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REGISTERED NUMBER: 11208610 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

THE NUEL ESPORTS LTD

THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE NUEL ESPORTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr D Jackson
Sr A Martin Fabian
Sr J Parilla Perez
Sr S Santos Montiel
Mr J J Williams





REGISTERED OFFICE: 9a Beck Street
Antenna Building
Nottingham
NG1 1EQ





REGISTERED NUMBER: 11208610 (England and Wales)





ACCOUNTANTS: Gibson Booth Limited
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB

THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,265 3,419

CURRENT ASSETS
Debtors 5 5,326 100,412
Cash at bank 169,768 64,941
175,094 165,353
CREDITORS
Amounts falling due within one year 6 229,326 272,888
NET CURRENT LIABILITIES (54,232 ) (107,535 )
TOTAL ASSETS LESS CURRENT LIABILITIES (51,967 ) (104,116 )

CREDITORS
Amounts falling due after more than
one year

7

12,162

23,572
NET LIABILITIES (64,129 ) (127,688 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (64,229 ) (127,788 )
SHAREHOLDERS' FUNDS (64,129 ) (127,688 )

THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)

BALANCE SHEET - continued
29 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





Mr J J Williams - Director


THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

The Nuel Esports Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern
The accounts have been prepared on a going concern basis as the directors and parent company have indicated a willingness to support the company financially for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from an esports or videogame project is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes all costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings- 33% on cost
Computer equipment- 33% on cost


THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 1,915 9,009 10,924
Additions 186 534 720
At 29 February 2024 2,101 9,543 11,644
DEPRECIATION
At 1 March 2023 772 6,733 7,505
Charge for year 617 1,257 1,874
At 29 February 2024 1,389 7,990 9,379
NET BOOK VALUE
At 29 February 2024 712 1,553 2,265
At 28 February 2023 1,143 2,276 3,419

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 5,326 775
Other debtors - 1,000
VAT - 98,637
5,326 100,412

THE NUEL ESPORTS LTD (REGISTERED NUMBER: 11208610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 12,000 12,000
Other loans - 1,539
Trade creditors 24,376 21,784
Amounts owed to group undertakings 157,735 136,196
VAT 4,776 -
Other creditors 1,097 101,369
Accruals and deferred income 29,342 -
229,326 272,888

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1-2 years 12,162 23,572

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100,000 Ordinary 0.1p 100 100

9. RELATED PARTY DISCLOSURES

The immediate parent and ultimate controlling party of the company is GG Tech Entertainment.

Other related parties

29.02.24 28.02.23
£ £
Amounts due to related parties 157,735 136,196
Amounts due from related parties 5,326 1,000
Amounts invoiced to related parties 464,033 428,824
Amounts advanced from related
parties


21,538


-
Amounts due from related parties written off 1,000 -