Games Galaxy Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04673270 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

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:

4/5 Kingsgrove Industrial Estate

Invincible Road

Farnborough

Hampshire

GU14 7SS

REGISTERED NUMBER:

04673270 (England and Wales)

ACCOUNTANTS:

Kelly & Associates

7 Brackenwood

Sunbury on Thames

Middlesex

TW16 6SQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

402

-

402

CURRENT ASSETS

Stocks

6

76,103

98,498

Debtors

7

8,464

4,073

Prepayments and accrued income

26,463

27,399

Cash at bank

47,230

7,777

158,260

137,747

CREDITORS

Amounts falling due within one year

8

125,679

148,986

NET CURRENT ASSETS/(LIABILITIES)

32,581

(11,239

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,581

(10,837

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

32,580

(10,838

)

SHAREHOLDERS' FUNDS

32,581

(10,837

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 15 November 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

2017 was £692 (2016 NIL).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2016

12,500

Disposals

(12,500

)

At 30 June 2017

-

AMORTISATION

At 1 July 2016

12,500

Eliminated on disposal

(12,500

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

14,617

17,771

32,388

DEPRECIATION

At 1 July 2016

14,215

17,771

31,986

Charge for year

402

-

402

At 30 June 2017

14,617

17,771

32,388

NET BOOK VALUE

At 30 June 2017

-

-

-

At 30 June 2016

402

-

402

6.

STOCKS

30.6.17

30.6.16

£

£

Stocks

76,103

98,498

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

8,464

4,073

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Shareholder loans

9,099

528

Trade creditors

60,667

72,289

Amounts owed to group undertakings

7,901

17,285

Corporation tax

5,243

949

Payroll taxes

2,576

1,957

VAT

14,162

22,479

Other creditors

19,066

19,144

Net Wages

-

1,000

Accruals

6,965

13,355

125,679

148,986

9.	LEASING AGREEMENTS

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

30.6.17

30.6.16

£

£

Between one and five years

43,500

43,500

At 30 June 2017 the company had aggregate annual Commitments under non-cancellable operating

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

10.	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 £469,012 (2016 £335,824) These transactions were

carried out at market value. The company made advances of £1,202,037 to the director during the

year. These funds were used as to £1,198,698 to pay suppliers to the company via his personal credit

cards, net salary and business expenses. The director's current account was credited with business

expenses of £1,108 due to him and net salaries of £4,402. The balance due to the Director at 30 June

2017 was £9,099.20 (2016 £528.32).