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Registration number: 11180461

Tactile Games Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Tactile Games Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Tactile Games Limited

Company Information

Directors

Mr Derek Pettigrew

Asbjoern Soendergarrd

Mr Paul Richard Smith

Registered office

19-21 Christopher Street
London
EC2A 2BS

Auditors

Evolve Accountants and Business Advisors Ltd
Unit 10 Phoenix Park
Stephenson Industrial Estate
Telford Way
Coalville
Leicestershire
LE67 3HB

 

Tactile Games Limited

(Registration number: 11180461)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,219

30,344

Current assets

 

Debtors

5

479,070

277,196

Cash at bank and in hand

 

5,697,728

5,130,969

 

6,176,798

5,408,165

Creditors: Amounts falling due within one year

6

(3,185,576)

(2,520,373)

Net current assets

 

2,991,222

2,887,792

Total assets less current liabilities

 

3,014,441

2,918,136

Provisions for liabilities

(5,805)

(5,765)

Net assets

 

3,008,636

2,912,371

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

333,001

333,001

Retained earnings

2,674,635

2,578,370

Shareholders' funds

 

3,008,636

2,912,371

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 May 2024 and signed on its behalf by:
 

.........................................
Mr Derek Pettigrew
Director

 

Tactile Games Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19-21 Christopher Street
London
EC2A 2BS

These financial statements were authorised for issue by the Board on 16 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 16 May 2024 was James Nixon, who signed for and on behalf of Evolve Accountants and Business Advisors Ltd.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tactile Games Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% Straight Line

Office Equipment

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tactile Games Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 18).

 

Tactile Games Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

4,344

69,748

74,092

Additions

-

14,059

14,059

At 31 December 2023

4,344

83,807

88,151

Depreciation

At 1 January 2023

3,885

39,863

43,748

Charge for the year

233

20,951

21,184

At 31 December 2023

4,118

60,814

64,932

Carrying amount

At 31 December 2023

226

22,993

23,219

At 31 December 2022

459

29,885

30,344

5

Debtors

Current

2023
£

2022
£

Trade debtors

294,081

-

Prepayments

730

746

Other debtors

184,259

276,450

 

479,070

277,196

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

35,290

37,359

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

3,125,499

2,462,625

Taxation and social security

 

17,517

14,170

Accruals and deferred income

 

-

3,900

Other creditors

 

7,270

2,319

 

3,185,576

2,520,373

7

Related party transactions

 

Tactile Games Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

20,000

20,320

Summary of transactions with parent

The company entered into a number of transactions with the parent company, involving invoicing the parent for Royalty Income and Sub Contract Services and also was invoiced by the parent for Launchpad License Fees.
 

Summary of transactions with other related parties

The company incurred expenditure with a company called Strawdog Limited, a company in which D Pettigrew and P Smith are directors and shareholders.
 The transactions were in respect of providing consultancy services to the company and rent for the building from which the company operates.
 

Income and receivables from related parties

2023

Parent
£

Receipt of services

1,659,924

2022

Parent
£

Receipt of services

1,720,735

Expenditure with and payables to related parties

2023

Parent
£

Other related parties
£

Rendering of services

1,362,798

321,072

Leases

-

85,847

1,362,798

406,919

Amounts payable to related party

3,125,499

32,127

2022

Parent
£

Other related parties
£

Rendering of services

1,892,808

258,684

Leases

-

78,924

1,892,808

337,608

Amounts payable to related party

2,462,625

33,098

 

Tactile Games Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Parent and ultimate parent undertaking

The company's immediate parent is Tactile Games APS, incorporated in Denmark.