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Registration number: 10289128

Game on Glove Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Game on Glove Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Game on Glove Ltd

Company Information

Director

Mr Robert Duff

Registered office

27 Old Gloucester St
London
WC1N 3AX

Accountants

Clever Accounts Limited
Brookfield Court
Selby Road
Leeds
LS25 1NB

 

Game on Glove Ltd

(Registration number: 10289128)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

26,661

26,661

Cash at bank and in hand

 

1,731

33

 

28,392

26,694

Creditors: Amounts falling due within one year

(35,568)

(18,108)

Total assets less current liabilities

 

(7,176)

8,586

Creditors: Amounts falling due after more than one year

(16,945)

(22,258)

Net liabilities

 

(24,121)

(13,672)

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

(24,221)

(13,772)

Shareholders' deficit

 

(24,121)

(13,672)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the director on 22 September 2023
 

.........................................

Mr Robert Duff
Director

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Game on Glove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
27 Old Gloucester St
London
WC1N 3AX
England

The principal place of business is:
27 Old Gloucester St
London
WC1N 3AX
England

These financial statements were authorised for issue by the director on 22 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Game on Glove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Game on Glove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Stocks

2022
£

2021
£

Other inventories

26,661

26,661

5

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

97

97

97

97

Ordinary A Shares of £1 each

3

3

3

3

 

100

100

100

100

6

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

16,945

16,258

Other borrowings

-

6,000

16,945

22,258

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

411

247

7

Related party transactions

 

Game on Glove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Summary of transactions with other related parties

Loan from Shareholder
 During the year, the company received a loan amounting to £90,000 from a shareholder of the company.