Registered number
05160417
Gadgets and Gaming Limited
Filleted Accounts
31 March 2024
Gadgets and Gaming Limited
Registered number: 05160417
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 12,000 16,000
Tangible assets 4 169,696 122,357
181,696 138,357
Current assets
Stocks 217,448 241,538
Debtors 5 79,918 28,336
Cash at bank and in hand 313,522 116,577
610,888 386,451
Creditors: amounts falling due within one year 6 (353,563) (233,642)
Net current assets 257,325 152,809
Total assets less current liabilities 439,021 291,166
Creditors: amounts falling due after more than one year 7 (48,095) -
Net assets 390,926 291,166
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 389,926 290,166
Shareholders' funds 390,926 291,166
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.
Mr. Kasim Ali
Director
Approved by the board on 14 August 2024
Gadgets and Gaming Limited
Notes to the Accounts
for the year ended 31 March 2024
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, as follows:
Leasehold land and buildings 8 - 10 years straight line
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 41 41
3 Intangible fixed assets £
Franchise Cost:
Cost
At 1 April 2023 20,000
At 31 March 2024 20,000
Amortisation
At 1 April 2023 4,000
Provided during the year 4,000
At 31 March 2024 8,000
Net book value
At 31 March 2024 12,000
At 31 March 2023 16,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 599,131 - 599,131
Additions 10,352 93,553 103,905
At 31 March 2024 609,483 93,553 703,036
Depreciation
At 1 April 2023 476,775 - 476,775
Charge for the year 33,177 23,388 56,565
At 31 March 2024 509,952 23,388 533,340
Net book value
At 31 March 2024 99,531 70,165 169,696
At 31 March 2023 122,356 - 122,356
5 Debtors 2024 2023
£ £
Trade debtors 3,668 3,843
Other debtors 76,250 24,493
79,918 28,336
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,928 -
Trade creditors 103,120 65,978
Taxation and social security costs 51,110 3,652
Other creditors 167,405 164,012
353,563 233,642
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 48,095 -
8 Other information
Gadgets and Gaming Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor 33 George Street
Croydon
England
CR0 1LB
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