REGISTERED NUMBER: 06690851 (England and Wales) |
Wayland Games Limited |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 September 2022 |
REGISTERED NUMBER: 06690851 (England and Wales) |
Wayland Games Limited |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 September 2022 |
Wayland Games Limited (Registered number: 06690851) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2022 |
Page |
Company information | 1 |
Group strategic report | 2 |
Report of the director | 4 |
Report of the independent auditors | 5 |
Consolidated income statement | 9 |
Consolidated other comprehensive income | 10 |
Consolidated balance sheet | 11 |
Company balance sheet | 12 |
Consolidated statement of changes in equity | 13 |
Company statement of changes in equity | 14 |
Consolidated cash flow statement | 15 |
Notes to the consolidated cash flow statement | 16 |
Notes to the consolidated financial statements | 18 |
Wayland Games Limited |
Company Information |
for the Year Ended 30 September 2022 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditors |
Russell Chambers |
61A North St |
Keighley |
West Yorkshire |
BD21 3DS |
Wayland Games Limited (Registered number: 06690851) |
Group Strategic Report |
for the Year Ended 30 September 2022 |
The director presents his strategic report of the company and the group for the year ended 30 September 2022. |
Review of business |
The company's principal activity continued to be that of the online retail sale of games. |
The company continued its strong increase in both turnover and profit. |
Principal risks and uncertainties |
The process of risk acceptance and risk management is addressed by an ongoing review by the director and senior management. |
Business risks and uncertainties affecting the company include the uncertain outcome of future trading arrangements with Europe. |
Section 172(1) statement |
The Director has and continues to act in good faith to ensure the business' success for the benefit of a wide range of stakeholders. |
These stakeholders include: |
-Employees |
The company is committed to equal opportunities for all and a workplace free from harassment and discrimination. The company will select, recruit, employ and promote staff based on the abilities of the individual regardless of sex, age, race, disability, ethnicity or region. |
-Suppliers |
The Company relies on its suppliers to provide quality services to maintain the highest standards of safety and reliability in meeting the needs of our customers. The Company is committed to having professional and ethical relationships with its suppliers and the Company clearly articulates its stances on anti-corruption, anti-bribery, and modern slavery with all its suppliers ensuring the highest standards of ethics are met. |
-Customers |
The Company works to maintain a professional and ethical relationship with all its customers and is again clear on its stance on anti-corruption, anti-bribery, and modern slavery. |
-The local community and environment |
The Company has a corporate social responsibility to operate safely and effectively within the local community and reduce its environmental impact. |
The Director of Wayland Games Limited understands the need to act fairly and to consider the impact of any decision-making, long or short term, on these groups. |
Financial risk management |
Credit Risk - This is managed by the constant monitoring of our internal systems to ensure debts are collected in a timely manner. |
Liquidity Risk - The company maintains strong cash balances to ensure liabilities are met promptly. |
Future developments |
The director considers that the company is well placed to take advantage of any increased levels of activity. |
Wayland Games Limited (Registered number: 06690851) |
Group Strategic Report |
for the Year Ended 30 September 2022 |
Key performance indicators |
The group's key performance indicators during the year were as follows: |
2022 | 2021 |
£ | £ |
Gross Profit | 20,839,080 | 13,691,276 |
Profit Before Tax | 8,020,764 | 5,888,944 |
Shareholder's Funds | 13,961,419 | 9,841,200 |
Gross Profit % | 14.3% | 12.8% |
Comparative figures are for the 12 month period to 30 September 2021. |
On behalf of the board: |
5 March 2024 |
