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Registration number: 13403283

Mega Advanced Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Mega Advanced Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Mega Advanced Ltd

Company Information

Directors

M E Ashford

T F Mercey

L P Mercey

N W Wray

V L Luck

Registered office

82 St John Street
London
EC1M 4JN

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

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.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

16 May 2025

 

Mega Advanced Ltd

(Registration number: 13403283)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment in subsidiaries

4

931,497

931,497

Other investments

5

31,878

500,000

 

963,375

1,431,497

Current assets

 

Debtors

6

4,082,798

3,387,405

Cash at bank and in hand

 

86,109

16,952

 

4,168,907

3,404,357

Creditors: Amounts falling due within one year

7

(2,222,359)

(2,218,180)

Net current assets

 

1,946,548

1,186,177

Total assets less current liabilities

 

2,909,923

2,617,674

Creditors: Amounts falling due after more than one year

7

(1,000,000)

-

Net assets

 

1,909,923

2,617,674

Capital and reserves

 

Called up share capital

8

21,105

20,309

Share premium reserve

2,242,626

2,242,626

Capital redemption reserve

1

1

Share option reserve

231,019

28,294

Profit and loss account

(584,828)

326,444

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.

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 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 Board on 16 May 2025 and signed on its behalf by:
 

.........................................
T F Mercey
Director

 

Mega Advanced Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2

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

The company is the parent of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

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

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. Any differences are recognised in the profit or loss. Any non-monetary items that are initially measured at historic cost in a foreign currency are not re-translated at each reporting date.

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

2

Accounting policies (continued)

Financial instruments including other fixed asset investments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

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.

3

Employees and directors information

The company had no employees (2023 - none) and 5 directors (2023 - 5) during the year.

4

Investment in subsidiaries

2024
£

2023
£

Carrying amount

931,497

931,497

£

Cost

At 1 January 2024 and 31 December 2024

931,497

Carrying amount

At 31 December 2024

931,497

At 31 December 2023

931,497

 

Mega Advanced Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Investment in subsidiaries (continued)

Details of the subsidiaries are as follows:

Name

Registered office

Nature of holding

Proportion of voting rights and shares held

     

2024

2023

The Mobile Gaming Awards Ltd

82 St John Street
London
EC1M 4JN

Ordinary share capital

100%

100%

Esports Awards Ltd

82 St John Street
London
EC1M 4JN

Ordinary share capital

100%

100%

The Collegiate Gaming Awards Ltd

82 St John Street
London
EC1M 4JN

Ordinary share capital

100%

100%

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

5

Other investments

Unlisted investments
£

Cost

At 1 January 2024

500,000

At 31 December 2024

500,000

Impairment

At 1 January 2024

-

Impairment in year

468,122

At 31 December 2024

468,122

Carrying amount

At 31 December 2024

31,878

At 31 December 2023

500,000

6

Debtors

2024
£

2023
£

Amounts due from subsidiaries

4,080,529

3,382,936

Prepayments

2,269

4,469

4,082,798

3,387,405

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

7

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

8,049

346

Unsecured convertible loan notes

1,500,000

1,500,000

Unsecured loans

410,000

410,000

Directors' current account

126,154

132,154

Other creditors

53,742

53,742

Accruals

124,414

121,938

2,222,359

2,218,180

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

2024
£

2023
£

Debenture loan

1,000,000

-

The debenture loan is secured by a debenture mortgage containing fixed and floating charges over the company's assets.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

2,110,487

21,105

2,030,878

20,309

       

During the year the company alloted 79,609 ordinary shares of £0.01 each for £796.09.

9

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.

10

Controlling party

The company is controlled by L P Mercey.