5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,515,000 650,000 5,165,000 516,000 483,583 999,583 4,165,417 3,999,000 19,294 8,669 5,789 14,458 4,836 10,625 xbrli:pure xbrli:shares iso4217:GBP 10607955 2023-03-01 2024-02-29 10607955 2024-02-29 10607955 2023-02-28 10607955 2022-03-01 2023-02-28 10607955 2023-02-28 10607955 2022-02-28 10607955 bus:Director2 2023-03-01 2024-02-29 10607955 core:WithinOneYear 2024-02-29 10607955 core:WithinOneYear 2023-02-28 10607955 core:AfterOneYear 2024-02-29 10607955 core:AfterOneYear 2023-02-28 10607955 core:ShareCapital 2024-02-29 10607955 core:ShareCapital 2023-02-28 10607955 core:SharePremium 2024-02-29 10607955 core:SharePremium 2023-02-28 10607955 core:RetainedEarningsAccumulatedLosses 2024-02-29 10607955 core:RetainedEarningsAccumulatedLosses 2023-02-28 10607955 bus:SmallEntities 2023-03-01 2024-02-29 10607955 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10607955 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10607955 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10607955 bus:FullAccounts 2023-03-01 2024-02-29 10607955 core:IntangibleAssetsOtherThanGoodwill 2023-03-01 2024-02-29 10607955 core:OfficeEquipment 2023-03-01 2024-02-29 10607955 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 10607955 core:IntangibleAssetsOtherThanGoodwill 2024-02-29 10607955 core:OfficeEquipment 2024-02-29 10607955 core:OfficeEquipment 2023-02-28 10607955 bus:Director2 1 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 10607955
Canverse Games Ltd
Filleted Unaudited Financial Statements
29 February 2024
Canverse Games Ltd
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Canverse Games Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
4,165,417
3,999,000
Tangible assets
6
4,836
10,625
------------
------------
4,170,253
4,009,625
Current assets
Debtors
7
563,565
460,050
Cash at bank and in hand
34,032
43,887
---------
---------
597,597
503,937
Creditors: amounts falling due within one year
8
606,567
587,276
---------
---------
Net current liabilities
8,970
83,339
------------
------------
Total assets less current liabilities
4,161,283
3,926,286
Creditors: amounts falling due after more than one year
9
20,867
6,227,760
------------
------------
Net assets/(liabilities)
4,140,416
( 2,301,474)
------------
------------
Capital and reserves
Called up share capital
982
176
Share premium account
7,961,462
735,623
Profit and loss account
( 3,822,028)
( 3,037,273)
------------
------------
Shareholders funds/(deficit)
4,140,416
( 2,301,474)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Canverse Games Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
A Fawmy
Director
Company registration number: 10607955
Canverse Games Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Aberdeen House, South Road, Haywards Heath, RH16 4NG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible assets
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 9 ).
5. Intangible assets
Intangible assets
£
Cost
At 1 March 2023
4,515,000
Additions
Additions from internal developments
650,000
------------
At 29 February 2024
5,165,000
------------
Amortisation
At 1 March 2023
516,000
Charge for the year
483,583
------------
At 29 February 2024
999,583
------------
Carrying amount
At 29 February 2024
4,165,417
------------
At 28 February 2023
3,999,000
------------
6. Tangible assets
Equipment
£
Cost
At 1 March 2023 and 29 February 2024
19,294
--------
Depreciation
At 1 March 2023
8,669
Charge for the year
5,789
--------
At 29 February 2024
14,458
--------
Carrying amount
At 29 February 2024
4,836
--------
At 28 February 2023
10,625
--------
7. Debtors
2024
2023
£
£
Trade debtors
323,290
164,958
Other debtors
240,275
295,092
---------
---------
563,565
460,050
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
58,000
Trade creditors
133,700
79,420
Social security and other taxes
136,089
113,836
Other creditors
336,778
336,020
---------
---------
606,567
587,276
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,867
6,227,760
--------
------------
10. Related party transactions
At the year end the company owed the directors £49,751 (2023: £49,751).