Wayland Games Limited (Registered number: 06690851) |
Report of the Director |
for the Year Ended 30 September 2022 |
The director presents his report with the financial statements of the company and the group for the year ended 30 September 2022. |
Dividends |
The total distribution of dividends for the year ended 30 September 2022 will be £1,980,000. |
Director |
Statement of director's responsibilities |
The director is responsible for preparing the Group strategic report, the Report of the director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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 group's auditors are aware of that information. |
Auditors |
The auditors are deemed to be reappointed under the Companies Act 2006, s. 487(2). |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Wayland Games Limited (Registered number: 06690851) |
Opinion |
We have audited the financial statements of Wayland Games Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the Consolidated income statement, Consolidated other 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 30 September 2022 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the director, 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. |
Report of the Independent Auditors to the Members of |
Wayland Games Limited (Registered number: 06690851) |
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 director 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 director have been prepared in accordance with applicable legal requirements. |
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 director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of director's responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Wayland Games Limited (Registered number: 06690851) |
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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations were as follows: |
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with the directors and other management and review of appropriate industry knowledge; |
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
-considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we; |
-performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; and undertook substantive testing on a sample basis; |
-reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to; |
-agreeing financial statement disclosures to underlying supporting documentation; |
-enquiring of management as to actual and potential litigation and claims; and |
-reviewing correspondence with HMRC and relevant regulators. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Report of the Independent Auditors to the Members of |
Wayland Games Limited (Registered number: 06690851) |
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. |
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 |
Russell Chambers |
61A North St |
Keighley |
West Yorkshire |
BD21 3DS |
Wayland Games Limited (Registered number: 06690851) |
Consolidated |
Income Statement |
for the Year Ended 30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
Turnover | 3 | 145,959,899 | 106,955,950 |
Cost of sales | (125,120,819 | ) | (93,264,674 | ) |
Gross profit | 20,839,080 | 13,691,276 |
Administrative expenses | (8,847,345 | ) | (7,757,660 | ) |
11,991,735 | 5,933,616 |
Other operating income | 148,287 | 57,405 |
Operating profit | 5 | 12,140,022 | 5,991,021 |
Loss on disposal of operation | 6 | (4,136,057 | ) | (101,523 | ) |
8,003,965 | 5,889,498 |
Interest receivable and similar income | 18,505 | 135 |
8,022,470 | 5,889,633 |
Interest payable and similar expenses | 7 | (1,706 | ) | (689 | ) |
Profit before taxation | 8,020,764 | 5,888,944 |
Tax on profit | 8 | (1,920,545 | ) | (1,172,010 | ) |
Profit for the financial year |
Profit attributable to: |
Owners of the parent | 6,100,219 | 4,716,934 |
Wayland Games Limited (Registered number: 06690851) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
Profit for the year | 6,100,219 | 4,716,934 |
Other comprehensive income | - | - |
Total comprehensive income for the year |
6,100,219 |
4,716,934 |
Total comprehensive income attributable to: |
Owners of the parent | 6,100,219 | 4,716,934 |
Wayland Games Limited (Registered number: 06690851) |
