Silverfin false 31/03/2023 01/04/2022 31/03/2023 J C M Church Jonathan Christian Martin Church R W Eatwell Robert Walter Eatwell J A Sait James Alexander Sait 13 July 2023 The principal activity of the company during the financial year was manufacturing of other games and toys. 02053562 2023-03-31 02053562 2022-03-31 02053562 core:CurrentFinancialInstruments 2023-03-31 02053562 core:CurrentFinancialInstruments 2022-03-31 02053562 core:ShareCapital 2023-03-31 02053562 core:ShareCapital 2022-03-31 02053562 core:RetainedEarningsAccumulatedLosses 2023-03-31 02053562 core:RetainedEarningsAccumulatedLosses 2022-03-31 02053562 core:LeaseholdImprovements 2022-03-31 02053562 core:PlantMachinery 2022-03-31 02053562 core:Vehicles 2022-03-31 02053562 core:FurnitureFittings 2022-03-31 02053562 core:LeaseholdImprovements 2023-03-31 02053562 core:PlantMachinery 2023-03-31 02053562 core:Vehicles 2023-03-31 02053562 core:FurnitureFittings 2023-03-31 02053562 bus:OrdinaryShareClass1 2023-03-31 02053562 bus:OrdinaryShareClass2 2023-03-31 02053562 bus:OrdinaryShareClass3 2023-03-31 02053562 2022-04-01 2023-03-31 02053562 bus:FullAccounts 2022-04-01 2023-03-31 02053562 bus:SmallEntities 2022-04-01 2023-03-31 02053562 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02053562 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02053562 bus:Director1 2022-04-01 2023-03-31 02053562 bus:Director2 2022-04-01 2023-03-31 02053562 bus:Director3 2022-04-01 2023-03-31 02053562 bus:Director4 2022-04-01 2023-03-31 02053562 bus:Director5 2022-04-01 2023-03-31 02053562 bus:Director6 2022-04-01 2023-03-31 02053562 core:PlantMachinery 2022-04-01 2023-03-31 02053562 core:Vehicles 2022-04-01 2023-03-31 02053562 core:FurnitureFittings 2022-04-01 2023-03-31 02053562 2021-04-01 2022-03-31 02053562 core:LeaseholdImprovements 2022-04-01 2023-03-31 02053562 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02053562 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 02053562 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 02053562 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 02053562 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 02053562 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02053562 (England and Wales)

MASQUERADE LIMITED T/A CHEATWELL GAMES

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MASQUERADE LIMITED T/A CHEATWELL GAMES

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MASQUERADE LIMITED T/A CHEATWELL GAMES

BALANCE SHEET

As at 31 March 2023
MASQUERADE LIMITED T/A CHEATWELL GAMES

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 31,333 38,916
31,333 38,916
Current assets
Stocks 429,541 548,700
Debtors 5 165,622 208,737
Cash at bank and in hand 77,092 160,208
672,255 917,645
Creditors: amounts falling due within one year 6 ( 129,969) ( 152,613)
Net current assets 542,286 765,032
Total assets less current liabilities 573,619 803,948
Provision for liabilities ( 4,305) ( 1,856)
Net assets 569,314 802,092
Capital and reserves
Called-up share capital 7 90 90
Profit and loss account 569,224 802,002
Total shareholders' funds 569,314 802,092

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Masquerade Limited t/a Cheatwell Games (registered number: 02053562) were approved and authorised for issue by the Board of Directors on 13 July 2023. They were signed on its behalf by:

J A Sait
Director
MASQUERADE LIMITED T/A CHEATWELL GAMES

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MASQUERADE LIMITED T/A CHEATWELL GAMES

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Masquerade Limited t/a Cheatwell Games (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Vears Farmhouse, Brookstones, Sydenham, OX39 4LY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After reviewing the company's forecasts and proiections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Foreign currency

Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in foreign currency are not retranslated.

Turnover

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.
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;
-and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cast 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 brinqinq 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 and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade and other creditors

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 14

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2022 55,343 27,114 16,995 141,605 241,057
At 31 March 2023 55,343 27,114 16,995 141,605 241,057
Accumulated depreciation
At 01 April 2022 39,827 26,985 3,357 131,972 202,141
Charge for the financial year 2,214 32 3,410 1,927 7,583
At 31 March 2023 42,041 27,017 6,767 133,899 209,724
Net book value
At 31 March 2023 13,302 97 10,228 7,706 31,333
At 31 March 2022 15,516 129 13,638 9,633 38,916

5. Debtors

2023 2022
£ £
Trade debtors 100,258 157,957
Corporation tax 15,891 0
Other debtors 49,473 50,780
165,622 208,737

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 93,448 51,627
Taxation and social security 10,144 33,300
Other creditors 26,377 67,686
129,969 152,613

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
30 Ordinary A shares of £ 1.00 each 30 30
30 Ordinary B shares of £ 1.00 each 30 30
30 Ordinary C shares of £ 1.00 each 30 30
90 90

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
R Eatwell (3,826) (1,912)
J Church 45 (43,002)
J Sait (10,455) (8,479)

During the year the company made advances of £222,599 and repayments of £183,442. The loans from the directors to the company are unsecured, interest free and repayable on demand.