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REGISTERED NUMBER: 08302629 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FIRESTORM GAMES LIMITED

FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FIRESTORM GAMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R E West
Mrs M T West





REGISTERED OFFICE: 13-14 Gelliwastad Road
Pontypridd
RCT
CF37 2BW





REGISTERED NUMBER: 08302629 (England and Wales)





ACCOUNTANTS: Sullivans Chartered Accountants
13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW

FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 450
Property, plant and equipment 5 987,283 1,001,266
Investments 6 50 50
987,333 1,001,766

CURRENT ASSETS
Inventories 7 567,598 487,079
Debtors 8 230,992 235,296
Investments 9 4,000 4,000
Cash at bank and in hand 121,544 97,401
924,134 823,776
CREDITORS
Amounts falling due within one year 10 740,574 626,574
NET CURRENT ASSETS 183,560 197,202
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,170,893

1,198,968

CREDITORS
Amounts falling due after more than one
year

11

(581,267

)

(624,877

)

PROVISIONS FOR LIABILITIES (26,554 ) (29,199 )
NET ASSETS 563,072 544,892

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 562,972 544,792
SHAREHOLDERS' FUNDS 563,072 544,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2024 and were signed on its behalf by:





Mr R E West - Director


FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Firestorm Games Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company directors regularly review the financial position of the company and will implement various strategies for the economic benefit of the company.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures & Fittings - 25% reducing balance
Computer Equipment - 33% on cost
Motor Vehicles - 20% reducing balance
Plant & Machinery - 33% on cost
Freehold Property - not currently depreciated

Freehold Property:

The directors acknowledge the need to assess appropriate depreciation policies based upon historical cost less residual value. It is not believed that the freehold property's residual value has reduced below its cost, as at the balance sheet date. Accordingly, the freehold property has not been depreciated, in this accounting year.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 33 ) .

FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 19,000 9,275 28,275
AMORTISATION
At 1 January 2023 19,000 8,825 27,825
Amortisation for year - 450 450
At 31 December 2023 19,000 9,275 28,275
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - 450 450

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 941,816 161,590 1,103,406
Additions - 7,848 7,848
At 31 December 2023 941,816 169,438 1,111,254
DEPRECIATION
At 1 January 2023 - 102,140 102,140
Charge for year - 21,831 21,831
At 31 December 2023 - 123,971 123,971
NET BOOK VALUE
At 31 December 2023 941,816 45,467 987,283
At 31 December 2022 941,816 59,450 1,001,266

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 January 2023
and 31 December 2023 50
NET BOOK VALUE
At 31 December 2023 50
At 31 December 2022 50

FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. INVENTORIES
31/12/23 31/12/22
£    £   
Stocks 567,598 487,079

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 67,862 62,421
Amounts owed by group undertakings 133,475 135,000
Amounts recoverable on contract - 8,000
Other debtors 29,655 29,875
230,992 235,296

9. CURRENT ASSET INVESTMENTS
31/12/23 31/12/22
£    £   
Unlisted investments 4,000 4,000

Current asset investments relates to the cost of redeemable par value shares within a UK private limited company. The investment is in consideration for the company becoming a member and having the benefit of intellectual property. The shares are redeemable only at par value and are reported at cost.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 32,616 39,287
Trade creditors 451,406 359,321
Taxation and social security 80,279 80,504
Other creditors 176,273 147,462
740,574 626,574

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans 551,056 584,877
Other creditors 30,211 40,000
581,267 624,877

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 427,818 457,133

FIRESTORM GAMES LIMITED (REGISTERED NUMBER: 08302629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/23 31/12/22
£    £   
Within one year 39,390 41,036
Between one and five years 84,250 116,036
In more than five years - 4,167
123,640 161,239

The operating leases are connected to commercial properties and various equipment.

13. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans 583,672 624,164

Hire purchase assets are secured against the assets to which they relate.

Bank loan of £39,176 (2022 - £57,629) is under the Bounce Back Loan scheme and is therefore, substantially guaranteed by the government.

Bank loan with NatWest Bank has a fixed and floating fixed charge covering the company's assets inclusive of the commercial property.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100 Ordinary £1 100 100