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REGISTERED NUMBER: 02102980 (England and Wales)












Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2023

for

GAME Holdings Limited

GAME Holdings Limited (Registered number: 02102980)






Contents of the Consolidated Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


GAME Holdings Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: P A Ablewhite
Mrs D Ablewhite





REGISTERED OFFICE: Camp Road
Witham St. Hughs
Lincoln
Lincolnshire
LN6 9TW





REGISTERED NUMBER: 02102980 (England and Wales)





AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

GAME Holdings Limited (Registered number: 02102980)

Group Strategic Report
for the year ended 31 March 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the company during the financial year and its position at year end. This review is intended to be consistent with the size and nature of the business.

Company turnover of £22,051,393 was an increase of 53.6% on the previous year due mainly to increased demand within the prisons sector.The gross profit margin has decreased from 24.2% to 22.1% in the year, reflecting a change in the sales mix.

The company continues to maintain its focus on working capital management and has maintained a healthy working capital position and positive cash balances despite the increase in activity and work in progress.

We continue look to improve our working practices, increase our on-site capacity using the development space available at our current site and to enable a more streamlined approach to production and works.

PRINCIPAL RISKS AND UNCERTAINTIES
Government spending decisions - we recognise that a large proportion of income is derived from government sources and can be affected by government policy.

Economic uncertainty - the current uncertainties regarding inflation, current economic growth and the wars in Ukraine and the Middle East present several risks to the business including but not limited to impacts on the supply chain, cost increases and fuel prices .

Financial risk - the company has a broad range of customers including both private companies and public sector bodies. The risk that the company will suffer from significant levels of bad debts is managed by the diversified portfolio and well established credit control procedures across the company.

ON BEHALF OF THE BOARD:





P A Ablewhite - Director


20 November 2023

GAME Holdings Limited (Registered number: 02102980)

Report of the Directors
for the year ended 31 March 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

P A Ablewhite
Mrs D Ablewhite

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Ablewhite - Director


20 November 2023

Report of the Independent Auditors to the Members of
GAME Holdings Limited

Opinion
We have audited the financial statements of GAME Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
GAME Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
GAME Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Neil South BA FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

20 November 2023

GAME Holdings Limited (Registered number: 02102980)

Consolidated
Statement of Comprehensive
Income
for the year ended 31 March 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 22,051,393 14,357,183

Cost of sales 17,186,412 10,880,040
GROSS PROFIT 4,864,981 3,477,143

Administrative expenses 2,123,496 1,747,011
2,741,485 1,730,132

Other operating income 10,200 142,202
OPERATING PROFIT 5 2,751,685 1,872,334

Income from fixed asset investments 35,679 28,087
Interest receivable and similar income 58,805 1,040
94,484 29,127
PROFIT BEFORE TAXATION 2,846,169 1,901,461

Tax on profit 6 665,293 348,488
PROFIT FOR THE FINANCIAL YEAR 2,180,876 1,552,973

OTHER COMPREHENSIVE INCOME
Buyback of shares
Freehold property revaluation
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,180,876

1,552,973

Profit attributable to:
Owners of the parent 2,180,876 1,552,973

Total comprehensive income attributable to:
Owners of the parent 2,180,876 1,552,973

GAME Holdings Limited (Registered number: 02102980)

Consolidated Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 8 2,293,788 2,189,934
Investments 9 - -
Investment property 10 652,619 380,000
2,946,407 2,569,934

CURRENT ASSETS
Inventories 11 252,224 182,220
Debtors 12 7,020,364 5,361,728
Investments 13 3,222,547 3,296,514
Cash at bank and in hand 760,621 1,705,834
11,255,756 10,546,296
CREDITORS
Amounts falling due within one year 14 2,086,567 3,275,068
NET CURRENT ASSETS 9,169,189 7,271,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,115,596

9,841,162

PROVISIONS FOR LIABILITIES 16 302,281 208,723
NET ASSETS 11,813,315 9,632,439

CAPITAL AND RESERVES
Called up share capital 17 17,865 17,865
Revaluation reserve 18 1,212,882 1,212,882
Capital redemption reserve 18 13,465 13,465
Fair value reserve 18 24,501 109,558
Retained earnings 18 10,544,602 8,278,669
SHAREHOLDERS' FUNDS 11,813,315 9,632,439

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





P A Ablewhite - Director


GAME Holdings Limited (Registered number: 02102980)

Company Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 8 2,749 3,665
Investments 9 670,001 670,001
Investment property 10 2,452,619 2,180,000
3,125,369 2,853,666

