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REGISTERED NUMBER: 10081632 (England and Wales)















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: L I Eccles
J Viollet
N J Ponting
R P Nock





REGISTERED OFFICE: Unit 1-3 The Dovecote
Elkstone Studios
Elkstone
Cheltenham
Gloucestershire
GL53 9PQ





REGISTERED NUMBER: 10081632 (England and Wales)





AUDITOR: Andorran Limited (Statutory 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 4 117,802 21,216
Investments 5 108 108
117,910 21,324

CURRENT ASSETS
Stocks 1,183,266 328,037
Debtors 6 1,786,864 1,186,446
Cash at bank and in hand 514,315 457,105
3,484,445 1,971,588
CREDITORS
Amounts falling due within one year (1,785,185 ) (698,504 )
NET CURRENT ASSETS 1,699,260 1,273,084
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,817,170

1,294,408

CREDITORS
Amounts falling due after more than one
year

(444,444

)

-
NET ASSETS 1,372,726 1,294,408

CAPITAL AND RESERVES
Called up share capital 9 4,000 4,000
Share premium 96,000 96,000
Fair value reserve 10 1,012,330 1,012,330
Retained earnings 260,396 182,078
SHAREHOLDERS' FUNDS 1,372,726 1,294,408

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 2 September 2022 and were signed on its behalf by:





N J Ponting - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Motor vehicles - 33% on cost
Computer equipment - Straight line over 3 years

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 37 (2021 - 38 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2021 127,936
Additions 149,597
Disposals (16,727 )
At 31 May 2022 260,806
DEPRECIATION
At 1 June 2021 106,720
Charge for year 44,455
Eliminated on disposal (8,171 )
At 31 May 2022 143,004
NET BOOK VALUE
At 31 May 2022 117,802
At 31 May 2021 21,216

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 33,998 -

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.22 31.5.21
£    £   
Within one year 101,898 10,624
Between one and five years 556,726 -
In more than five years 464,108 -
1,122,732 10,624

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.22 31.5.21
£    £   
Bank overdrafts 361,635 59,190
Bank loans 1,000,000 -
1,361,635 59,190

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: £    £   
400,000 Ordinary 1p 4,000 4,000

10. RESERVES
Fair
value
reserve
£   
At 1 June 2021
and 31 May 2022 1,012,330

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Roger Downes FCA (Senior Statutory Auditor)
for and on behalf of Andorran Limited (Statutory Auditor)

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
£    £   
N J Ponting
Balance outstanding at start of year - 179,865
Amounts advanced - 1,146
Amounts repaid - (181,011 )
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.