Registered number
08849836
NEW ERA GAMING LIMITED
Filleted Accounts
29 February 2024
NEW ERA GAMING LIMITED
Registered number: 08849836
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 33,000 38,500
Tangible assets 4 1,144,608 1,099,370
1,177,608 1,137,870
Current assets
Stocks 380,923 387,867
Debtors 5 31,970 37,402
Cash at bank and in hand 242,804 148,310
655,697 573,579
Creditors: amounts falling due within one year 6 (654,695) (512,789)
Net current assets 1,002 60,790
Total assets less current liabilities 1,178,610 1,198,660
Creditors: amounts falling due after more than one year 7 (312,084) (428,344)
Net assets 866,526 770,316
Capital and reserves
Called up share capital 1 1
Profit and loss account 866,525 770,315
Shareholders' funds 866,526 770,316
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Atif Ali
Director
Approved by the board on 19 September 2024
NEW ERA GAMING LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 70 75
3 Intangible fixed assets £
Franchise cost
Cost
At 1 March 2023 55,000
At 29 February 2024 55,000
Amortisation
At 1 March 2023 16,500
Provided during the year 5,500
At 29 February 2024 22,000
Net book value
At 29 February 2024 33,000
At 28 February 2023 38,500
Franchise cost is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 1,043,274 223,955 116,555 1,383,784
Additions - 696 78,322 79,018
At 29 February 2024 1,043,274 224,651 194,877 1,462,802
Depreciation
At 1 March 2023 - 194,652 89,764 284,416
Charge for the year - 7,500 26,278 33,778
At 29 February 2024 - 202,152 116,042 318,194
Net book value
At 29 February 2024 1,043,274 22,499 78,835 1,144,608
At 28 February 2023 1,043,274 29,303 26,791 1,099,370
5 Debtors 2024 2023
£ £
Other debtors 31,970 37,402
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 106,507 -
Obligations under finance lease and hire purchase contracts 10,618 -
Trade creditors 236,165 185,043
Corporation tax 18,785 18,031
Other taxes and social security costs 53,555 -
Other creditors 229,065 309,715
654,695 512,789
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 252,082 422,720
Obligations under finance lease and hire purchase contracts 60,002 5,624
312,084 428,344
8 Other information
NEW ERA GAMING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor 33 George Street
Croydon
England
CR0 1LB
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