CURRENT ASSETS
Debtors 12 3,811,984 2,081,984
Investments 13 3,222,547 3,296,514
Cash at bank 256,304 380,631
7,290,835 5,759,129
CREDITORS
Amounts falling due within one year 14 33,752 112,686
NET CURRENT ASSETS 7,257,083 5,646,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,382,452

8,500,109

PROVISIONS FOR LIABILITIES 16 354,401 269,345
NET ASSETS 10,028,051 8,230,764

CAPITAL AND RESERVES
Called up share capital 17 17,865 17,865
Revaluation reserve 518,400 518,400
Capital redemption reserve 13,365 13,365
Fair value reserve 1,237,384 1,322,440
Retained earnings 8,241,037 6,358,694
SHAREHOLDERS' FUNDS 10,028,051 8,230,764

Company's profit for the financial year 1,797,287 1,226,409

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





P A Ablewhite - Director


GAME Holdings Limited (Registered number: 02102980)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 April 2021 17,865 6,825,164 1,222,972

Changes in equity
Total comprehensive income - 1,453,505 (10,090 )
Balance at 31 March 2022 17,865 8,278,669 1,212,882

Changes in equity
Total comprehensive income - 2,265,933 -
Balance at 31 March 2023 17,865 10,544,602 1,212,882
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   

Balance at 1 April 2021 13,465 - 8,079,466

Changes in equity
Total comprehensive income - 109,558 1,552,973
Balance at 31 March 2022 13,465 109,558 9,632,439

Changes in equity
Total comprehensive income - (85,057 ) 2,180,876
Balance at 31 March 2023 13,465 24,501 11,813,315

GAME Holdings Limited (Registered number: 02102980)

Company Statement of Changes in Equity
for the year ended 31 March 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 April 2021 17,865 5,231,753 518,400

Changes in equity
Total comprehensive income - 1,126,941 -
Balance at 31 March 2022 17,865 6,358,694 518,400

Changes in equity
Total comprehensive income - 1,882,343 -
Balance at 31 March 2023 17,865 8,241,037 518,400
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   

Balance at 1 April 2021 13,365 1,222,972 7,004,355

Changes in equity
Total comprehensive income - 99,468 1,226,409
Balance at 31 March 2022 13,365 1,322,440 8,230,764

Changes in equity
Total comprehensive income - (85,056 ) 1,797,287
Balance at 31 March 2023 13,365 1,237,384 10,028,051

GAME Holdings Limited (Registered number: 02102980)

Consolidated Cash Flow Statement
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 162,111 454,315
Tax paid (580,850 ) (264,811 )
Net cash from operating activities (418,739 ) 189,504

Cash flows from investing activities
Purchase of tangible fixed assets (310,855 ) (158,856 )
Purchase of investment property (272,619 ) -
Sale of tangible fixed assets 16,000 18,017
Purchase of current asset investments (785,876 ) (738,557 )
Sale of current asset investments 732,392 762,782
Interest received 58,805 1,040
Dividends received 35,679 28,087
Net cash from investing activities (526,474 ) (87,487 )

(Decrease)/increase in cash and cash equivalents (945,213 ) 102,017
Cash and cash equivalents at
beginning of year

2

1,705,834

1,603,817

Cash and cash equivalents at end of
year

2

760,621

1,705,834

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,846,169 1,901,461
Depreciation charges 207,003 195,899
Profit on disposal of fixed assets (124,705 ) (122,750 )
Loss/(gain) on revaluation of fixed assets 236,156 (140,052 )
(Increase)/Decrease recoverable contract (991,242 ) (2,003,563 )
Increase/(Decrease) Payments on account (391,956 ) 41,007
Finance income (94,484 ) (29,127 )
1,686,941 (157,125 )
Increase in inventories (70,004 ) (34,460 )
Increase in trade and other debtors (667,396 ) (268,385 )
(Decrease)/increase in trade and other creditors (787,430 ) 914,285
Cash generated from operations 162,111 454,315

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 760,621 1,705,834
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,705,834 1,603,817


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 1,705,834 (945,213 ) 760,621
1,705,834 (945,213 ) 760,621

Liquid resources
Current asset investments 3,296,514 (73,967 ) 3,222,547
3,296,514 (73,967 ) 3,222,547
Total 5,002,348 (1,019,180 ) 3,983,168

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

GAME Holdings Limited 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the financial statements of the parent company and each of those companies in which it owns, directly or indirectly through subsidiaries, over 50 percent of the voting rights or in which it is in a position to govern the financial and operating policies of the entity. The companies acquired during the financial period have been consolidated from the date control was acquired. Subsidiaries sold have been included up to their date of disposal.

