Game Ready Rental Limited
Unaudited Financial Statements
For the 9 month period ended 31 December 2022
For Filing with Registrar
Company Registration No. 08013402 (England and Wales)
Game Ready Rental Limited
Company Information
Directors
G M Pearce
P Lebas
Company number
08013402
Registered office
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Game Ready Rental Limited
Balance Sheet
As at 31 December 2022
Page 1
31 December
31 March
2022
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
309,296
292,892
Current assets
Stock
6,400
4,650
Debtors
5
303,812
342,389
Cash at bank and in hand
408,534
518,253
718,746
865,292
Creditors: amounts falling due within one year
6
(246,325)
(176,729)
Net current assets
472,421
688,563
Total assets less current liabilities
781,717
981,455
Provisions for liabilities
(77,324)
(53,762)
Net assets
704,393
927,693
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
704,293
927,593
Total equity
704,393
927,693
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 9 month period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the 9 month period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Game Ready Rental Limited
Balance Sheet (Continued)
As at 31 December 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
G M Pearce
Director
Company Registration No. 08013402
Game Ready Rental Limited
Notes to the Financial Statements
For the 9 month period ended 31 December 2022
Page 3
1
Accounting policies
Company information
Game Ready Rental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The accounting period has been changed to 31 December 2022 to align with the calendar year. As a result, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand and balances held at call with banks.
Game Ready Rental Limited
Notes to the Financial Statements (Continued)
For the 9 month period ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as an expense when they fall due. Any unpaid short-term benefits for services rendered during the period are recognised as a liability.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Game Ready Rental Limited
Notes to the Financial Statements (Continued)
For the 9 month period ended 31 December 2022
1
Accounting policies
(Continued)
Page 5
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons employed by the company during the period was:
9 Month
Period ended
Year ended
31 December
31 March
2022
2022
Number
Number
Total
7
4
3
Dividends
9 Month
Period ended
Year ended
31 December
31 March
2022
2022
£
£
Interim paid
372,551
Game Ready Rental Limited
Notes to the Financial Statements (Continued)
For the 9 month period ended 31 December 2022
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
429,209
Additions
21,000
At 31 December 2022
450,209
Depreciation and impairment
At 1 April 2022
136,317
Depreciation charged in the 9 month period
4,596
At 31 December 2022
140,913
Carrying amount
At 31 December 2022
309,296
At 31 March 2022
292,892
5
Debtors
31 December
31 March
2022
2022
Amounts falling due within one year:
£
£
Other debtors
303,812
342,389
6
Creditors: amounts falling due within one year
31 December
31 March
2022
2022
£
£
Trade creditors
4,370
1,830
Corporation tax
44,811
46,134
Other taxation and social security
183,954
114,962
Other creditors
13,190
13,803
246,325
176,729
Game Ready Rental Limited
Notes to the Financial Statements (Continued)
For the 9 month period ended 31 December 2022
Page 7
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
31 December
31 March
2022
2022
Balances:
£
£
Accelerated Capital Allowances
77,324
53,762
2022
Movements in the 9 month period:
£
Liability at 1 April 2022
53,762
Charge to profit or loss
23,562
Liability at 31 December 2022
77,324
The deferred tax liability set out above is expected to reverse within 2 years and relates to accelerated capital allowances that are expected to mature within the same period.
8
Called up share capital
31 December
31 March
31 December
31 March
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Game Ready Rental Limited
Notes to the Financial Statements (Continued)
For the 9 month period ended 31 December 2022
Page 8
9
Related party transactions
During the period, the company paid £279,413 (31 March 2022: £nil) dividends to the directors of the company, in accordance with their shareholdings.
Included within other debtors at the Balance Sheet date is £nil (31 March 2022: £36,492) owed by the directors.
Included within other debtors at the Balance Sheet date is £300,000 (31 March 2022: £300,000) due from Winback Group SAS, the parent company.
During the period, the company paid arm's length rent of £27,000 (31 March 2022: £nil) to Game Ready Global Pension Scheme, an entity in which one of the directors is a trustee.
10
Parent company
The immediate parent company is Winback Group SAS, a company incorporated in France, and its registered office is 23 Avenue du Lac Marion, 64200 Biarritz, France.