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REGISTERED NUMBER: 01872121 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

GAME Engineering Limited

GAME Engineering Limited (Registered number: 01872121)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


GAME Engineering Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: P A Ablewhite
TPA Ablewhite





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





REGISTERED NUMBER: 01872121 (England and Wales)





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

GAME Engineering Limited (Registered number: 01872121)

Strategic Report
for the year ended 31 March 2023

The directors present their strategic report 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 Engineering Limited (Registered number: 01872121)

Report of the Directors
for the year ended 31 March 2023

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

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 2,000,000 .

DIRECTORS
P A Ablewhite has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

TPA Ablewhite - appointed 3 October 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company'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 Engineering Limited

Opinion
We have audited the financial statements of GAME Engineering Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2023 and of its 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 company 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 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 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 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 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 Engineering Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 Engineering 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 Engineering Limited (Registered number: 01872121)

Income Statement
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 1,949,082 1,833,170
2,915,899 1,643,973

Other operating income - 9,580
OPERATING PROFIT 5 2,915,899 1,653,553

Interest receivable and similar income 54,286 762
PROFIT BEFORE TAXATION 2,970,185 1,654,315

Tax on profit 6 560,595 301,751
PROFIT FOR THE FINANCIAL YEAR 2,409,590 1,352,564

GAME Engineering Limited (Registered number: 01872121)

Other Comprehensive Income
for the year ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,409,590 1,352,564


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,409,590

1,352,564

GAME Engineering Limited (Registered number: 01872121)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 8 543,039 412,270

CURRENT ASSETS
Inventories 9 252,224 182,220
Debtors 10 6,820,173 5,341,427
Cash at bank 504,315 1,325,202
7,576,712 6,848,849
CREDITORS
Amounts falling due within one year 11 5,664,606 5,224,066
NET CURRENT ASSETS 1,912,106 1,624,783
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,455,145

2,037,053

PROVISIONS FOR LIABILITIES 13 69,480 60,978
NET ASSETS 2,385,665 1,976,075

CAPITAL AND RESERVES
Called up share capital 14 100,000 100,000
Share premium 15 18,622 18,622
Capital redemption reserve 15 100 100
Retained earnings 15 2,266,943 1,857,353
SHAREHOLDERS' FUNDS 2,385,665 1,976,075

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 Engineering Limited (Registered number: 01872121)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 April 2021 100,000 1,504,789 18,622 100 1,623,511

Changes in equity
Dividends - (1,000,000 ) - - (1,000,000 )
Total comprehensive income - 1,352,564 - - 1,352,564
Balance at 31 March 2022 100,000 1,857,353 18,622 100 1,976,075

Changes in equity
Dividends - (2,000,000 ) - - (2,000,000 )
Total comprehensive income - 2,409,590 - - 2,409,590
Balance at 31 March 2023 100,000 2,266,943 18,622 100 2,385,665

GAME Engineering Limited (Registered number: 01872121)

Cash Flow Statement
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,980,349 1,365,741
Tax paid (560,667 ) (244,461 )
Net cash from operating activities 1,419,682 1,121,280

Cash flows from investing activities
Purchase of tangible fixed assets (310,855 ) (158,856 )
Sale of tangible fixed assets 16,000 18,017
Interest received 54,286 762
Net cash from investing activities (240,569 ) (140,077 )

Cash flows from financing activities
Equity dividends paid (2,000,000 ) (1,000,000 )
Net cash from financing activities (2,000,000 ) (1,000,000 )

Decrease in cash and cash equivalents (820,887 ) (18,797 )
Cash and cash equivalents at
beginning of year

2

1,325,202

1,343,999

Cash and cash equivalents at end of
year

2

504,315

1,325,202

GAME Engineering Limited (Registered number: 01872121)

Notes to the 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 2,970,185 1,654,315
Depreciation charges 180,087 168,677
Profit on disposal of fixed assets (16,000 ) (5,243 )
(Increase)/Decrease recoverable contract (991,242 ) (2,003,562 )
Increase/(Decrease) payments on account (391,956 ) 41,007
Finance income (54,286 ) (762 )
1,696,788 (145,568 )
Increase in inventories (70,004 ) (34,460 )
Increase in trade and other debtors (487,505 ) (273,083 )
Increase in trade and other creditors 841,070 1,818,852
Cash generated from operations 1,980,349 1,365,741

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 504,315 1,325,202
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,325,202 1,343,999


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 1,325,202 (820,887 ) 504,315
1,325,202 (820,887 ) 504,315
Total 1,325,202 (820,887 ) 504,315

GAME Engineering Limited (Registered number: 01872121)

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

1. STATUTORY INFORMATION

GAME Engineering 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 Company 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.

