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Company registration number: 10031137
Ingame Recruitment Limited
Pages for filing with Registrar
31 March 2024
Ingame Recruitment Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ingame Recruitment Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,774 3,936
_______ _______
3,774 3,936
Current assets
Debtors 6 73,033 147,606
Investments 7 1,288,805 858,030
Cash at bank and in hand 235,992 600,283
_______ _______
1,597,830 1,605,919
Creditors: amounts falling due
within one year 8 ( 168,521) ( 249,149)
_______ _______
Net current assets 1,429,309 1,356,770
_______ _______
Total assets less current liabilities 1,433,083 1,360,706
Provisions for liabilities ( 2,233) ( 2,233)
_______ _______
Net assets 1,430,850 1,358,473
_______ _______
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 100 100
Fair value reserve - 8,930
Profit and loss account 1,430,650 1,349,343
_______ _______
Shareholder funds 1,430,850 1,358,473
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr S Aiken
Director
Company registration number: 10031137
Ingame Recruitment Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Capital redemption reserve Fair value reserve Profit and loss account Total
£ £ £ £ £
At 1 April 2022 100 100 - 957,462 957,662
Profit for the year 685,762 685,762
Other comprehensive income for the year:
Transfers 8,930 ( 8,930) -
_______ _______ _______ _______ _______
Total comprehensive income for the year - - 8,930 676,832 685,762
Dividends paid and payable ( 286,292) ( 286,292)
Equity settled share-based payments 1,341 1,341
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 284,951) ( 284,951)
_______ _______ _______ _______ _______
At 31 March 2023 and 1 April 2023 100 100 8,930 1,349,342 1,358,472
Profit for the year 318,834 318,834
Other comprehensive income for the year:
Transfers ( 8,930) 8,930 -
_______ _______ _______ _______ _______
Total comprehensive income for the year - - ( 8,930) 327,764 318,834
Dividends paid and payable ( 246,456) ( 246,456)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 246,456) ( 246,456)
_______ _______ _______ _______ _______
At 31 March 2024 100 100 - 1,430,650 1,430,850
_______ _______ _______ _______ _______
Ingame Recruitment Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified to include certain financial instruments at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Computer equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satsfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 April 2023 5,338 4,409 9,747
Additions - 315 315
Disposals ( 569) - ( 569)
_______ _______ _______
At 31 March 2024 4,769 4,724 9,493
_______ _______ _______
Depreciation
At 1 April 2023 4,689 1,122 5,811
Charge for the year ( 424) 681 257
Disposals ( 349) - ( 349)
_______ _______ _______
At 31 March 2024 3,916 1,803 5,719
_______ _______ _______
Carrying amount
At 31 March 2024 853 2,921 3,774
_______ _______ _______
At 31 March 2023 649 3,287 3,936
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 68,253 141,846
Other debtors 4,780 5,760
_______ _______
73,033 147,606
_______ _______
7. Investments
2024 2023
£ £
Other investments 1,288,805 858,030
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,535 4,426
Corporation tax 88,855 166,015
Social security and other taxes 17,564 56,159
Other creditors 59,567 22,549
_______ _______
168,521 249,149
_______ _______
9. Share-based payments
The company has granted Enterprise Management Incentive [EMI] options.Directors and staff are granted options at the company's discretion.On 29 September 2022 the company granted 10 share options to an employee at an excercise price of £2,375.60 per share. These options can be exercised on an exit event at any time before 28 September 2032.If any individual leaves the company before the exercise of their options then their options lapse.There are no performance conditions attaching to the scheme.
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2024 2023
No. WAEP No. WAEP
Outstanding at 1 April 2023 10 2,375.60 - -
Granted during the year - - 10 2,375.60
_________ _______ _________ _______
Outstanding at 31 March 2024 10 2,375.60 10 2,375.60
_________ _______ _________ _______
Exercisable at 31 March 2024 10 2,375.60 10 2,375.60
_________ _______ _________ _______
Liabilities and expenses
During the year the company recognised share-based payment expenses of £nil (2023 - £1,341) which relate to equity settled share based payment transactions.
The total expense recognised in profit or loss for the year is as follows:
2024 2023
£ £
Equity-settled share-based payments - 1,341
_________ _______