Consolidated Balance Sheet |
30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 14 | 390,381 | 447,080 |
Tangible assets | 15 | 172,006 | 1,169,926 |
Investments | 16 | - | - |
562,387 | 1,617,006 |
Current assets |
Stocks | 17 | 2,606,022 | 4,097,575 |
Debtors | 18 | 11,797,612 | 6,969,552 |
Cash at bank and in hand | 4,248,719 | 2,048,242 |
18,652,353 | 13,115,369 |
Creditors |
Amounts falling due within one year | 19 | (5,195,218 | ) | (4,754,559 | ) |
Net current assets | 13,457,135 | 8,360,810 |
Total assets less current liabilities | 14,019,522 | 9,977,816 |
Creditors |
Amounts falling due after more than one year |
20 |
(58,103 |
) |
(80,263 |
) |
Provisions for liabilities | 24 | - | (56,353 | ) |
Net assets | 13,961,419 | 9,841,200 |
Capital and reserves |
Called up share capital | 25 | 200 | 200 |
Retained earnings | 26 | 13,961,219 | 9,841,000 |
Shareholders' funds | 13,961,419 | 9,841,200 |
The financial statements were approved by the director and authorised for issue on 5 March 2024 and were signed by: |
R Lawford - Director |
Wayland Games Limited (Registered number: 06690851) |
Company Balance Sheet |
30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 14 |
Tangible assets | 15 |
Investments | 16 |
Current assets |
Stocks | 17 |
Debtors | 18 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 19 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 24 | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 25 |
Retained earnings | 26 |
Shareholders' funds |
Company's profit for the financial year | 6,190,011 | 4,876,200 |
The financial statements were approved by the director and authorised for issue on |
Wayland Games Limited (Registered number: 06690851) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2020 | 200 | 7,504,066 | 7,504,266 |
Changes in equity |
Dividends | - | (2,380,000 | ) | (2,380,000 | ) |
Total comprehensive income | - | 4,716,934 | 4,716,934 |
Balance at 30 September 2021 | 200 | 9,841,000 | 9,841,200 |
Changes in equity |
Dividends | - | (1,980,000 | ) | (1,980,000 | ) |
Total comprehensive income | - | 6,100,219 | 6,100,219 |
Balance at 30 September 2022 | 200 | 13,961,219 | 13,961,419 |
Wayland Games Limited (Registered number: 06690851) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2022 |
Wayland Games Limited (Registered number: 06690851) |
Consolidated Cash Flow Statement |
for the Year Ended 30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,335,947 | 2,118,864 |
Interest paid | (1,052 | ) | (415 | ) |
Interest element of hire purchase payments paid |
(654 |
) |
(274 |
) |
Tax paid | (1,130,017 | ) | (863,907 | ) |
Taxation refund | (1 | ) | - |
Net cash from operating activities | 5,204,223 | 1,254,268 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (11,603 | ) |
Purchase of tangible fixed assets | (19,220 | ) | (1,122,520 | ) |
Sale of tangible fixed assets | 843,500 | - |
Acquisition of subsidiaries | - | (371,522 | ) |
Interest received | 18,505 | 135 |
Net cash from investing activities | 842,785 | (1,505,510 | ) |
Cash flows from financing activities |
Loan repayments in year | (19,999 | ) | - |
Capital repayments in year | (2,808 | ) | 9,552 |
Amount introduced by directors | - | 5,904,671 |
Amount withdrawn by directors | (1,867,619 | ) | (4,946,389 | ) |
Other movements | 25,876 | - |
Equity dividends paid | (1,980,000 | ) | (2,380,000 | ) |
Net cash from financing activities | (3,844,550 | ) | (1,412,166 | ) |
Increase/(decrease) in cash and cash equivalents | 2,202,458 | (1,663,408 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,046,261 |
3,709,669 |
Cash and cash equivalents at end of year |
2 |
4,248,719 |
2,046,261 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 September 2022 |
1. | Reconciliation of profit before taxation to cash generated from operations |
30.9.22 | 30.9.21 |
£ | £ |
Profit before taxation | 8,020,764 | 5,888,944 |
Depreciation charges | 230,339 | 239,452 |
Loss on disposal of fixed assets | - | 101,585 |
Miscellaneous | - | 444 |
Government grants | (93,287 | ) | (2,405 | ) |
Finance costs | 1,706 | 689 |
Finance income | (18,505 | ) | (135 | ) |
8,141,017 | 6,228,574 |
Decrease/(increase) in stocks | 1,491,553 | (862,813 | ) |
