Registration number:
Soul Assembly Ltd
for the Year Ended 30 September 2023
Soul Assembly Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Soul Assembly Ltd
Company Information
Directors |
Mr A Wafer Mr A Zoro Mr D Osbourn Mr AR Williams Mr D Solari |
Registered office |
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Accountants |
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Soul Assembly Ltd
(Registration number: 12509624)
Balance Sheet as at 30 September 2023
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2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
33.3% on cost |
Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Development costs
Costs relating to the development of new products are capitalised and disclosed as an intangible asset once the company has determined that:
– the product is technically and commercially feasible
– the project is clearly defined, and associated costs are separately identifiable
– future revenues are expected to exceed current and future costs of the product
– the Group has the intention, ability and resources to complete development of the product.
Development costs will include advances payable to external developers under development agreements and the direct payroll and overhead costs of the internal development teams. Capitalised development costs are those that are directly attributable to a game, such as internal labour or external costs incurred on that title. Studio overheads such as those relating to certain general and administrative overheads are allocated on the proportion of development staff time spent working on a product as a total of all staff time in that studio.
Capitalised development expenditure for each unreleased product is reviewed at the end of each accounting period and where the circumstances which have justified the initial capitalisation of the expenditure, as set out above, no longer apply, or are considered doubtful, the previously capitalised development expenditure, to the extent to which it is considered to be irrecoverable, is immediately impaired on a project by project basis. In addition, where the forecast revenue for a product does not exceed the current and future costs of the product, a provision for impairment is recognised immediately.
On product release, capitalised development costs are amortised on a straight line over an 18-month period commencing in the month of release.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
SL over 18 month period |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Intangible assets |
Internally generated software development costs |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions internally developed |
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At 30 September 2023 |
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Amortisation |
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At 1 October 2022 |
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Amortisation charge |
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- |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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- |
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At 30 September 2022 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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Disposals |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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The company has tax losses of £2,517,980 (2022 - £2,338,301) available to be offset against future trading profits. Of this amount, the company has recognised a deferred tax asset on losses of £Nil (2022 - £493,312) based on future projected profits. This amounts to a deferred tax asset of £Nil (2022 - £108,529). In addition, the company has a potential deferred tax liability related to accelerated capital allowances and capitalised development costs of £221,363 (2022:£244,391). Therefore, the company has an unprovided net deferred tax asset of £408,132 (2022: £236,856). The directors have not recognised a deferred tax asset on this element due to the inherent uncertainty over the timing of future profits.
Creditors |
Creditors: amounts falling due within one year
Note |
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2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Soul Assembly Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Related party transactions |
Summary of transactions with other related parties
Soul Assembly Limited and Soul Assembly Holdings Limited are companies with common directors with Pixel Toys Limited. Soul Assembly Limited was a subsidiary of Pixel Toys Limited before the sale of the company to Soul Asembly Holdings Limited on 1 April 2022.
Soul Assembly Limited have incurred invoiced expenses totalling £300,926 (2022 - £159,532) for finance and other professional services perfomed on their behalf by Pixel Toys Limited.
In addition, Soul Assembly Limited were charged by Pixel Toys Limited for other expenses of £Nil (2022 - £1,093,188) relating to staff costs and various other administrative expenditure.
Parent and ultimate parent undertaking |
During the period the company’s immediate parent was Soul Assembly Holdings Limited, incorporated in United Kingdom.
These financial statements are available upon request from Companies House.