Element Games North West Gaming Centre - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10093883 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Element Games North West Gaming Centre

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G M Plail

B J Orde

REGISTERED OFFICE:

Hallam Business Centre

1st Floor

Hallam Street

Stockport

Cheshire

SK2 6PT

REGISTERED NUMBER:

10093883 (England and Wales)

ACCOUNTANTS:

Bennett Brooks & Co Limited

Chartered Accountants

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

FIXED ASSETS

Tangible assets

4

9,330

11,827

CURRENT ASSETS

Stocks

676

1,450

Debtors

5

110

110

Cash at bank and in hand

28,502

4,966

29,288

6,526

CREDITORS

Amounts falling due within one year

6

(33,164

)

(25,102

)

NET CURRENT LIABILITIES

(3,876

)

(18,576

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,454

(6,749

)

CREDITORS

Amounts falling due after more than one year

7

(19,363

)

-

NET LIABILITIES

(13,909

)

(6,749

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(14,009

)

(6,849

)

SHAREHOLDERS' FUNDS

(13,909

)

(6,749

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 1 December 2021 and were signed on its behalf by:

B J Orde - Director

1.	STATUTORY INFORMATION

Element Games North West Gaming Centre 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company is reliant on the continued support of its related party creditors. On this assumption, the director believes it appropriate to prepare the accounts on a going concern basis.

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

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 20% on cost

Fixtures and fittings - 20% on cost

Improvements to property - 20% on cost

Government grants

Government grants in respect of the Coronavirus Small Business Grant Fund are recognised within the Income Statement on an accruals basis.

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.

Share capital

Ordinary shares are classed as equity.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank

overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

16,400

DEPRECIATION

At 1 April 2020

4,573

Charge for year

2,497

At 31 March 2021

7,070

NET BOOK VALUE

At 31 March 2021

9,330

At 31 March 2020

11,827

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Other debtors

110

110

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

3,637

-

Trade creditors

78

1,263

Taxation and social security

2,286

2,082

Other creditors

27,163

21,757

33,164

25,102

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

19,363

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

At the year end, Element Games North West Gaming Centre Limited owed an associating company with common control £25,913 (2020: £20,507)