50CC Games Limited Company Accounts

50CC GAMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08593640

50CC Games Limited

Filleted Unaudited Financial Statements

30 June 2017

50CC Games Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

50CC Games Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of 50CC Games Limited

Year ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 50CC Games Limited for the year ended 30 June 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of 50CC Games Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of 50CC Games Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 50CC Games Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 50CC Games Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 50CC Games Limited. You consider that 50CC Games Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of 50CC Games Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE GREEN Chartered accountant

22 Friars Street Sudbury Suffolk CO10 2AA

19 March 2018

50CC Games Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	5		501	501

Current assets

Stocks		7,368	5,100
Debtors	6	1,173	8,345
Cash at bank and in hand		57,290	17
		--------	--------
		65,831	13,462

Creditors: amounts falling due within one year	7	68,198		27,657
		--------		--------
Net current liabilities			2,367	14,195
			-------	--------
Total assets less current liabilities			( 1,866)	( 13,694)
			-------	--------
Net liabilities			( 1,866)	( 13,694)
			-------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 1,966)	( 13,794)
	-------	--------
Shareholders deficit	( 1,866)	( 13,694)
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

50CC Games Limited

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 14 March 2018 , and are signed on behalf of the board by:

Mr W Moore	Mr G Shackell
Director	Director

Company registration number: 08593640

50CC Games Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA. The trading address is 13 Taylor Road, Ashstead, Surrey, KT21 2HZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2016 and 30 June 2017	501
	----
Impairment
At 1 July 2016 and 30 June 2017	–
	----

Carrying amount
At 30 June 2017	501
	----
At 30 June 2016	501
	----

The company owns 77% of the issued share capital of 50,000 Leagues Limited, a UK incorporated company which was dormant.

The company also owns 63% of the issued share capital with voting rights in Nodding Frog Limited, a UK incorporated company. The shares were acquired on incorporation at face value and whilst the company is trading the directors consider that it is prudent to include the investment at cost.

6. Debtors

	2017	2016
	£	£
Trade debtors	1,173	5,000
Other debtors	–	3,345
	-------	-------
	1,173	8,345
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,683	920
Corporation tax	6,573	–
Social security and other taxes	18,389	–
Other creditors	41,553	26,737
	--------	--------
	68,198	27,657
	--------	--------

8. Directors' advances, credits and guarantees

There are no such transactions for the accounting period.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.

10. Going concern

The company was considered a going concern by the Directors on the following grounds:-

a) The level of trading activity has continued to grow such that the company was profitable for the year.

b) The directors give their continued support to the company and whilst Director's loan accounts are repayable on demand they will not seek such repayment until the company has sufficient funds to do so.