Games Galaxy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04673270 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2019

for

Games Galaxy Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

N C Fordham

SECRETARY:

R Kelly

REGISTERED OFFICE:

9 Moniton Estate

West Ham Lane

Basingstoke

Hampshire

RG22 6NQ

REGISTERED NUMBER:

04673270 (England and Wales)

ACCOUNTANTS:

Kelly & Associates

7 Brackenwood

Sunbury on Thames

Middlesex

TW16 6SQ

FIXED ASSETS

Tangible assets

4

12,467

15,867

CURRENT ASSETS

Stocks

5

105,271

99,101

Debtors

6

14,189

13,784

Prepayments and accrued income

10,201

8,425

Cash at bank

60,571

439

190,232

121,749

CREDITORS

Amounts falling due within one year

7

196,654

135,231

NET CURRENT LIABILITIES

(6,422

)

(13,482

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,045

2,385

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

6,044

2,384

SHAREHOLDERS' FUNDS

6,045

2,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 13 March 2020 and were signed by:

N C Fordham - Director

1.	STATUTORY INFORMATION

Games Galaxy Limited 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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.

Pension costs and other post-retirement benefits

The company operates a workplace pension scheme through The National Employment Savings Trust

(NEST). It is a defined contribution workplace pension scheme and is available to all employees who

meet the eligibility criteria. The cost recognised in the Profit & Loss Account in the year to 30 June

2019 was £1,697 (2018 £1,212).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2018

and 30 June 2019

17,000

14,617

17,771

49,388

DEPRECIATION

At 1 July 2018

1,133

14,617

17,771

33,521

Charge for year

3,400

-

-

3,400

At 30 June 2019

4,533

14,617

17,771

36,921

NET BOOK VALUE

At 30 June 2019

12,467

-

-

12,467

At 30 June 2018

15,867

-

-

15,867

5.

STOCKS

30.6.19

30.6.18

£

£

Stocks

105,271

99,101

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

13,615

13,784

VAT

574

-

14,189

13,784

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Shareholder loans

389

20,354

Short Term Loan

126,620

-

Trade creditors

41,907

51,539

Amounts owed to group undertakings

21,328

28,374

Corporation tax

2,171

71

Payroll taxes

1,317

3,638

VAT

-

4,954

Other creditors

-

18,669

Accruals

2,922

7,632

196,654

135,231

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.6.19

30.6.18

£

£

Between one and five years

17,800

13,350

At 30 June 2019 the company had aggregate annual Commitments under non-cancellable operating

leases that expire in three years' time as set out above.

9.	RELATED PARTY DISCLOSURES