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Registered number: 10304462
L R Nash (SMK) Ltd
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—9
Page 1
Company Information
Directors Mr Luke Nash
Mr Lee Harkness
Mr Henrik Grobelnik
Mr Johnny Pedersen
Mr Martin Skovbjerg
Company Number 10304462
Registered Office 6 Hawk Close
Waltham Abbey
Essex
EN9 3NE
Accountants L C & J A Charge
6 Hawk Close
Waltham Abbey
Essex
EN9 3NE
Auditors Baker Clarke FDV Limited
Statutory Auditors
Swiss House Beckingham Street
Tolleshunt Major, Maldon
Essex
CM9 8LZ
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Balance Sheet
Registered number: 10304462
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 76,062 80,640
Tangible Assets 5 51,279 63,307
127,341 143,947
CURRENT ASSETS
Stocks 6 1,774,282 2,526,186
Debtors 7 202,727 191,805
Cash at bank and in hand 436,206 165,686
2,413,215 2,883,677
Creditors: Amounts Falling Due Within One Year 8 (633,554 ) (862,553 )
NET CURRENT ASSETS (LIABILITIES) 1,779,661 2,021,124
TOTAL ASSETS LESS CURRENT LIABILITIES 1,907,002 2,165,071
Creditors: Amounts Falling Due After More Than One Year 9 - (275,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (10,298 ) (9,766 )
NET ASSETS 1,896,704 1,880,305
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,896,604 1,880,205
SHAREHOLDERS' FUNDS 1,896,704 1,880,305
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
22/04/2024The financial statements were approved by the board of directors on 22 April 2024 and were signed on its behalf by:
Mr Luke Nash
Director
22/04/2024
The notes on pages 4 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
L R Nash (SMK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10304462 . The registered office is 6 Hawk Close, Waltham Abbey, Essex, EN9 3NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
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 £.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. 
Goodwill is amortised over a period of ten years from the date of purchase
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are trademarks which are being amortised over ten years
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over 10 years of lease to 31/3/2031
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.6. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Financial Instruments
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, 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
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
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.
2.12. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them, and the grants will be received, using the accruals model.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 6 6
Sales, marketing and distribution 3 3
Warehousing and distribution 9 7
18 16
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4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 180,886 11,885 192,771
Additions - 16,234 16,234
As at 31 December 2023 180,886 28,119 209,005
Amortisation
As at 1 January 2023 112,131 - 112,131
Provided during the period 18,000 2,812 20,812
As at 31 December 2023 130,131 2,812 132,943
Net Book Value
As at 31 December 2023 50,755 25,307 76,062
As at 1 January 2023 68,755 11,885 80,640
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 6,635 146,440 21,254 59,803
Additions - - 4,125 -
As at 31 December 2023 6,635 146,440 25,379 59,803
Depreciation
As at 1 January 2023 1,161 119,084 18,409 41,451
Provided during the period 663 6,839 1,743 4,588
As at 31 December 2023 1,824 125,923 20,152 46,039
Net Book Value
As at 31 December 2023 4,811 20,517 5,227 13,764
As at 1 January 2023 5,474 27,356 2,845 18,352
Computer Equipment Total
£ £
Cost
As at 1 January 2023 29,250 263,382
Additions - 4,125
As at 31 December 2023 29,250 267,507
Depreciation
As at 1 January 2023 19,970 200,075
Provided during the period 2,320 16,153
As at 31 December 2023 22,290 216,228
...CONTINUED
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Net Book Value
As at 31 December 2023 6,960 51,279
As at 1 January 2023 9,280 63,307
6. Stocks
2023 2022
£ £
Stock 1,774,282 2,526,186
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 120,269 111,755
Prepayments and accrued income 82,458 80,050
202,727 191,805
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 294,070 407,125
Corporation tax 77,778 82,039
Other taxes and social security 30,955 32,052
VAT 188,216 194,421
Loans within one year - 110,000
Accruals and deferred income 42,535 36,916
633,554 862,553
The previously reported dispute with a trade creditor has now been settled resulting in £130,977 being written back to purchases in 2022
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 275,000
- 275,000
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 10,298 9,766
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 102,075 100,856
Later than one year and not later than five years 92,675 232,032
194,750 332,888
13. Pension Commitments
The company operated a defined contrition pension scheme for all employees. The assets of the scheme are held separately from those of the company in an independently administered fund. During the year the company made contributions to the pension scheme amounting to £ 10,047 (2022: £8,618). At the balance sheet date, unpaid contributions of £ Nil (2022: Nil) were due to the fund. 
14. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 200,000 4,762
200,000 4,762
A dividend of £200,000 was paid during the year. This included £ 84,000 paid to L Nash, a director of the company.
15. Related Party Transactions
During the year, the company made purchases totalling £143,247 (2022: £229,864) from ActionsportGames A/S. As at 31 December 2023, the amount due to ActionsportGames A/S was NIL (2022: £8,895). This amount is included within trade creditors.
Management fees of £71,074 (2022: £66,600) were paid to the directors of the company during the financial year. At the balance sheet date, unpaid fees of £Nil (2022: Nil) were due to the directors.
A dividend of £116,000 was paid during the year to ActionsportGames A/S 
16. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to  assist with the preparation of the financial statements.
17. Ultimate Controlling Party
The directors consider the immediate and ultimate parent undertaking of this company to be ActionsportGames A/S. ActionsportGames A/S is incorporated in Denmark.
The company is a subsidiary of ActionsportGames A/S and in included in the consolidated accounts of that Company. The address of the registered office of ActionssportGames A/S is Bjergvangen 1, 3060 Espergaerde, Denmark. Consolidated accounts are available from the address of the parent entity.

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18. Audit Information
The auditors report on the account of L R Nash (SMK) Ltd for the year ended 31 December 2023 was qualified
The basis of qualification in the auditor's report was as follows:
We were not appointed auditors of the company until after 31 December 2021 and thus did not observe the counting of physical inventories at the end of that year.We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £1,971,213 held at 31st December 2021 by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31st December 2022. Our audit opinion on the financial statements for the period ended 31st December 2022 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The matters required to report by exception are stated below:
Except for the matters described in the basis for qualified audit opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
• we have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a Strategic Report.
The auditor's report was signed by Mr J A Baker (Senior Statutory Auditor) for and on behalf of Baker Clarke FDV Limited , Statutory Auditor
Baker Clarke FDV Limited
Statutory Auditors
Swiss House Beckingham Street
Tolleshunt Major, Maldon
Essex
CM9 8LZ
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