IRIS Accounts Production v24.2.0.383 10912644 director 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh109126442022-12-31109126442023-12-31109126442023-01-012023-12-31109126442021-12-31109126442022-01-012022-12-31109126442022-12-3110912644ns15:EnglandWales2023-01-012023-12-3110912644ns14:PoundSterling2023-01-012023-12-3110912644ns10:Director12023-01-012023-12-3110912644ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110912644ns10:FRS1022023-01-012023-12-3110912644ns10:Audited2023-01-012023-12-3110912644ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3110912644ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3110912644ns10:FullAccounts2023-01-012023-12-3110912644ns10:OrdinaryShareClass12023-01-012023-12-3110912644ns10:RegisteredOffice2023-01-012023-12-3110912644ns5:CurrentFinancialInstruments2023-12-3110912644ns5:CurrentFinancialInstruments2022-12-3110912644ns5:ShareCapital2023-12-3110912644ns5:ShareCapital2022-12-3110912644ns5:RetainedEarningsAccumulatedLosses2023-12-3110912644ns5:RetainedEarningsAccumulatedLosses2022-12-3110912644ns5:ShareCapital2021-12-3110912644ns5:RetainedEarningsAccumulatedLosses2021-12-3110912644ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110912644ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-311091264422023-01-012023-12-311091264422022-01-012022-12-3110912644ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110912644ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110912644ns10:OrdinaryShareClass12023-12-3110912644ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 10912644 (England and Wales)

















Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31 December 2023

for

Lucky Win Limited

Lucky Win Limited (Registered number: 10912644)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Lucky Win Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr C Tseng





REGISTERED OFFICE: Grove House, 2nd Floor
774-780 Wilmslow Road
Didsbury
Manchester
M20 2DR





REGISTERED NUMBER: 10912644 (England and Wales)





AUDITORS: Sterling Partners Limited
Chartered Accountants
Statutory Auditors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

Lucky Win Limited (Registered number: 10912644)

Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

Lucky Win Limited, based at UK, is one of the world's largest online gaming contents providers, offering cutting-edge, and value added solutions to the operators worldwide.

REVIEW OF BUSINESS
Since Lucky Win inception in 2017, we have been focused at the continual development of best gaming products and content, and our success built upon strong partnerships with our licensees around the world.

Lucky Win is a 100% owned subsidiary of IGS. The parent company IGS is responsible for the development of new games as well as maintaining and adjusting the gaming software After the games are developed, they are licensed to Lucky Win to overseas operators Lucky Win will then pay IGS royalties in accordance with the operation results.

PRINCIPAL RISKS AND UNCERTAINTIES
IGS mainly performs game software research and development and is responsible for the marketing and advertising activities of game software, so it has to bear the market risk. Lucky Win, on the other hand, is only responsible for the sale or licensing of the Group's games and only undertakes the operation of the licensed games, and therefore only bears sporadic market risks.

Lucky Win obtains game software licenses from IGS and then uploads them through overseas operators. The relevant upload fees and subsequent payments are denominated in the local currency and the risk will change
according to the fluctuation of the exchange rate of the local currency, so Lucky Win bears the exchange rate risk and credit risk.

However, our risk management team is responsible for evaluating the background of our partners to ensure that they have good credits and do businesses legally. The development team continually study and update the gaming regulation for the markets we enter and make sure that our gaming products are complying with the local regulations. In addition, the company and our partners are all complied with AML (anti money laundering) rule.


Lucky Win Limited (Registered number: 10912644)

Strategic Report
for the Year Ended 31 December 2023

2023 BUSINESS REPORT
I. Results of the 2023 operational plan

Operating revenue in 2023 was £53,372,156; net profit after tax was £485,573. Operating income in 2023 decreased by £2,560,242, or 4.58%, and net profit after tax decreased by £1,230,732, or 71.71%, compared to 2022, primarily due to the impact of fluctuations in foreign exchange rates in the international markets, and foreign exchange losses in 2023 increased by £1,714,970, or 186.82%, compared to 2022.

II. Budget execution in 2023

The company did not issue financial forecasts in 2023; as a result information on budget execution is not available.

III. 2023 profitability analysis

Item 2023 (£) 2022 (£) Variance (£) Variance (%)
Operating revenue 53,372,156 55,932,398 -2,560,242 -4.58
Operating costs 52,304,713 54,813,750 -2,509,037 -4.58
Gross profit 1,067,443 1,118,648 -,51205 -4.58
Operating expenses 36,080 17,293 18,787 108.64
Profit from operations 1,031,363 1,101,355 -69,992 -6.36
Non-operating income and
expenses

-387,906

1,001,599

-1,389,505

-138.73
Profit before income tax 643,457 2,102,954 -1,459,497 -69.40
Income tax expense 157,884 386,649 -228,765 -59.17
Net profit for the year 485,573 1,716,305 -1,230,732 -71.71

IV: Summary of the 2023 operational plan

In 2023, everything is back to normal after the pandemic. People are get used to play online and the revenue in Online Gaming segment maintain its strong rapid growth. More companies are entering this market which make the business becomes more competitive.

Lucky Win offers a various type of video games and delivers over 80 creative titles to the licensees. We are committed to offering our partners comprehensive products and services across all platforms, and engage to launch 1-2 new games and events every month. In addition, we work closely with our partners and provide localized contents to enhance players gaming experience.

