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Company No: 09793248 (England and Wales)

GAMELY LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

GAMELY LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

GAMELY LTD

COMPANY INFORMATION

For the financial year ended 30 September 2024
GAMELY LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
Directors C Reynolds
H Reynolds
Registered office 88 Ditchling Road
Brighton
BN1 4SG
United Kingdom
Company number 09793248 (England and Wales)
Accountant Kreston Reeves LLP
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAMELY LTD

For the financial year ended 30 September 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAMELY LTD (continued)

For the financial year ended 30 September 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 Gamely Ltd for the financial year ended 30 September 2024 which comprise the Balance Sheet and the related notes 1 to 12 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 www.icaew.com/regulation.

It is your duty to ensure that Gamely Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gamely Ltd. You consider that Gamely Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Gamely 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 financial statements.

This report is made solely to the Board of Directors of Gamely Ltd, as a body, in accordance with the terms of our engagement letter dated 22 May 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Gamely Ltd and state those matters that we have agreed to state to the Board of Directors of Gamely 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 Gamely Ltd and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL

12 June 2025

GAMELY LTD

BALANCE SHEET

As at 30 September 2024
GAMELY LTD

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 40,360 46,379
Tangible assets 4 483 1,002
40,843 47,381
Current assets
Stocks 5 327,680 563,823
Debtors 6 296,129 67,660
Cash at bank and in hand 202,618 49,341
826,427 680,824
Creditors: amounts falling due within one year 7 ( 238,380) ( 242,558)
Net current assets 588,047 438,266
Total assets less current liabilities 628,890 485,647
Creditors: amounts falling due after more than one year 8, 12 0 ( 6,000)
Provision for liabilities 9 62 ( 46)
Net assets 628,952 479,601
Capital and reserves
Called-up share capital 10 10
Profit and loss account 628,942 479,591
Total shareholders' funds 628,952 479,601

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gamely Ltd (registered number: 09793248) were approved and authorised for issue by the Board of Directors on 12 June 2025. They were signed on its behalf by:

H Reynolds
Director
GAMELY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
GAMELY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gamely Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 88 Ditchling Road, Brighton, BN1 4SG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest whole pound (£).

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise. No exchange differences arose on gains or losses on non-monetary items during the year.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 October 2023 56,502 56,502
Additions 680 680
At 30 September 2024 57,182 57,182
Accumulated amortisation
At 01 October 2023 10,123 10,123
Charge for the financial year 6,699 6,699
At 30 September 2024 16,822 16,822
Net book value
At 30 September 2024 40,360 40,360
At 30 September 2023 46,379 46,379

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 October 2023 6,010 6,010
Additions 377 377
At 30 September 2024 6,387 6,387
Accumulated depreciation
At 01 October 2023 5,008 5,008
Charge for the financial year 896 896
At 30 September 2024 5,904 5,904
Net book value
At 30 September 2024 483 483
At 30 September 2023 1,002 1,002

5. Stocks

2024 2023
£ £
Stocks 327,680 563,823

6. Debtors

2024 2023
£ £
Trade debtors 57,696 66,289
Prepayments and accrued income 230,104 535
Other debtors 8,329 836
296,129 67,660

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 103,282 131,637
Other loans 8,000 24,000
Accruals 13,761 8,854
Corporation tax 64,108 31,912
Other taxation and social security 21,936 27,314
Other creditors 27,293 18,841
238,380 242,558

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 0 6,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 46) ( 290)
Credited to the Statement of Income and Retained Earnings 108 244
At the end of financial year 62 ( 46)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 36) ( 259)
Pension surplus 0 213
Short term timing differences 98 0
62 ( 46)

10. Financial commitments

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,717 (2023: £5,354). Contributions totalling £769 (2023: £855) were payable to the fund at the balance sheet date and are included in creditors.

11. Related party transactions

(Director's close relative)
During the year a close relative of a director provided the company with an interest free loan repayable on demand. At the balance sheet date the amount due to the close relative was £8,000 (2023: £30,000).

H Reynolds
(Director)
During the year the director provided the company with an interest free loan repayable on demand. At the balance sheet date the amount due to the director was £1,421 (2023: £1,069).

C Reynolds
(Director)
During the year the director provided the company with an interest free loan repayable on demand. At the balance sheet date the amount due to the director was £1,381 (2023: £1,069).

12. Other Loan

2024 2023
£ £
Amounts falling due within one year 8,000 24,000
Amounts falling due 1-2 years 0 6,000
8,000 30,000