All intercompany transactions, balances and gains or losses on transactions between subsidiaries are eliminated as part of the consolidation process. Minority interests are presented in the consolidated balance sheets separate from the equity attributable to shareholders. Minority interests are separately disclosed in the consolidated statements of income.

Acquisitions of companies are accounted for using the purchase method. The cost of an acquisition is measured at fair value over the assets given up, shares issued or liabilities incurred or assumed at the date of acquisition including any costs directly attributable to the acquisition. The excess acquisition cost over the fair value of net assets acquired is recognised as goodwill. If the cost of acquisition is less than the fair value of the group’s share of the net assets acquired, the difference is recognised directly through profit and loss.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue on contracts is valued on a contract by contract basis. When the outcome of a contract can be estimated reliably contract revenue and costs are recognised by reference to the degree of completion of each contract as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred, where it is probable these costs will be recovered.

When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as an expense in the period in which they are incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as amounts recoverable on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as payments on account within creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% of cost or valuation
Plant and machinery - 50% on cost, 25% on cost, 20% on cost and Straight line over 3 years
Fixtures and fittings - 25% on reducing balance and Straight line over 4 years
Motor vehicles - 25% on cost

Freehold land included within freehold property has not been depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments
Listed current asset investments are valued at the balance sheet date at market value. All changes in fair value are recognised through the profit and loss account during the year.

Fixed asset investments
Unlisted fixed asset investments are valued at the lower of deemed cost and net realisable value.

3. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the group.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Project 11,829,103 5,333,498
Prison 10,222,290 9,023,685
22,051,393 14,357,183

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,154,993 2,700,587
Social security costs 348,136 275,943
Other pension costs 80,000 80,000
3,583,129 3,056,530

The average number of employees during the year was as follows:
2023 2022

Factory staff 44 37
Office & administration 28 30
72 67

The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2022 - 67 ) .

2023 2022
£    £   
Directors' remuneration - -
Directors' pension contributions to money purchase schemes 80,000 80,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Equipment Hire 445,753 236,272
Depreciation - owned assets 207,001 195,900
Profit on disposal of fixed assets (124,705 ) (122,750 )
Auditors' remuneration 13,300 11,150
Auditors' remuneration for non audit work 24,416 23,698

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 571,735 330,850
Corporation tax over/under - (5,410 )
Total current tax 571,735 325,440

Deferred tax 93,558 23,048
Tax on profit 665,293 348,488

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,846,169 1,901,461
Profit multiplied by the standard rate of corporation tax in the UK of 19
% (2022 - 19 %)

540,772

361,278

Effects of:
Expenses not deductible for tax purposes 44,870 -
Income not taxable for tax purposes (30,473 ) (55,269 )
Capital allowances in excess of depreciation (4,088 ) -
Depreciation in excess of capital allowances - 2,515
Capital gains tax 20,654 22,326

group
Deferred tax movement 93,558 23,047
Adjustment for prior year - (5,409 )
Total tax charge 665,293 348,488

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2023.

2022
Gross Tax Net
£    £    £   
Buyback of shares
Freehold property revaluation
- - -

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

8. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 1,800,000 802,877 328,691 753,375 3,684,943
Additions - 80,560 28,617 201,678 310,855
Disposals - - - (49,840 ) (49,840 )
At 31 March 2023 1,800,000 883,437 357,308 905,213 3,945,958
DEPRECIATION
At 1 April 2022 26,000 659,232 297,292 512,485 1,495,009
Charge for year 26,000 46,303 17,202 117,496 207,001
Eliminated on disposal - - - (49,840 ) (49,840 )
At 31 March 2023 52,000 705,535 314,494 580,141 1,652,170
NET BOOK VALUE
At 31 March 2023 1,748,000 177,902 42,814 325,072 2,293,788
At 31 March 2022 1,774,000 143,645 31,399 240,890 2,189,934

Included in cost or valuation of land and buildings is freehold land of £500,000 (2022 - £500,000) which is not depreciated.

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2009 689,560 - - - 689,560
Valuation in 2001 154,603 - - - 154,603
Valuation in 2021 500,000 - - - 500,000
Cost 455,837 883,437 357,308 905,213 2,601,795
1,800,000 883,437 357,308 905,213 3,945,958

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 455,837 455,837
Aggregate depreciation 170,944 170,944

Value of land in freehold land and buildings 68,367 68,367

Freehold property was valued on an open market basis on 12 April 2021 by PPH Commercial Chartered Surveyors .

The directors consider that the open market value of the freehold property as at 31 March 2023 is at least equal to the net book value.

