Middlegame Adventure Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

Middlegame Adventure Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14890324 . The registered office is 156A Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

The company holds investments, which are accounted for in accordance with Section 18 of FRS 102.

Investments are initially recognised at cost, being the purchase price plus any directly attributable costs. Subsequently, investments are measured at cost less any accumulated amortisation (where applicable) and impairment losses. The company reviews the carrying value of investments at each reporting date to assess whether there is objective evidence of impairment. Where such evidence exists, an impairment loss is recognised in profit or loss.

The company does not adopt a revaluation model for investment holdings, as the volatility of the market and absence of a clearly identifiable active market mean this would not provide a reliable measure. Accordingly, unrealised gains are not recognised in profit or loss or in reserves.

Gains or losses arising on disposal of investment holdings are recognised in profit or loss in the period in which the disposal occurs.

Where investments are held for trading purposes (i.e. for resale in the ordinary course of business), they are accounted for as inventory under Section 13 FRS 102 and measured at the lower of cost and net realisable value.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% reducing balance

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Middlegame Adventure Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.5. Financial Instruments

Basic financial assets

Basic financial assets include cash, trade receivables, loans receivable and other financial instruments that meet the relevant conditions.

These assets are initially recognised at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction, in which case the asset is measured at the present value of future receipts discounted at a market rate of interest.

Subsequently, basic financial assets are measured at amortised cost using the effective interest method, less any impairment losses. At each reporting date, the company assesses whether there is objective evidence of impairment. If such evidence exists, the carrying amount is reduced and the loss is recognised in the income statement.

Basic financial assets are derecognised when the rights to the cash flows from the asset expire or are substantially transferred to a third party.

Basic financial liabilities

Basic financial liabilities include trade payables, accruals, loans payable and other financial instruments that meet the relevant conditions.

These liabilities are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction. In such cases, the liability is measured at the present value of future payments discounted at a market rate of interest.

Subsequently, basic financial liabilities are measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the obligation is discharged, cancelled, or expires.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

The tax expense represents the sum of the corporation tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: NIL)

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Middlegame Adventure Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

4. Intangible Assets

	Investments
	£
Cost or Valuation
As at 1 June 2024	-
Additions	24,727

As at 31 May 2025	24,727

Net Book Value
As at 31 May 2025	24,727

As at 1 June 2024	-

5. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 June 2024	989
Additions	918

As at 31 May 2025	1,907

Depreciation
As at 1 June 2024	247
Provided during the period	203

As at 31 May 2025	450

Net Book Value
As at 31 May 2025	1,457

As at 1 June 2024	742

6. Debtors

	31 May 2025	31 May 2024
	£	£
Due within one year
Trade debtors	67,474	-
Prepayments and accrued income	178	-
Other debtors	1,084	-
Director's loan account	5,589	-

	74,325	-

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Middlegame Adventure Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

7. Creditors: Amounts Falling Due Within One Year

	31 May 2025	31 May 2024
	£	£
Bank loans and overdrafts	288	-
Corporation tax	23,699	-
Other taxes and social security	10,974	-
Accruals and deferred income	5,400	2,400
Director's loan account	-	2,704

	40,361	5,104

8. Share Capital

	31 May 2025	31 May 2024
	£	£
Allotted, Called up and fully paid	6	6

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 June 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 May 2025
	£	£	£	£	£
Mr Christian Kourtis	(2,704 )	18,000	9,707	-	5,589

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		31 May 2025		31 May 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		24,727		-
Tangible Assets	5		1,457		742

			26,184		742
CURRENT ASSETS
Debtors	6	74,325		-
Cash at bank and in hand		18,243		51

		92,568		51
Creditors: Amounts Falling Due Within One Year	7	(40,361 )		(5,104 )

NET CURRENT ASSETS (LIABILITIES)			52,207		(5,053 )

TOTAL ASSETS LESS CURRENT LIABILITIES			78,391		(4,311 )

NET ASSETS/(LIABILITIES)			78,391		(4,311 )

CAPITAL AND RESERVES
Called up share capital	8		6		6
Income Statement			78,385		(4,317 )

SHAREHOLDERS' FUNDS			78,391		(4,311)