REGISTERED NUMBER: 11208610 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST MARCH 2024 TO 31ST DECEMBER 2024

FOR

THE NUEL ESPORTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Marcus-Jackson

Sr A Martin Fabian

Sr J Parilla Perez

Sr S Santos Montiel

Mr J J Williams

REGISTERED OFFICE:

9a Beck Street

Antenna Building

Nottingham

NG1 1EQ

REGISTERED NUMBER:

11208610 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

FIXED ASSETS

Tangible assets

4

664

2,265

CURRENT ASSETS

Debtors

5

67,469

5,326

Cash at bank

61,664

169,768

129,133

175,094

CREDITORS

Amounts falling due within one year

6

210,316

229,326

NET CURRENT LIABILITIES

(81,183

)

(54,232

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(80,519

)

(51,967

)

CREDITORS

Amounts falling due after more than one year

7

4,894

12,162

NET LIABILITIES

(85,413

)

(64,129

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(85,513

)

(64,229

)

SHAREHOLDERS' FUNDS

(85,413

)

(64,129

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd July 2025 and were signed on its behalf by:

Mr D Marcus-Jackson - Director

1.	STATUTORY INFORMATION

The Nuel Esports Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The current financial statements have been prepared for a 10 month period in order to align the accounting reference date to that of its parent company. The comparable figures were prepared for a 12 month period. As a result, a direct year-on-year comparison of financial performance may not be entirely meaningful due to the variance in reporting periods.

Going concern

The accounts have been prepared on a going concern basis as the directors and parent company have indicated a willingness to support the company financially for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from an esports or videogame project is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes all costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

- 33% on cost

Computer equipment

- 33% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2024 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st March 2024

and 31st December 2024

2,101

9,543

11,644

DEPRECIATION

At 1st March 2024

1,389

7,990

9,379

Charge for period

520

1,081

1,601

At 31st December 2024

1,909

9,071

10,980

NET BOOK VALUE

At 31st December 2024

192

472

664

At 29th February 2024

712

1,553

2,265

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade debtors

67,420

5,326

Other debtors

27

-

Directors' current accounts

22

-

67,469

5,326

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Bank loans

12,000

12,000

Trade creditors

1,383

24,376

Amounts owed to group undertakings

157,735

157,735

VAT

18,710

4,776

Other creditors

343

1,097

Accruals and deferred income

20,145

29,342

210,316

229,326

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2024

£

£

Bank loans - 1-2 years

4,894

12,162

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2024

value:

£

£

100,000

Ordinary

0.1p

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31st December 2024 and the year ended 29th February 2024:

2024

2024

£

£

Mr D Marcus-Jackson

Balance outstanding at start of period

-

-

Amounts advanced

22

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

22

-

10.	RELATED PARTY DISCLOSURES

The immediate parent and ultimate controlling party of the company is GG Tech Entertainment.

Other related parties

31.12.24

29.02.24

£

£

Amounts due to related parties

157,735

157,735

Amounts due from related parties

12,055

5,326

Amounts invoiced to related parties

100,312

464,033

Amounts advanced from related parties

-

21,538

Amounts due from related parties written off

-

1,000

11.	PARENT COMPANY

The company regards GG Tech Entertainment SL, incorporated in Spain, as its ultimate parent company.

Registered office address:

Calle Buen Gobernador, 21

28027

Madrid

Spain