1 November 2023 false No description of principal activity Taxfiler 2024.6 10528139business:PrivateLimitedCompanyLtd2023-11-012024-10-31 105281392023-10-31 105281392023-11-012024-10-31 10528139business:AuditExempt-NoAccountantsReport2023-11-012024-10-31 10528139business:FilletedAccounts2023-11-012024-10-31 105281392024-10-31 10528139business:Director12023-11-012024-10-31 10528139business:Director22023-11-012024-10-31 10528139business:Director32023-11-012024-10-31 10528139business:Director42023-11-012024-10-31 10528139business:RegisteredOffice2023-11-012024-10-31 105281392023-10-31 10528139core:WithinOneYear2024-10-31 10528139core:WithinOneYear2023-10-31 10528139core:ShareCapitalcore:PreviouslyStatedAmount2024-10-31 10528139core:ShareCapitalcore:PreviouslyStatedAmount2023-10-31 10528139core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-10-31 10528139core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-10-31 10528139core:PreviouslyStatedAmount2024-10-31 10528139core:PreviouslyStatedAmount2023-10-31 10528139business:SmallEntities2023-11-012024-10-31 10528139countries:EnglandWales2023-11-012024-10-31 10528139core:FurnitureFittings2023-11-012024-10-31 10528139core:FurnitureFittings2023-10-31 10528139core:FurnitureFittings2024-10-31 105281392022-11-012023-10-31 iso4217:GBP xbrli:pure
Company Registration No. 10528139 (England and Wales)
Games Galaxy Retail Ltd Unaudited accounts for the year ended 31 October 2024
Games Galaxy Retail Ltd Unaudited accounts Contents
Page
- 2 -
Games Galaxy Retail Ltd Company Information for the year ended 31 October 2024
Directors
Mr N Agar Mr L Mallabar Mrs Y Y J Mallabar Miss C L Hudson
Company Number
10528139 (England and Wales)
Registered Office
Games Galaxy Megastore The Derwent Centre Consett County Durham DH8 5SD England
Accountants
Accountants For The Trade Limited 3B Linden Park Number One Industrial Estate Consett DH8 6SZ
- 3 -
Games Galaxy Retail Ltd Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,887 
5,998 
Current assets
Inventories
63,323 
57,610 
Debtors
375 
1,342 
Cash at bank and in hand
6,228 
4,073 
69,926 
63,025 
Creditors: amounts falling due within one year
(49,356)
(52,758)
Net current assets
20,570 
10,267 
Total assets less current liabilities
26,457 
16,265 
Provisions for liabilities
Deferred tax
(1,115)
- 
Other provisions
- 
1,721 
(1,115)
1,721 
Net assets
25,342 
17,986 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
25,338 
17,982 
Shareholders' funds
25,342 
17,986 
For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by
Mr L Mallabar Director Company Registration No. 10528139
- 4 -
Games Galaxy Retail Ltd Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
Games Galaxy Retail Ltd is a private company, limited by shares, registered in England and Wales, registration number 10528139. The registered office is Games Galaxy Megastore, The Derwent Centre, Consett, County Durham, DH8 5SD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 October 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 November 2022. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
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 accounts. 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.
- 5 -
Games Galaxy Retail Ltd Notes to the Accounts for the year ended 31 October 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 November 2023
10,061 
Additions
548 
At 31 October 2024
10,609 
Depreciation
At 1 November 2023
4,063 
Charge for the year
659 
At 31 October 2024
4,722 
Net book value
At 31 October 2024
5,887 
At 31 October 2023
5,998 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Other debtors
375 
1,342 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
4,573 
2,065 
Amounts owed to group undertakings and other participating interests
- 
2,712 
Taxes and social security
- 
892 
Other creditors
7,019 
11,453 
Loans from directors
34,824 
34,082 
Accruals
2,940 
1,554 
49,356 
52,758 
7
Average number of employees
During the year the average number of employees was 7 (2023: 6).
- 6 -