A Game Sports Ltd - Period Ending 2019-12-31

Registration number: 08168836

A Game Sports Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

A Game Sports Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

A Game Sports Ltd

Company Information

Directors

Mr A D Noott

Registered office

1 Stanley Way Cardrew Business Park Redruth Cornwall TR15 1SR

Accountants

D.J. Reynolds & Co. Chartered Accountants 15 Alverton Street Penzance Cornwall TR18 2QP

Page 1

A Game Sports Ltd

(Registration number: 08168836)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	28,561	21,763
Current assets
Stocks	5	71,496	74,195
Debtors		19,887	6,588
Cash at bank and in hand		5,582	100
		96,965	80,883
Creditors: Amounts falling due within one year		(105,277)	(150,885)
Net current liabilities		(8,312)	(70,002)
Total assets less current liabilities		20,249	(48,239)
Creditors: Amounts falling due after more than one year		(48,727)	(23,079)
Provisions for liabilities		(2,195)	-
Net liabilities		(30,673)	(71,318)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(30,773)	(71,418)
Total equity		(30,673)	(71,318)

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

A Game Sports Ltd

(Registration number: 08168836)
Balance Sheet as at 31 December 2019

Approved and authorised by the director on 28 March 2020
 

.........................................

Mr A D Noott

Director

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Stanley Way
Cardrew Business Park
Redruth
Cornwall
TR15 1SR

These financial statements were authorised for issue by the director on 28 March 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have confirmed that they will continue to support the company. The financial statements have, therefore, been prepared on a going concerns basis.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight-line
Motor vehicles	25% straight-line
Website	33% straight-line
Computer equipment	33% straight-line
Improvements to leasehold property	10% straight-line

Page 4

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 5

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2018 - 5).

Page 6

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Properties under construction  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2019	2,299	4,402	10,350	37,749	31,089	85,889
Additions	801	3,654	-	16,000	9,639	30,094
Disposals	(1,150)	-	-	-	-	(1,150)
At 31 December 2019	1,950	8,056	10,350	53,749	40,728	114,833
Depreciation
At 1 January 2019	459	4,352	10,350	31,151	17,814	64,126
Charge for the year	80	1,270	-	11,931	9,095	22,376
Eliminated on disposal	(230)	-	-	-	-	(230)
At 31 December 2019	309	5,622	10,350	43,082	26,909	86,272
Carrying amount
At 31 December 2019	1,641	2,434	-	10,667	13,819	28,561
At 31 December 2018	1,840	50	-	6,598	13,275	21,763

Included within the net book value of land and buildings above is £1,641 (2018 - £1,840) in respect of short leasehold land and buildings.
 

Page 7

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

5

Stocks

	2019 £	2018 £
Other inventories	71,496	74,195

6

Debtors

	2019 £	2018 £
Trade debtors	13,029	6,588
Prepayments	6,858	-
	19,887	6,588

7

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Bank loans and overdrafts	9	20,151	47,067
Trade creditors		34,292	41,310
Taxation and social security		9,160	10,521
Accruals and deferred income		19,997	21,331
Other creditors		21,677	30,656
		105,277	150,885

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £11,551 (2018 - £18,150).

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	9	48,727	23,079

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £11,528 (2018 - £23,079).

Page 8

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary share of £1 each	100	100	100	100

9	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	48,727	21,216
Finance lease liabilities	-	1,863
	48,727	23,079

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	18,288	10,698
Bank overdrafts	-	28,917
Finance lease liabilities	1,863	7,452
	20,151	47,067

10	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £86,167 (2018 - £-). The commitment of £86,167 represents the minimum lease payments regarding the lease of the property located at Cardrew Business Park up to the 5-year break clause.

Page 9

A Game Sports Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

11	Related party transactions

Transactions with directors

2019	At 1 January 2019 £	Advances to director £	Repayments by director £	At 31 December 2019 £
Mr A D Noott
Interest-free loan to the company, repayable on demand	20,439	(23,030)	18,418	15,827

2018	At 1 January 2018 £	Advances to director £	Repayments by director £	At 31 December 2018 £
Mr A D Noott
Interest-free loan to the company, repayable on demand	4,874	(8,305)	23,870	20,439

Summary of transactions with entities with joint control or significant interest

Concept Workwear Limited
(A company under common ownership and control)

 During the year the company charge Concept Workwear Limited management charges totalling £3,453 (2018 - £Nil). At the balance sheet date, the amount due from Concept Workwear Limited was £1,952 (2018 - £Nil).
 

Page 10