. |
The bank loan facility is supported by the Recovery Loan Scheme, managed by the British Business Bank on behalf of the government. |
A deed of priority is in place as between security holders. |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.22 | 31.5.21 |
value: | £ | £ |
Ordinary | 1p | 4,000 | 4,000 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2021 |
and 31 May 2022 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
for and on behalf of |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2021: |
31.5.22 | 31.5.21 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
GINGER FOX GAMES LTD (REGISTERED NUMBER: 10081632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
13. | RELATED PARTY DISCLOSURES |
Hacche Online Limited |
Subsidiary company |
Hacche Online Limited provided working capital to this company on an arms' length basis. The amount owed to Hacche Online Limited at the end of the period is £11,367 (2021: £nil). |
During the year, the company received management charges from its subsidiary undertaking to cover costs incurred by that company that were on behalf of Ginger Fox Games Ltd. The total amount recharged was £63,325 (2021: £66,729). |
Hacche USA Retail Inc. |
Subsidiary company registered in the USA |
This company provides working capital to the subsidiary company. The advance is interest-free, unsecured and repayable on demand. At the year end £1,082,982 (2021: £623,858) was owed by Hacche USA Retail Inc. |
During the year, the company made a charge to its subsidiary undertaking to recover costs incurred by the company that were on behalf of the subsidiary company. The total amount recharged was £373,333 (2021: £nil). |
13. | SHARE-BASED PAYMENT TRANSACTIONS |
A number of directors and key management personnel are enrolled into an EMI share option scheme. The number of options available to vest are linked to conditions including the repayment of shareholder loans and the potential future sale value of the company, although no shares become the property of the option holders until the company is sold. |
The options themselves do not result in the creation of any new shares, rather the transfer of existing shares from current shareholders. As a result, there is no cost to the company of this scheme and consequently no entries have been made in these financial statements. |