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 2020

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

9,067

12,467

CURRENT ASSETS

Stocks

5

102,717

105,271

Debtors

6

58,561

14,189

Prepayments and accrued income

9,583

10,201

Cash at bank

74,205

60,571

245,066

190,232

CREDITORS

Amounts falling due within one year

7

237,188

196,654

NET CURRENT ASSETS/(LIABILITIES)

7,878

(6,422

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,945

6,045

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

16,944

6,044

SHAREHOLDERS' FUNDS

16,945

6,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 and authorised for issue on 24 March 2021 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 2020

is £2,114 (2019: £1,697).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2019

and 30 June 2020

17,000

14,617

17,771

49,388

DEPRECIATION

At 1 July 2019

4,533

14,617

17,771

36,921

Charge for year

3,400

-

-

3,400

At 30 June 2020

7,933

14,617

17,771

40,321

NET BOOK VALUE

At 30 June 2020

9,067

-

-

9,067

At 30 June 2019

12,467

-

-

12,467

5.

STOCKS

30.6.20

30.6.19

£

£

Stocks

102,717

105,271

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade debtors

58,561

13,615

VAT

-

574

58,561

14,189

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Shareholder loans

52,041

389

Short Term Loan

-

126,620

Trade creditors

96,981

41,907

Amounts owed to group undertakings

47,885

21,328

Corporation tax

11,661

2,171

Payroll taxes

318

1,317

VAT

23,898

-

Accruals

4,404

2,922

237,188

196,654

8.	LEASING AGREEMENTS

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

30.6.20

30.6.19

£

£

Between one and five years

17,800

17,800

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

During the year under review the company sold goods and related services to PC Cables (UK) Ltd, a company associated with the director, worth £265,265 (2019: £276,046) These transactions were carried out at market value. The company made advances of £1,270,329 to the director during the year. These funds were used as to £1,325,740 to pay suppliers to the company via his personal credit cards and business expenses. The director's current account was credited with business expenses of £1,241 due to him. The balance due to the Director at 30 June 2020 was £52,041 (2019 £389).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N C Fordham.