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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
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 |
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 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 12 |
Investments | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve |
Capital redemption reserve |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,797,287 | 1,226,409 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 | 17,865 | 6,358,694 | 518,400 |
Changes in equity |
Total comprehensive income | - |
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 |
Changes in equity |
Total comprehensive income |
Balance at 31 March 2022 | 1,322,440 | 8,230,764 |
Changes in equity |
Total comprehensive income | ( |
) |
Balance at 31 March 2023 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Registered office: Camp Road, Witham St. Hughs, Lincoln, Lincolnshire, LN6 9TW. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Cawley House, 149-155 Canal Street, Nottingham, NG1 7HR |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
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 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 | - | - |
Amounts recoverable on contract | 3,904,689 | 2,913,447 |
Other debtors | 205,000 | 25,000 |
VAT | 251,841 | 44,305 |
Prepayments | 250,556 | 188,625 |
7,020,364 | 5,361,728 |
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 |
Social security and other taxes | 93,331 | 117,604 |
VAT | - | - | 4,808 | 4,701 |
Other creditors | 101,475 | 154,739 |
Directors' current accounts | 802 | 802 | 802 | 802 |
2,086,567 | 3,275,068 |
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 |
Charge to Statement of Comprehensive Income during year |
Revaluation uplift |
Indexation adjustment |
Balance at 31 March 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 17,250 | 17,250 |
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 | 1,322,440 | 1,840,840 |
Reserves transfer | - | (85,056 | ) | (85,056 | ) |
At 31 March 2023 | 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. |