SKC Games Studio Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 12042744 (England and Wales)
SKC Games Studio Limited
Company Information
Director
Mr A Burrows
Company number
12042744
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Business address
The EpiCentre
Haverhill Research Park
Enterprise Way
Haverhill
Suffolk
United Kingdom
CB9 7LR
SKC Games Studio Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SKC Games Studio Limited
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,868
3,191
Current assets
Debtors
5
83,499
45,301
Cash at bank and in hand
2,905
1,727
86,404
47,028
Creditors: amounts falling due within one year
6
(144,671)
(55,448)
Net current liabilities
(58,267)
(8,420)
Total assets less current liabilities
(36,399)
(5,229)
Creditors: amounts falling due after more than one year
7
(533,895)
(267,455)
Net liabilities
(570,294)
(272,684)
Capital and reserves
Called up share capital
8
1,600
100
Profit and loss reserves
(571,894)
(272,784)
Total equity
(570,294)
(272,684)

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 30 November 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.

SKC Games Studio Limited
Balance Sheet (Continued)
As at 30 November 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr A  Burrows
Director
Company Registration No. 12042744
SKC Games Studio Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 3
1
Accounting policies
Company information

SKC Games Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company had net liabilities of £true570,294 (2022: £272,684). Included within creditors are loans due to the shareholders of £495,535 (2022: £204,988) and a directors loan of £6,045 (2022: £26,080) provided to support the working capital requirements of the company. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
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.

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:

Fixtures and fittings
50% Reducing Balance
Computers
33% Reducing Balance

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.

1.5
Cash at bank and in hand

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.

SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
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.

1.8
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.

SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2022: 9).

3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(48,499)
(25,585)

The company has estimated losses of £538,753 (2022: £317,769) available for carry forward against future taxable profits.

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
5,893
Additions
26,306
At 30 November 2023
32,199
Depreciation and impairment
At 1 December 2022
2,702
Depreciation charged in the year
7,629
At 30 November 2023
10,331
Carrying amount
At 30 November 2023
21,868
At 30 November 2022
3,191
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
73,987
41,881
Other debtors
9,512
3,420
83,499
45,301
SKC Games Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 6
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,116
6,023
Trade creditors
49,390
18,026
Taxation and social security
44,637
3,743
Other creditors
27,778
26,081
Accruals and deferred income
3,750
1,575
144,671
55,448
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,360
48,667
Other creditors
495,535
218,788
533,895
267,455

The long term bank loan is unsecured with a loan term of 6 years and is repayable after the first 12 months. Interest is being charged at 0% for the first 12 months and at 2.5% for subsequent years. A interest only period (capital repayment holiday) was granted until 6 December 2022.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1600 Ordinary shares of £1 each
1,600
100
1,600
100

During the period between 20 December 2022 to 17 November 2023 a further 1,500 ordinary £1 shares were issued at par.

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