Company Registration No. SC479048 (Scotland)
Hyper Luminal Games Ltd
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Hyper Luminal Games Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Hyper Luminal Games Ltd
Balance sheet
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
57,962
4,838
Tangible assets
4
183,992
151,786
Investments
5
100
100
242,054
156,724
Current assets
Debtors falling due after more than one year
7
3,600
5,400
Debtors falling due within one year
7
529,363
2,431,472
Cash at bank and in hand
361,316
755,760
894,279
3,192,632
Creditors: amounts falling due within one year
8
(552,841)
(2,167,929)
Net current assets
341,438
1,024,703
Total assets less current liabilities
583,492
1,181,427
Creditors: amounts falling due after more than one year
9
(70,783)
(328,823)
Net assets
512,709
852,604
Capital and reserves
Called up share capital
10
4
4
Profit and loss reserves
512,705
852,600
Total equity
512,709
852,604
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Hyper Luminal Games Ltd
Balance sheet (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Stuart Martin
Director
Company Registration No. SC479048
Hyper Luminal Games Ltd
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
Hyper Luminal Games Ltd is a private company limited by shares incorporated in Scotland. The registered office is Suite 7, The Vision Building, 20 Greenmarket, Dundee, Scotland, DD1 4QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website costs
5 years
1.5
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.
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
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:
Office and equipment
3 years
Computers
3 years
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly in equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
These financial statements for the year ended 31 December 2023 are the first financial statements of Hyper Luminal Games Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
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.
1.11
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
78
51
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
3
Intangible fixed assets
Website costs
£
Cost
At 1 January 2023
5,900
Additions
54,304
At 31 December 2023
60,204
Amortisation and impairment
At 1 January 2023
1,062
Amortisation charged for the year
1,180
At 31 December 2023
2,242
Carrying amount
At 31 December 2023
57,962
At 31 December 2022
4,838
4
Tangible fixed assets
Office and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
35,459
235,286
270,745
Additions
40,969
93,334
134,303
At 31 December 2023
76,428
328,620
405,048
Depreciation and impairment
At 1 January 2023
19,046
99,913
118,959
Depreciation charged in the year
17,248
84,849
102,097
At 31 December 2023
36,294
184,762
221,056
Carrying amount
At 31 December 2023
40,134
143,858
183,992
At 31 December 2022
16,413
135,373
151,786
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Hyper Luminal Developments Ltd
United Kingdom
Video games development
Ordinary
100
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
325,631
413,698
Corporation tax recoverable
56,168
136,626
Amounts owed by group undertakings
11,121
1,958
Other debtors
136,443
1,879,190
529,363
2,431,472
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
3,600
5,400
Total debtors
532,963
2,436,872
Amounts owed by group companies are interest free, unsecured, repayable on demand and denominated in GBP.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
60,759
34,532
Trade creditors
41,905
20,485
Corporation tax
45,965
Other taxation and social security
64,902
147,288
Other creditors
385,275
1,919,659
552,841
2,167,929
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,783
80,691
Other creditors
248,132
70,783
328,823
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
40,000
40,000
4
4
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
38,838
38,838
Between two and five years
71,203
116,515
110,041
155,353
12
Related party transactions
The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 1A from the requirement to disclose related party transactions with companies that are wholly owned within the group. The balance outstanding at the year end is disclosed in note 7.
Included in other debtors due within one year is a loan amount of £70,000, due to the directors . This loan interest free and repayable on demand.
Hyper Luminal Games Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
10
13
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan to director
-
-
50,000
(15,000)
35,000
Loan to director
-
-
50,000
(15,000)
35,000
Loan to director
-
-
50,000
(50,000)
-
-
150,000
(80,000)
70,000
The outstanding loans totalling £70,000 (2022: £NIL) are included in Other debtors.
14
Ultimate controlling party
The directors do not consider there to be a controlling party or an ultimate controlling party.
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