Registration number:
Mega Advanced Ltd
for the Year Ended 31 December 2024
Mega Advanced Ltd
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mega Advanced Ltd
Company Information
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Directors |
M E Ashford T F Mercey L P Mercey N W Wray V L Luck |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Mega Advanced Ltd
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mega Advanced Ltd for the year ended 31 December 2024 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.
It is your duty to ensure that Mega Advanced Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mega Advanced Ltd. You consider that Mega Advanced Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mega Advanced Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Use of our report
This report is made solely to the Board of Directors of Mega Advanced Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Mega Advanced Ltd and state those matters that we have agreed to state to the Board of Directors of Mega Advanced Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mega Advanced Ltd and its Board of Directors, as a body, for our work or for this report.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Mega Advanced Ltd
(Registration number: 13403283)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment in subsidiaries |
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Other investments |
31,878 |
500,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
21,105 |
20,309 |
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Share premium reserve |
2,242,626 |
2,242,626 |
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Capital redemption reserve |
1 |
1 |
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Share option reserve |
231,019 |
28,294 |
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Profit and loss account |
(584,828) |
326,444 |
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Shareholders' funds |
1,909,923 |
2,617,674 |
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
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. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Mega Advanced Ltd
(Registration number: 13403283)
Balance Sheet as at 31 December 2024
Approved and authorised for issue by the
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Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention, except where otherwise disclosed in these accounting policies certain items are measured at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Exemption from preparing group accounts
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS102 Section 1A Small Entities may require the use of certain critical estimates. It may also require the directors to exercise judgement in applying the accounting policies. |
In preparing these financial statements, the directors have had to make the following significant judgement: |
- Determine to what extent there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments. |
There were no other significant judgements or areas of critical estimation uncertainty. |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented.
Going concern
The directors have considered in detail the company's forecast performance as well as its capital and liquidity resources. On that basis, the directors consider the company will be able to meet its liabilities as they fall due for the forseeable future, being a period of at least 12 months from the date on which these financial statements are approved.
Having regard to the above, the directors believe it is appropriate to adapt the going concern basis of accounting in preparing the financial statements.
Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Tax
The tax expense for the year, if any, comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that they are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Investment in subsidiaries
Investment in subsidiaries are stated at cost less any provision for impairment. An entity is treated as a subsidiary where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.
Cash at bank and in hand
This comprises cash at bank.
Trade creditors
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.
Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Financial instruments including other fixed asset investments
The company's cash at bank, other debtors, convertible loan notes, other loans and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.
Investments in unlisted investments are carried in the balance sheet at fair value with changes in fair value recognised in profit or loss. In the circumstances where the fair values are not reliably measurable, such assets are carried at cost less any accumulated impairment.
Investments are classified as fixed asset investments where the company's intention was to hold them on a continuing basis.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the group receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
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Employees and directors information |
The company had no employees (2023 - none) and
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Investment in subsidiaries |
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2024 |
2023 |
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Carrying amount |
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£ |
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Cost |
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At 1 January 2024 and 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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4 |
Investment in subsidiaries (continued) |
Details of the subsidiaries are as follows:
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Name |
Registered office |
Nature of holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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82 St John Street
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82 St John Street
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82 St John Street
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Principal activity
The principal activity of all three subsidiaries is hosting events within the esports, gaming and technology sector.
Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Other investments |
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Unlisted investments |
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Cost |
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At 1 January 2024 |
500,000 |
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At 31 December 2024 |
500,000 |
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Impairment |
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At 1 January 2024 |
- |
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Impairment in year |
468,122 |
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At 31 December 2024 |
468,122 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Debtors |
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2024 |
2023 |
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Amounts due from subsidiaries |
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Prepayments |
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Amounts due from subsidiaries are unsecured, interest free and repayable on demand.
Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Creditors: amounts falling due within one year |
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2024 |
2023 |
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Trade creditors |
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Unsecured convertible loan notes |
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Unsecured loans |
410,000 |
410,000 |
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Directors' current account |
126,154 |
132,154 |
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Other creditors |
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Accruals |
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The unsecured convertible loan notes can be redeemed at any time by the company notifying the noteholder.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Debenture loan |
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- |
The debenture loan is secured by a debenture mortgage containing fixed and floating charges over the company's assets.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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21,105 |
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20,309 |
During the year the company alloted 79,609 ordinary shares of £0.01 each for £796.09.
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Related party transactions |
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its wholly owned subsidiaries.
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Controlling party |