Nomad Games Limited
Nomad Games Limited
Registered number: 07661528
Unaudited Financial Statements
For The Year Ended
30 June 2022
MAP ACCOUNTANTS LTD
16 Blackfriars Street
Manchester
M3 5BQ
Nomad Games Limited
Unaudited Financial Statements
For The Year Ended
30 June 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Nomad Games Limited
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
07661528
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 99,217 | 48,386 | |||
Nomad Games Limited
Balance Sheet (continued)
As at
30 June 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Nomad Games Limited
Notes to the Financial Statements
For The Year Ended
30 June 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
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.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
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 games
Revenue from the sale of games is recognised when all of the following conditions are satisfied:
a) The company has transferred the significant risks and rewards of ownership to the buyer;
b) The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
c) The amount of revenue can be measured reliably;
d) It is probable that the company will receive the consideration due under the transaction; and
e) The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sale of publishing rights
Revenue from the sale of publishing rights is recognised when contracts are signed. All consideration including deferred is recognised immediately. Deferred consideration is typically in the form of future royalties receivable and/or agreed guaranteed royalty payments. Expected future royalties are measured based on a prudent estimate of future sales performance of the game. Any expected future royalties receivable after more than one year are measured initially at fair value. At the end of each reporting period the expected future royalties receivable are assessed for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the statement of comprehensive income.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Development costs
Intangible assets are initially recognised at cost. after recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses weather there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is higher of its fair vale less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The company has estimated that self-developed video games will have a useful economic life of two years from the start of development to the end of their expected sales life. At the end of the two years they are likely to have no residual value.
Nomad Games Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
1.5.
Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase if a project if and only if certain specific criteria are met in order to demonstrate the asset will generate future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic live of 2 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treat as if it were all incurred in the research phase only.
The company recognises an intangible asset arising from development of a game if all the following conditions are met:
a) The project is technically feasible so that the game will be available for use and/or sale.
b) The company intends to complete the game to use or to sell.
c) The company is able to use or sell the game.
d) There is evidence that there is a market for the game.
e) There is available and adequate technical, financial and other resources to complete or sell the game.
f) The company is able to reliably measure the expenditure attributable to the game during its development.
1.6.
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:
| Plant & Machinery |
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| Fixtures & Fittings |
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1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.8.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.
1.9.
Taxation
Income tax expense represents the sum of the 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.
Nomad Games Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
1.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.11.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2021: 17)
3.
Intangible Assets
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| Net Book Value | |||
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Nomad Games Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
4.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Total | |
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| Depreciation | |||
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| Net Book Value | |||
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5.
Stocks
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| Stock - work in progress |
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6.
Debtors
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| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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Nomad Games Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| Bank loans |
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| Other creditors |
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9.
Secured Creditors
The company has given security to NPIF NW Debt LP by way of a legal charge against all interest in Freehold or Leasehold property, all present and future interest and all intellectual property of the company.
| 2022 | 2021 | ||
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| £ | £ | ||
| Other Creditors | 200,188 | 261,996 |
11.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,923 (PY - £1,472) were due to the fund. They are included in Other Creditors.
12.
General Information
Nomad Games Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07661528
. The registered office is Summit House, 35 Church Road, Lymm, Cheshire, WA13 0QS.