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

8. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 12,190
DEPRECIATION
At 1 April 2022 8,525
Charge for year 916
At 31 March 2023 9,441
NET BOOK VALUE
At 31 March 2023 2,749
At 31 March 2022 3,665

Included in cost of land and buildings is freehold land of £ 500,000 (2022 - £ 500,000 ) which is not depreciated.

9. FIXED ASSET INVESTMENTS

Company
Other
investments
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 670,001
NET BOOK VALUE
At 31 March 2023 670,001
At 31 March 2022 670,001

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2003 150,000
Valuation in 2013 390,000
Valuation in 2014 100,000
Cost 30,001
670,001

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

9. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

GAME Engineering Limited
Registered office: Camp Road, Witham St. Hughs, Lincoln, Lincolnshire, LN6 9TW.
Nature of business: materials processing and handling equipment.
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,385,665 1,976,075
Profit for the year 2,970,185 1,352,564

GAME Engineering Projects Limited
Registered office: Cawley House, 149-155 Canal Street, Nottingham, NG1 7HR
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2022 380,000
Additions 272,619
At 31 March 2023 652,619
NET BOOK VALUE
At 31 March 2023 652,619
At 31 March 2022 380,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 126,022
Cost 526,597
652,619

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

10. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 April 2022 2,180,000
Additions 272,619
At 31 March 2023 2,452,619
NET BOOK VALUE
At 31 March 2023 2,452,619
At 31 March 2022 2,180,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2001 154,603
Valuation in 2009 689,560
Valuation in 2019 409,500
Valuation in 2021 90,500
Valuation in 2022 126,022
Cost 982,434
2,452,619

At 31st March 2022 the investment property was considered to be fair value by the directors.

11. STOCKS

Group
2023 2022
£    £   
Stocks 252,224 182,220

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,408,278 2,190,351 - -
Amounts owed by group undertakings - - 3,606,984 2,056,984
Amounts recoverable on contract 3,904,689 2,913,447 - -
Other debtors 205,000 25,000 205,000 25,000
VAT 251,841 44,305 - -
Prepayments 250,556 188,625 - -
7,020,364 5,361,728 3,811,984 2,081,984

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

13. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Listed investments 3,222,547 3,296,514 3,222,547 3,296,514

Market value of listed investments at 31 March 2023 held by the group and the company - £ (3,222,547) (2022 - £ (3,296,514) ).

The investment valuation was undertaken by Thomas Miller Investments.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Payments on account - 391,956 - -
Trade creditors 1,569,224 2,279,117 - -
Corporation tax 321,735 330,850 19,642 20,183
Social security and other taxes 93,331 117,604 - -
VAT - - 4,808 4,701
Other creditors 101,475 154,739 8,500 87,000
Directors' current accounts 802 802 802 802
2,086,567 3,275,068 33,752 112,686

15. SECURED DEBTS

Barclays Bank Plc hold a cross guarantee security dated 13th June 1990 covering facilities provided to the company and its subsidiary, GAME Engineering Limited.

A debenture was created with the subsidiary on 30 June 1986 with Barclays Bank Plc.

16. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 302,281 208,723 354,401 269,345

Group
Deferred
tax
£   
Balance at 1 April 2022 208,723
Charge to Statement of Comprehensive Income during year 93,558
Balance at 31 March 2023 302,281

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

16. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2022 269,345
Charge to Statement of Comprehensive Income during year 85,056
Revaluation uplift
Indexation adjustment
Balance at 31 March 2023 354,401

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,250 Ordinary £1 17,250 17,250
615 Preference £1 615 615
17,865 17,865

The preference shares do not enjoy voting rights have no fixed dividend entitlement and on repayment or in the event of a winding up of the company will be worth a maximum of £1 per share.


18. RESERVES

Group
Capital Fair
Retained Revaluation redemption value
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 April 2022 8,278,669 1,212,882 13,465 109,558 9,614,574
Profit for the year 2,180,876 2,180,876
Reserves transfer 85,057 - - (85,057 ) -
At 31 March 2023 10,544,602 1,212,882 13,465 24,501 11,795,450

Company
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 April 2022 518,400 1,322,440 1,840,840
Reserves transfer - (85,056 ) (85,056 )

At 31 March 2023 518,400 1,237,384 1,755,784


19. RELATED PARTY DISCLOSURES

Other related parties
2023 2022
£    £   
Purchases 188,472 176,550

GAME Holdings Limited (Registered number: 02102980)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

20. ULTIMATE CONTROLLING PARTY

The controlling party is P A Ablewhite.

The ultimate controlling party is P A Ablewhite.