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Registration number: 08462174

Meltdown (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

Pages for Filing with Registrar

 

Meltdown (UK) Limited

(Registration number: 08462174)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

17,783

23,462

Current assets

 

Stock

6

2,500

2,433

Debtors

7

10,247

7,570

Cash at bank and in hand

 

3,696

5,265

 

16,443

15,268

Creditors: Amounts falling due within one year

8

(212,103)

(198,899)

Net current liabilities

 

(195,660)

(183,631)

Total assets less current liabilities

 

(177,877)

(160,169)

Creditors: Amounts falling due after more than one year

8

(28,862)

(22,577)

Net liabilities

 

(206,739)

(182,746)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(207,739)

(183,746)

Shareholders' deficit

 

(206,739)

(182,746)

 

Meltdown (UK) Limited

(Registration number: 08462174)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
M N Kubisa
Director

 

Meltdown (UK) Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Meltdown
342 Caledonian Road
London
N1 1BB
England

Principal activity

The principal activity of the Company is that of an E-Sports bar.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent on the support of its parent company to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.

 

Meltdown (UK) Limited

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Other grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which
the entity recognises the related costs for which the grant is intended to compensate. A grant that
becomes receivable as compensation for expenses or losses already incurred or for the purposes of
giving immediate financial support to the entity with no future related costs shall be recognised in
income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Meltdown (UK) Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

15% reducing balance

Computer equipment

25% straight line

Equipment

25% straight line

Leasehold improvements

13 year depreciation

Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Meltdown (UK) Limited

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

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for merchandise sold or services performed in the
ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Meltdown (UK) Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 6 (2022 - 5).

 

Meltdown (UK) Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

43,000

19,419

62,419

Additions

-

1,140

1,140

At 31 March 2023

43,000

20,559

63,559

Depreciation

At 1 April 2022

27,889

11,068

38,957

Charge for the year

3,308

3,511

6,819

At 31 March 2023

31,197

14,579

45,776

Carrying amount

At 31 March 2023

11,803

5,980

17,783

At 31 March 2022

15,111

8,351

23,462

6

Stock

2023
£

2022
£

Stock

2,500

2,433

7

Debtors

2023
£

2022
£

Other debtors

10,247

7,570

10,247

7,570

 

Meltdown (UK) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

-

7,454

Trade creditors

 

9,404

1,096

Amounts owed to group undertakings and undertakings in which the company has a participating interest

136,569

131,483

Taxation and social security

 

27,699

14,025

Other creditors

 

38,431

44,841

 

212,103

198,899

Due after one year

 

Loans and borrowings

28,862

22,577

Total trade and other creditors

 

240,965

221,476

9

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

10

Related party transactions

M N Kubisa
The director made payments on behalf of the company of £nil (2022 - £35). The company made repayments to the director totalling £25 (2022 - £nil). The balance due to the director at the balance sheet date was £10 (2022 - £35).

 

Meltdown (UK) Limited

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

11

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

28,000

26,000

Later than one year and not later than five years

84,000

75,833

112,000

101,833