ON BEHALF OF THE BOARD:





Mr C Tseng - Director


11 September 2024

Lucky Win Limited (Registered number: 10912644)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the Company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the provision of software licenses for gambling and betting agencies.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
Mr C Tseng held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, Sterling Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C Tseng - Director


11 September 2024

Report of the Independent Auditors to the Members of
Lucky Win Limited

Opinion
We have audited the financial statements of Lucky Win Limited (the 'Company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 Auditors' 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 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lucky Win Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lucky Win Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the entities' documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including significant component audit teams and involving relevant internal specialists, including tax, valuations, pensions and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entities’ ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Lucky Win Limited


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mir Seyed Mokhtassi BSc FCA CTA (Senior Statutory Auditor)
for and on behalf of Sterling Partners Limited
Chartered Accountants
Statutory Auditors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

11 September 2024

Lucky Win Limited (Registered number: 10912644)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 53,372,156 55,932,398

Cost of sales (52,304,712 ) (54,813,750 )
GROSS PROFIT 1,067,444 1,118,648

Administrative expenses (762,663 ) 935,781
OPERATING PROFIT 5 304,781 2,054,429

Interest receivable and similar income 409,101 83,637
713,882 2,138,066

Interest payable and similar expenses 6 (16,935 ) -
PROFIT BEFORE TAXATION 696,947 2,138,066

Tax on profit 7 (167,909 ) (406,233 )
PROFIT FOR THE FINANCIAL YEAR 529,038 1,731,833

Lucky Win Limited (Registered number: 10912644)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 529,038 1,731,833


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

529,038

1,731,833

Lucky Win Limited (Registered number: 10912644)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 8 3,969,923 2,429,531
Cash at bank 9,405,047 12,110,654
13,374,970 14,540,185
CREDITORS
Amounts falling due within one year 9 (9,700,358 ) (11,394,611 )
NET CURRENT ASSETS 3,674,612 3,145,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,674,612

3,145,574

CAPITAL AND RESERVES
Called up share capital 10 80,000 80,000
Retained earnings 11 3,594,612 3,065,574
SHAREHOLDERS' FUNDS 3,674,612 3,145,574

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





Mr C Tseng - Director


Lucky Win Limited (Registered number: 10912644)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 80,000 1,333,741 1,413,741

Changes in equity
Profit for the year - 1,731,833 1,731,833
Total comprehensive income - 1,731,833 1,731,833
Balance at 31 December 2022 80,000 3,065,574 3,145,574

Changes in equity
Profit for the year - 529,038 529,038
Total comprehensive income - 529,038 529,038
Balance at 31 December 2023 80,000 3,594,612 3,674,612

Lucky Win Limited (Registered number: 10912644)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,280,309 ) 3,377,768
Interest paid (16,935 ) -
Tax paid (817,464 ) (227,693 )
Net cash from operating activities (3,114,708 ) 3,150,075

Cash flows from investing activities
Interest received 409,101 83,637
Net cash from investing activities 409,101 83,637

(Decrease)/increase in cash and cash equivalents (2,705,607 ) 3,233,712
Cash and cash equivalents at beginning of
year

2

12,110,654

8,876,942

Cash and cash equivalents at end of year 2 9,405,047 12,110,654

Lucky Win Limited (Registered number: 10912644)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 696,947 2,138,066
Finance costs 16,935 -
Finance income (409,101 ) (83,637 )
304,781 2,054,429
(Increase)/decrease in trade and other debtors (1,505,184 ) 107,835
(Decrease)/increase in trade and other creditors (1,079,906 ) 1,215,504
Cash generated from operations (2,280,309 ) 3,377,768

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 9,405,047 12,110,654
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 12,110,654 8,876,942


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 12,110,654 (2,705,607 ) 9,405,047
12,110,654 (2,705,607 ) 9,405,047
Total 12,110,654 (2,705,607 ) 9,405,047

Lucky Win Limited (Registered number: 10912644)

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

1. STATUTORY INFORMATION

Lucky Win 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Lucky Win Limited is a fully owned subsidiary of International Games System Co Ltd. International Games System Co Ltd is registered in Taiwan with the registered office address of: No 130 Wugong Road, New Taipei City, Wugu District, Taiwan 24886.

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue represents amounts receivable from the sale or supply of licences provided to customers in the ordinary course of business and is recognised to the extent that it is probable that the future economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when payment is received.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Lucky Win Limited (Registered number: 10912644)

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

3. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was as follows:
2023 2022

Directors 1 1

2023 2022
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Auditors' remuneration 17,820 16,371
Foreign exchange differences 743,518 (953,074 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 16,935 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 167,909 406,233
Tax on profit 167,909 406,233

Lucky Win Limited (Registered number: 10912644)

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

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,911,282 2,396,644
Interest receivable 23,433 32,887
Tax 35,208 -
3,969,923 2,429,531

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 8,527,355 9,279,064
Tax - 406,233
Withholding tax 1,164,093 1,372,207
Accrued expenses 8,910 8,186
Deferred income - 328,921
9,700,358 11,394,611

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80,000 Ordinary 1 80,000 80,000

All shares have fully rights to participate in voting, distribution of dividends and on winding up.

11. RESERVES
Retained
earnings
£   

At 1 January 2023 3,065,574
Profit for the year 529,038
At 31 December 2023 3,594,612

12. ULTIMATE CONTROLLING PARTY

The controlling party is International Games System Co Ltd.

Lucky Win Limited (Registered number: 10912644)

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

13. FINANCIAL RISK MANAGEMENT

The Company has exposures to three main areas of risk - interest rate risk exposure, liquidity risk and customer credit exposure and foreign exchange currency.

Interest rate risk
The Company generate their own cash so they do not require loans at present.

Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. Should the Company be unable to meet their obligations, they can rely on their parent company.

Customer credit exposure
The Company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationship.

Foreign exchange transactional currency exposure
The Company is exposed to currency exchange rate risk due to a the majority of its trade exchanged in non-Sterling currencies. They manage this risk by keeping the majority of their cash in the non-Sterling bank accounts.