Company registration number 14005940 (England and Wales)
PALAEOGAMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PALAEOGAMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PALAEOGAMES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,634
10,993
Tangible assets
5
2,948
2,786
21,582
13,779
Current assets
Stocks
2,701
-
Debtors
6
7,572
10,442
Cash at bank and in hand
25,004
101,933
35,277
112,375
Creditors: amounts falling due within one year
7
(11,573)
(159,733)
Net current assets/(liabilities)
23,704
(47,358)
Total assets less current liabilities
45,286
(33,579)
Provisions for liabilities
(557)
-
0
Net assets/(liabilities)
44,729
(33,579)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
44,727
(33,581)
Total equity
44,729
(33,579)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

PALAEOGAMES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 January 2025
Dr N Barling
Director
Company registration number 14005940 (England and Wales)
PALAEOGAMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

PalaeoGames Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Foxley Crescent, Newton Abbot, Devon, TQ12 1PE.

1.1
Reporting period

The company was incorporated on 28 March 2022. Accordingly, comparative figures, where shown, cover the period commencing on 28 March 2022 and ending 31 March 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
50% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PALAEOGAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33.33% reducing balance
Computers
straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PALAEOGAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
PALAEOGAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 April 2023
12,334
Additions
18,900
At 31 March 2024
31,234
Amortisation and impairment
At 1 April 2023
1,341
Amortisation charged for the year
11,259
At 31 March 2024
12,600
Carrying amount
At 31 March 2024
18,634
At 31 March 2023
10,993
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
2,950
Additions
1,091
At 31 March 2024
4,041
Depreciation and impairment
At 1 April 2023
164
Depreciation charged in the year
929
At 31 March 2024
1,093
Carrying amount
At 31 March 2024
2,948
At 31 March 2023
2,786
PALAEOGAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,660
-
0
Other debtors
4,912
2,744
7,572
2,744
Deferred tax asset
-
0
7,698
7,572
10,442
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2
1,094
Corporation tax
10,125
-
0
Other taxation and social security
-
0
350
Other creditors
1,446
158,289
11,573
159,733
8
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Fixed assets
Other intangibles
-
10,993
10,993
Tangible assets
2,319
467
2,786
Current assets
Debtors due within one year
1,848
8,594
10,442
Bank and cash
100,281
1,652
101,933
Creditors due within one year
Taxation
(2,969)
2,619
(350)
Other creditors
(87,248)
(72,135)
(159,383)
Net assets
14,231
(47,810)
(33,579)
Capital and reserves
Profit and loss reserves
14,229
(47,810)
(33,581)
PALAEOGAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Prior period adjustment
(Continued)
- 8 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Turnover
141,762
(140,723)
1,039
Cost of sales
(95,033)
95,033
-
Administrative expenses
(29,836)
(12,482)
(42,318)
Interest payable and similar expenses
(45)
45
-
Taxation
(2,619)
10,317
7,698
Profit/(loss) for the financial period
14,229
(47,810)
(33,581)
Notes to reconciliation
Preparation of 2023 accounts

On engagement with a Chartered Accountant, it was discovered that the accounts for the 2023 year were prepared by an unqualified accountant using accounting policies and estimation techniques that were not compatible with FRS102. The director has asked Rupp & Fraser, the accountants now appointed, to restate the balances for 2023 to reflect the reality of that year's results and financial position in compliance with generally accepted accounting practice and Companies Act 2006.

2024-03-312023-04-01false06 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityDr N Barlingfalsefalse140059402023-04-012024-03-31140059402024-03-31140059402023-03-3114005940core:IntangibleAssetsOtherThanGoodwill2024-03-3114005940core:IntangibleAssetsOtherThanGoodwill2023-03-3114005940core:OtherPropertyPlantEquipment2024-03-3114005940core:OtherPropertyPlantEquipment2023-03-3114005940core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3114005940core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3114005940core:CurrentFinancialInstruments2024-03-3114005940core:CurrentFinancialInstruments2023-03-3114005940core:ShareCapital2024-03-3114005940core:ShareCapital2023-03-3114005940core:RetainedEarningsAccumulatedLosses2024-03-3114005940core:RetainedEarningsAccumulatedLosses2023-03-3114005940bus:Director12023-04-012024-03-3114005940core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3114005940core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3114005940core:PlantMachinery2023-04-012024-03-3114005940core:ComputerEquipment2023-04-012024-03-31140059402022-03-282023-03-3114005940core:IntangibleAssetsOtherThanGoodwill2023-03-3114005940core:OtherPropertyPlantEquipment2023-03-3114005940core:OtherPropertyPlantEquipment2023-04-012024-03-3114005940core:WithinOneYear2024-03-3114005940core:WithinOneYear2023-03-3114005940core:ContinuingOperations2022-03-282023-03-3114005940bus:PrivateLimitedCompanyLtd2023-04-012024-03-3114005940bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3114005940bus:FRS1022023-04-012024-03-3114005940bus:AuditExemptWithAccountantsReport2023-04-012024-03-3114005940bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP