Registered number
06654689
GAMING & GADGETS LIMITED
Report and Accounts
31 March 2024
GAMING & GADGETS LIMITED
Registered number: 06654689
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 938 -
Tangible assets 4 1,323,714 1,314,329
1,324,652 1,314,329
Current assets
Stocks 198,907 181,633
Debtors 5 42,803 63,772
Cash at bank and in hand 351,658 342,750
593,368 588,155
Creditors: amounts falling due within one year 6 (175,520) (179,397)
Net current assets 417,848 408,758
Total assets less current liabilities 1,742,500 1,723,087
Creditors: amounts falling due after more than one year 7 (304,220) (353,506)
Net assets 1,438,280 1,369,581
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,437,280 1,368,581
Shareholder's funds 1,438,280 1,369,581
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 member has 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.
Mr. Liaqat Ali
Director
Approved by the board on 20 September 2024
GAMING & GADGETS LIMITED
Notes to the Accounts
for the year ended 31 March 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, as follows:
Land 0%
Buildings 25% RB
Plant and machinery 25% RB
Motor vehicles 25% RB
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 38 38
3 Intangible fixed assets £
Goodwill:
Cost
Additions 1,173
At 31 March 2024 1,173
Amortisation
Provided during the year 235
At 31 March 2024 235
Net book value
At 31 March 2024 938
Goodwill 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 April 2023 1,478,313 404,198 46,700 1,929,211
Additions - 4,308 27,995 32,303
At 31 March 2024 1,478,313 408,506 74,695 1,961,514
Depreciation
At 1 April 2023 218,908 356,755 39,221 614,884
Charge for the year 3,111 10,937 8,868 22,916
At 31 March 2024 222,019 367,692 48,089 637,800
Net book value
At 31 March 2024 1,256,294 40,814 26,606 1,323,714
At 31 March 2023 1,259,405 47,443 7,479 1,314,327
5 Debtors 2024 2023
£ £
Trade debtors 12,900 1,911
Other debtors 29,903 61,861
42,803 63,772
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 48,506 77,392
Corporation tax 31,799 67,031
Other creditors 95,215 34,974
175,520 179,397
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 304,220 353,506
8 Other information
GAMING & GADGETS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor 33 George Street
Croydon
CR0 1LB
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