Increase in trade and other debtors | (3,536,212 | ) | (4,493,610 | ) |
Increase in trade and other creditors | 239,589 | 1,246,713 |
Cash generated from operations | 6,335,947 | 2,118,864 |
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 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 4,248,719 | 2,048,242 |
Bank overdrafts | - | (1,981 | ) |
4,248,719 | 2,046,261 |
Year ended 30 September 2021 |
30.9.21 | 1.10.20 |
£ | £ |
Cash and cash equivalents | 2,048,242 | 3,709,669 |
Bank overdrafts | (1,981 | ) | - |
2,046,261 | 3,709,669 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 September 2022 |
3. | Analysis of changes in net funds |
At 1.10.21 | Cash flow | At 30.9.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,048,242 | 2,200,477 | 4,248,719 |
Bank overdrafts | (1,981 | ) | 1,981 | - |
2,046,261 | 2,202,458 | 4,248,719 |
Debt |
Finance leases | (9,552 | ) | 2,808 | (6,744 | ) |
Debts falling due within 1 year | (20,648 | ) | 648 | (20,000 | ) |
Debts falling due after 1 year | (73,519 | ) | 19,352 | (54,167 | ) |
(103,719 | ) | 22,808 | (80,911 | ) |
Total | 1,942,542 | 2,225,266 | 4,167,808 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2022 |
1. | Statutory information |
Wayland Games Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£). |
Basis of consolidation |
The consolidated financial statements include the financial statements of Wayland Games Limited and all its subsidiary undertakings. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting judgements and key sources of estimation uncertainty |
The directors consider the key accounting estimates to be provisions for obsolete stock, provisions for trade debtors and the estimation of the useful lives of fixed assets. |
In determining the recoverable value of stock the directors consider the age and current market demand on an individual product basis. |
The directors estimate the provision for trade debtors based on an assessment of specific accounts and use their knowledge of the customers and the market to ensure the correct judgements are applied. |
Management have used their expectation of the estimated useful lives of each category of assets |
in order to ensure the appropriate provision is made for depreciation. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | Accounting policies - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for the sale of |
goods in the ordinary nature of the business. Turnover is shown net of value added tax of goods sold |
to external customers. |
Turnover is recognised at the point of sale at which the goods are despatched. |
Goodwill |
Goodwill represents the excess of cost of acquisitions over the Group's interest in the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entitity at the date of acquisition. Goodwill is recognised as an asset and assessed for any indications of impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income. |
Goodwill is amortised evenly over its useful economic life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Government grants |
Government grants are accounted for on a receivable basis. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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. |
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. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
3. | Turnover |
An analysis of the group's turnover by geographical market is as follows: |
2022 | 2021 |
£ | £ |
United Kingdom | 13,857,713 | 10,072,021 |
Europe | 4,636,960 | 3,016,687 |
United States of America | 65,663,339 | 49,312,060 |
Rest of the world | 61,801,887 | 44,555,182 |
145,959,899 | 106,955,950 |
Turnover comprises of sales of goods only. |
4. | Employees and directors |
30.9.22 | 30.9.21 |
£ | £ |
Wages and salaries | 4,014,094 | 2,101,503 |
Social security costs | 519,579 | 213,405 |
Other pension costs | 84,687 | 93,279 |
4,618,360 | 2,408,187 |
The average number of employees during the year was as follows: |
30.9.22 | 30.9.21 |
Management | 4 | 3 |
Manufacturing | 5 | 1 |
Projects | 5 | 6 |
Studio | 12 | 14 |
Operations & warehouse | 53 | 39 |
The average number of employees by undertakings that were proportionately consolidated during the year was 79 (2021 - 63 ) . |
