Registered number
08849836
NEW ERA GAMING LIMITED
Filleted Accounts
28 February 2023
NEW ERA GAMING LIMITED
Registered number: 08849836
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 38,500 44,000
Tangible assets 4 1,099,369 1,109,374
1,137,869 1,153,374
Current assets
Stocks 387,867 374,174
Debtors 5 37,402 56,971
Cash at bank and in hand 148,310 143,418
573,579 574,563
Creditors: amounts falling due within one year 6 (512,323) (500,689)
Net current assets 61,256 73,874
Total assets less current liabilities 1,199,125 1,227,248
Creditors: amounts falling due after more than one year 7 (428,344) (533,038)
Net assets 770,781 694,210
Capital and reserves
Called up share capital 1 1
Profit and loss account 770,780 694,209
Shareholders' funds 770,781 694,210
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Atif Ali
Director
Approved by the board on 29 November 2023
NEW ERA GAMING LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 70 75
3 Intangible fixed assets £
Franchise cost
Cost
At 1 March 2022 55,000
At 28 February 2023 55,000
Amortisation
At 1 March 2022 11,000
Provided during the year 5,500
At 28 February 2023 16,500
Net book value
At 28 February 2023 38,500
At 28 February 2022 44,000
Franchise cost is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 1,043,274 215,260 116,555 1,375,089
Additions - 8,695 - 8,695
At 28 February 2023 1,043,274 223,955 116,555 1,383,784
Depreciation
At 1 March 2022 - 184,884 80,833 265,717
Charge for the year - 9,768 8,930 18,698
At 28 February 2023 - 194,652 89,763 284,415
Net book value
At 28 February 2023 1,043,274 29,303 26,792 1,099,369
At 28 February 2022 1,043,274 30,376 35,722 1,109,374
5 Debtors 2023 2022
£ £
Other debtors 37,402 56,971
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 185,043 267,553
Corporation tax 17,570 30,741
Other creditors 309,710 202,395
512,323 500,689
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 204,366 255,463
Obligations under finance lease and hire purchase contracts 5,624 20,514
Other creditors 218,354 257,061
428,344 533,038
8 Other information
NEW ERA GAMING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1st & 2nd Floor 33 George Street
Croydon
England
CR0 1LB
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