Company Registration No. 06451801 (England and Wales)
GAMESBITE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GAMESBITE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GAMESBITE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
92,011
108,901
Current assets
Stocks
371,982
96,504
Debtors
4
727,459
672,520
Cash at bank and in hand
707,161
40,153
1,806,602
809,177
Creditors: amounts falling due within one year
5
(1,162,332)
(187,383)
Net current assets
644,270
621,794
Total assets less current liabilities
736,281
730,695
Provisions for liabilities
(23,003)
(20,691)
Net assets
713,278
710,004
Capital and reserves
Called up share capital
6
202
202
Profit and loss reserves
713,076
709,802
Total equity
713,278
710,004
The director of the company has 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 25 April 2024
Mr J Gilchrist
Director
Company Registration No. 06451801
GAMESBITE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Gamesbite Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kingston House, 7 Williamson Street, Hull, East Yorkshire, HU9 1EP.
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.
1.3
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33% per annum straight line
Fixtures, fittings & equipment
4% per annum straight line
Motor vehicles
25% per annum straight line
Investment property
14% per annum straight line
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.
1.4
Impairment of fixed assets
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
GAMESBITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
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.
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.
1.8
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
GAMESBITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2022 - 11).
2023
2022
Number
Number
Total
10
11
3
Tangible fixed assets
Plant and machinery
Investment property
Total
£
£
£
Cost
At 1 January 2023
93,326
84,730
178,056
Additions
17,784
17,784
At 31 December 2023
111,110
84,730
195,840
Depreciation and impairment
At 1 January 2023
59,926
9,229
69,155
Depreciation charged in the year
22,812
11,862
34,674
At 31 December 2023
82,738
21,091
103,829
Carrying amount
At 31 December 2023
28,372
63,639
92,011
At 31 December 2022
33,400
75,501
108,901
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,524
3,015
Other debtors
678,311
655,719
Prepayments and accrued income
13,624
13,786
727,459
672,520
Included in the note above, are debtors due after more than one year amounting to £114,051. (2022 - £129,276).
GAMESBITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,641
31,871
Corporation tax
92,877
60,848
Other creditors
1,023,814
94,664
1,162,332
187,383
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A shares of £1 each
100
100
100 Ordinary B shares of £1 each
100
100
1 Ordinary C shares of £1 each
1
1
1 Ordinary D shares of £1 each
1
1
202
202
All Ordinary A, Ordinary B, Ordinary C and Ordinary D shares in the company rank pari passu in all aspects but shall constitute separate classes of shares, except as provided in the company's articles of association.
The director may at any time resolve to declare a dividend to one or more class of share and not the others or to declare a dividend on all or any class of share but at different rates.
On a return of assets on liquidation, capital reduction or otherwise, the assets of the company remaining shall be distributed first to the holders of Ordinary A shares and secondly to the holders of Ordinary B, Ordinary C and Ordinary D shares.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
118,334
158,334
8
Controlling Party
The company is controlled by its director.