30.9.22 | 30.9.21 |
£ | £ |
Director's remuneration | 152,000 | 135,500 |
Director's pension contributions to money purchase schemes | - | 23,653 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
30.9.22 | 30.9.21 |
£ | £ |
Hire of plant and machinery | 100,784 | 5,574 |
Other operating leases | 69,336 | 38,459 |
Depreciation - owned assets | 173,640 | 239,544 |
Loss on disposal of fixed assets | - | 62 |
Goodwill amortisation | 38,513 | 12,992 |
Patents and licences amortisation | 18,186 | 18,187 |
Foreign exchange differences | 10,351 | (34,062 | ) |
Auditors remuneration | 38,000 | 30,000 |
6. | Exceptional items |
30.9.22 | 30.9.21 |
£ | £ |
Loss on disposal of operation | (4,136,057 | ) | (101,523 | ) |
Included as an exception items this year are costs related to the abandonment of a warehouse build project. |
In 2021, the exceptional item was a provision for the non recoverability of a loan to a company under common control. |
7. | Interest payable and similar expenses |
30.9.22 | 30.9.21 |
£ | £ |
Bank interest | 1,052 | 415 |
Hire purchase | 654 | 274 |
1,706 | 689 |
8. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.22 | 30.9.21 |
£ | £ |
Current tax: |
UK corporation tax | 2,031,264 | 1,163,362 |
Deferred tax | (110,719 | ) | 8,648 |
Tax on profit | 1,920,545 | 1,172,010 |
UK corporation tax has been charged at 19 % (2021 - 19 %). |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
8. | 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: |
30.9.22 | 30.9.21 |
£ | £ |
Profit before tax | 8,020,764 | 5,888,944 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
1,523,945 |
1,118,899 |
Effects of: |
Expenses not deductible for tax purposes | 856,428 | 19,530 |
Income not taxable for tax purposes | 250 | - |
Depreciation in excess of capital allowances | 38,794 | 237 |
Deferred taxation | (110,719 | ) | 8,648 |
Interest on overdue taxation | 5,133 | 496 |
Tax losses carried forward | 13,043 | 24,200 |
Research & development relief | (406,329 | ) | - |
Total tax charge | 1,920,545 | 1,172,010 |
9. | Individual income statement |
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. |
10. | Dividends |
30.9.22 | 30.9.21 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,980,000 | 2,380,000 |
11. | Retirement benefit schemes |
2022 | 2021 |
£ | £ |
Charge to profit and loss in respect of defined contribution schemes | 84,687 | 69,626 |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
12. | Parent guarantee |
Beasts of War Limited, and Rolltogether Limited are entitled to an exemption from audit, under section 479A of the Companies Act 2006 relating to subsidiary companies, by way of a guarantee from their parent company Wayland Games Limited. |
13. | Auditors remuneration & liability limitation |
30.09.22 | 30.09.21 |
£ | £ |
Fees payable for the audit of the financial statements | 38,000 | 38,450 |
The company agrees to limit the Auditor's liability to the Company on the principle terms and conditions set out below. |
A. The agreement limits the amount of any liability owed to the company by the auditor in respect of any negligence, default, or breach of duty, occurring in the course of the audit of the accounts for the financial year ending 30 september 2022 pursuant to the Letter of Engagement entered into on 18 January 2022 of which the auditor may be guilty in relation to the company (''the Auditor's Liability''). |
B. The Agreement shall not limit the amount of any liability of the Auditor for its fraud or dishonesty or any other liability that cannot be excluded or restricted by applicable laws or regulations. |
C. The maximum aggregate amount of the Auditor's Liability to the Company shall not exceed the sum of eight times the fees payable (excluding expenses and Value Added Tax) under the Engagement Letter referable to the financial year in question. |
The limit shall apply to the company and collectively to any and all other companies to which the Engagement Letter applies so that the Auditor's aggregate liability to all such companies including the company shall not exceed the amount stated above. The apportionment shall be made by agreement between the company and all other such companies without reference to the Auditor. |