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.
Plant and machinery - 50% on cost, 25% on cost, 20% on cost and Straight line over 3 years
Fixtures and fittings - Straight line over 4 years
Motor vehicles - 25% on cost

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 Income Statement, 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.

GAME Engineering Limited (Registered number: 01872121)

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

2. ACCOUNTING POLICIES - continued

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.

3. REVENUE

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

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

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,154,993 2,700,587
Social security costs 348,136 275,943
3,503,129 2,976,530

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

Factory staff 44 37
Office & administration staff 28 28
72 65

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

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

2023 2022
£    £   
Equipment Hire 445,753 236,272
Depreciation - owned assets 180,086 168,678
Profit on disposal of fixed assets (16,000 ) (5,243 )
Auditors' remuneration 4,800 4,650
Auditors' remuneration for non audit work 24,240 23,520

GAME Engineering Limited (Registered number: 01872121)

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

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 552,093 310,667
Corporation tax refunded - tax losses set back - (5,410 )
Total current tax 552,093 305,257

Deferred tax 8,502 (3,506 )
Tax on profit 560,595 301,751

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

2023 2022
£    £   
Profit before tax 2,970,185 1,654,315
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

564,335

314,320

Effects of:
Income not taxable for tax purposes (3,040 ) (996 )
Capital allowances in excess of depreciation (9,202 ) (2,657 )

Prior year adjustment - (5,410 )
Deferred tax movement 8,502 (3,506 )
Total tax charge 560,595 301,751

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 2,000,000 1,000,000

GAME Engineering Limited (Registered number: 01872121)

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

8. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 802,877 316,501 753,375 1,872,753
Additions 80,560 28,617 201,678 310,855
Disposals - - (49,840 ) (49,840 )
At 31 March 2023 883,437 345,118 905,213 2,133,768
DEPRECIATION
At 1 April 2022 659,232 288,765 512,486 1,460,483
Charge for year 46,303 16,287 117,496 180,086
Eliminated on disposal - - (49,840 ) (49,840 )
At 31 March 2023 705,535 305,052 580,142 1,590,729
NET BOOK VALUE
At 31 March 2023 177,902 40,066 325,071 543,039
At 31 March 2022 143,645 27,736 240,889 412,270

9. INVENTORIES
2023 2022
£    £   
Stocks 252,224 182,220

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,408,278 2,190,351
Amounts recoverable on contract 3,904,689 2,913,447
VAT 256,650 49,004
Prepayments and other debtors 250,556 188,625
6,820,173 5,341,427

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account - 391,956
Trade creditors 1,569,223 2,279,116
Amounts owed to group undertakings 3,606,984 2,056,984
Corporation tax 302,093 310,667
Social security and other taxes 93,331 117,604
Other creditors and accruals 92,975 67,739
5,664,606 5,224,066

12. SECURED DEBTS

A debenture was created on 30 June 1986 and on 13th June 1990 with Barclays Bank Plc.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 69,480 60,978

GAME Engineering Limited (Registered number: 01872121)

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

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 60,978
Charge to Income Statement during year 8,502
Balance at 31 March 2023 69,480

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

15. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 1,857,353 18,622 100 1,876,075
Profit for the year 2,409,590 2,409,590
Dividends (2,000,000 ) (2,000,000 )
At 31 March 2023 2,266,943 18,622 100 2,285,665

16. ULTIMATE PARENT COMPANY

Game Holdings Limited is regarded by the directors as being the company's ultimate parent company.

17. ULTIMATE CONTROLLING PARTY

The controlling party is Game Holdings Limited.

The ultimate controlling party is P A Ablewhite.