SKC Games Studio Limited
Unaudited Financial Statements
For the year ended 30 November 2022
Pages for Filing with Registrar
Company Registration No. 12042744 (England and Wales)
SKC Games Studio Limited
Company Information
Director
Mr A Burrows
Company number
12042744
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Business address
The EpiCentre
Haverhill Research Park
Enterprise Way
Haverhill
Suffolk
United Kingdom
CB9 7LR
SKC Games Studio Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SKC Games Studio Limited
Balance Sheet
As at 30 November 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,191
2,663
Current assets
Debtors
5
45,301
44,398
Cash at bank and in hand
1,727
2,728
47,028
47,126
Creditors: amounts falling due within one year
6
(55,448)
(18,213)
Net current (liabilities)/assets
(8,420)
28,913
Total assets less current liabilities
(5,229)
31,576
Creditors: amounts falling due after more than one year
7
(267,455)
(180,000)
Net liabilities
(272,684)
(148,424)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(272,784)
(148,524)
Total equity
(272,684)
(148,424)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SKC Games Studio Limited
Balance Sheet (Continued)
As at 30 November 2022
Page 2
The financial statements were approved and signed by the director and authorised for issue on 29 November 2023
Mr A Burrows
Director
Company Registration No. 12042744
SKC Games Studio Limited
Notes to the Financial Statements
For the year ended 30 November 2022
Page 3
1
Accounting policies
Company information
SKC Games Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net liabilities of £true272,684 (2021 £148,424). Included within creditors are loans due to the shareholders of £204,988 (2021: £130,000) and a directors loan of £26,080 (2021: £4,000) provided to support the working capital requirements of the company. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
50% Reducing Balance
Computers
33% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2021:5).
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(25,585)
(16,364)
Adjustments in respect of prior periods
(27,182)
Total current tax
(25,585)
(43,546)
The company has estimated losses of £317,768 (2021: £206,573) available for carry forward against future taxable profits.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2021
4,372
Additions
1,521
At 30 November 2022
5,893
Depreciation and impairment
At 1 December 2021
1,709
Depreciation charged in the year
993
At 30 November 2022
2,702
Carrying amount
At 30 November 2022
3,191
At 30 November 2021
2,663
SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
Page 6
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
41,881
43,546
Other debtors
3,420
852
45,301
44,398
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
6,023
4,193
Trade creditors
18,026
3,576
Taxation and social security
3,743
3,126
Other creditors
26,081
5,743
Accruals and deferred income
1,575
1,575
55,448
18,213
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
48,667
50,000
Other creditors
218,788
130,000
267,455
180,000
The long term bank loan is unsecured with a loan term of 6 years and is repayable after the first 12 months. Interest is being charged at 0% for the first 12 months and at 2.5% for subsequent years. A interest only period (capital repayment holiday) was granted until 6 December 2022.
8
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
Page 7
9
Related party transactions
At the balance sheet date included within other creditors, falling due within one year, is an amount owed to the director of £26,080 (2021: £4,000).
At the balance sheet date included within other creditors, falling due after more than one year are loans to shareholders of £204,988 (2021: £130,000).
There were purchases in the year of £1,667 (2021: £2,160) made with Snowing Data Limited a company under common control. At the balance sheet date included within other creditors, falling due after more than one year are loans to Snowing Data Limited of £13,800 (2021: £nil).