D. In accordance with section 537 of the Companies Act 2006, if the effect of Clause C of this Liability, Limitation Agreement would be to limit the Auditor's Liability to less than such amount as is fair and reasonable, as determined in accordance with that section this liability Limitation Agreement shall have effect as if it limited the Auditor's Liability to such amount as is fair and reasonable, as so determined. |
E. In Clauses A,B,C and D of the Agreement, the "Auditor "means Stirk Lambert & Co and includes any of its partners, employees and consultants and any other person for whom Stirk Lambert & Co is vicariously liable. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
14. | Intangible fixed assets |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
Cost |
At 1 October 2021 |
and 30 September 2022 | 385,125 | 181,864 | 566,989 |
Amortisation |
At 1 October 2021 | 13,592 | 106,317 | 119,909 |
Amortisation for year | 38,513 | 18,186 | 56,699 |
At 30 September 2022 | 52,105 | 124,503 | 176,608 |
Net book value |
At 30 September 2022 | 333,020 | 57,361 | 390,381 |
At 30 September 2021 | 371,533 | 75,547 | 447,080 |
Company |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
Cost |
At 1 October 2021 |
and 30 September 2022 |
Amortisation |
At 1 October 2021 |
Amortisation for year |
At 30 September 2022 |
Net book value |
At 30 September 2022 |
At 30 September 2021 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
15. | Tangible fixed assets |
Group |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
Cost |
At 1 October 2021 | 843,500 | 17,385 | 174,089 | 331,014 |
Additions | - | - | 3,988 | - |
Disposals | (843,500 | ) | - | - | - |
At 30 September 2022 | - | 17,385 | 178,077 | 331,014 |
Depreciation |
At 1 October 2021 | - | 17,385 | 152,949 | 247,000 |
Charge for year | - | - | 10,051 | 55,363 |
At 30 September 2022 | - | 17,385 | 163,000 | 302,363 |
Net book value |
At 30 September 2022 | - | - | 15,077 | 28,651 |
At 30 September 2021 | 843,500 | - | 21,140 | 84,014 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 October 2021 | 644,144 | 14,200 | 32,667 | 2,056,999 |
Additions | 15,232 | - | - | 19,220 |
Disposals | - | - | - | (843,500 | ) |
At 30 September 2022 | 659,376 | 14,200 | 32,667 | 1,232,719 |
Depreciation |
At 1 October 2021 | 433,119 | 8,273 | 28,347 | 887,073 |
Charge for year | 102,877 | 2,840 | 2,509 | 173,640 |
At 30 September 2022 | 535,996 | 11,113 | 30,856 | 1,060,713 |
Net book value |
At 30 September 2022 | 123,380 | 3,087 | 1,811 | 172,006 |
At 30 September 2021 | 211,025 | 5,927 | 4,320 | 1,169,926 |
All fixed assets are initially recorded at cost. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
15. | Tangible fixed assets - continued |
Company |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
Cost |
At 1 October 2021 |
Additions |
Disposals | ( |
) |
At 30 September 2022 |
Depreciation |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
Net book value |
At 30 September 2022 |
At 30 September 2021 |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Cost |
At 1 October 2021 |
Additions |
Disposals | ( |
) |
At 30 September 2022 |
Depreciation |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
Net book value |
At 30 September 2022 |
At 30 September 2021 |
All fixed assets are initially recorded at cost. |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
16. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 October 2021 |
and 30 September 2022 |
Net book value |
At 30 September 2022 |
At 30 September 2021 |
Details of the company's subsidiaries at 30 September 2022 are as follows: |
Name of undertaking |
Registered office |
Nature of business |
Class of shares held |
%Held |
Direct | Indirect |
Beasts of War Limited | Northern Ireland | Business and domestic software development |
Ordinary | 100 |
Rolltogether Limited | Northern Ireland | Retail sale of games and toys in specialised stores |
Ordinary | 100 |
17. | Stocks |
Group | Company |
30.9.22 | 30.9.21 | 30.9.22 | 30.9.21 |
£ | £ | £ | £ |
Stocks | 2,606,022 | 4,097,575 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
18. | Debtors: amounts falling due within one year |
Group | Company |
30.9.22 | 30.9.21 | 30.9.22 | 30.9.21 |
£ | £ | £ | £ |
Trade debtors | 58,320 | 85,959 |
Amounts owed by group undertakings | - | 25,876 |
Other debtors | 2,977 | 1,856,560 |
Directors' current accounts | 874,819 | - | 874,819 | - |
Tax | 295,252 | - |
VAT | 1,960,980 | - |
Deferred tax asset | 54,366 | - | 54,366 | - |
Prepayments | 8,550,898 | 5,001,157 |
11,797,612 | 6,969,552 |
Deferred tax asset |
Group | Company |
30.9.22 | 30.9.21 | 30.9.22 | 30.9.21 |
£ | £ | £ | £ |
Deferred tax | 54,366 | - | 54,366 | - |
19. | Creditors: amounts falling due within one year |
Group | Company |
30.9.22 | 30.9.21 | 30.9.22 | 30.9.21 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 21) | 20,000 | 22,629 |
Hire purchase contracts (see note 22) | 2,808 | 2,808 |
Trade creditors | 308,885 | 146,566 |
Corporation tax | 2,077,944 | 881,445 |
Social security and other taxes | 235,346 | 63,491 |
Other creditors | 624,724 | 1,380,687 |
Directors' current accounts | - | 992,800 | - | 992,800 |
Accrued expenses | 1,925,511 | 1,264,133 |
5,195,218 | 4,754,559 |
20. | Creditors: amounts falling due after more than one year |
Group |
30.9.22 | 30.9.21 |
£ | £ |
Bank loans (see note 21) | 54,167 | 73,519 |
Hire purchase contracts (see note 22) | 3,936 | 6,744 |
58,103 | 80,263 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
21. | Loans |
An analysis of the maturity of loans is given below: |
Group |
30.9.22 | 30.9.21 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | - | 1,981 |
Bank loans | 20,000 | 20,648 |
20,000 | 22,629 |
Amounts falling due between one and | two years: |
Bank loans - 1-5 years | 54,167 | 73,519 |
22. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
30.9.22 | 30.9.21 |
£ | £ |
Net obligations repayable: |
Within one year | 2,808 | 2,808 |
Between one and five years | 3,936 | 6,744 |
6,744 | 9,552 |
Group |
Non-cancellable | operating leases |
30.9.22 | 30.9.21 |
£ | £ |
Within one year | 335,794 | 35,288 |
Between one and five years | 192,831 | - |
528,625 | 35,288 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
22. | Leasing agreements - continued |
Company |
Non-cancellable | operating leases |
30.9.22 | 30.9.21 |
£ | £ |
Within one year |
Between one and five years |
23. | Secured debts |
The following secured debts are included within creditors: |
Group |
30.9.22 | 30.9.21 |
£ | £ |
Hire purchase contracts | 6,744 | 9,552 |
Hire purchase liabilities are secured on the assets to which they relate. |
24. | Provisions for liabilities |
Group | Company |
30.9.22 | 30.9.21 | 30.9.22 | 30.9.21 |
£ | £ | £ | £ |
Deferred tax | - | 56,353 | - | 56,353 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2021 | 56,353 |
Credit to Income statement during year | (110,719 | ) |
Balance at 30 September 2022 | (54,366 | ) |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
24. | Provisions for liabilities - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2021 |
Credit to Statement of comprehensive income during year | ( |
) |
Balance at 30 September 2022 | ( |
) |
25. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.22 | 30.9.21 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
26. | Reserves |
Group |
Retained |
earnings |
£ |
At 1 October 2021 | 9,841,000 |
Profit for the year | 6,100,219 |
Dividends | (1,980,000 | ) |
At 30 September 2022 | 13,961,219 |
Company |
Retained |
earnings |
£ |
At 1 October 2021 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2022 |
Wayland Games Limited (Registered number: 06690851) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
27. | Related party disclosures |
Wayland Logistics Limited is associated by way of the common control of Richard Lawford. |
Included in Other Creditors is £12,887 (2021: £12,887) due to Wayland Logistics Limited. |
Included in Trade Creditors is £38,941 (2021: £63,122) due from Wayland Logistics Limited. In 2021 £63,122 was due to Wayland Logistics and was included in Trade Creditors. |
28. | Ultimate controlling party |
The controlling party is R Lawford. |
29. | Securities |
A limited guarantee was given by Mr Richard Lawford for £25,000, relating to the companies bank facilities. |
A full guarantee was given by Mr Richard Lawford for £4,553 relating to the companies rental facilities. |