GAME SERVER INTEGRATIONS LIMITED - Filleted accounts

GAME SERVER INTEGRATIONS LIMITED - Filleted accounts

GAME SERVER INTEGRATIONS LIMITED - Company Information

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Registered number
09213819
GAME SERVER INTEGRATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
GAME SERVER INTEGRATIONS LIMITED
CONTENTS
Page
Balance sheet 1 - 2
Notes to the financial statements 3 - 7
GAME SERVER INTEGRATIONS LIMITED
Balance Sheet
as at 30 September 2019
Company Registration No. 09213819
Notes 2019 2018
£ £
Fixed assets
Tangible assets 3 1,996 471
Current assets
Debtors 4 1,648 60,000
Cash at bank and in hand 153,368 100,336
155,016 160,336
Creditors: amounts falling due within one year 5 (509,231) (507,493)
Net current liabilities (354,215) (347,157)
Net liabilities (352,219) (346,686)
Capital and reserves
Called up share capital 10 10
Profit and loss account (352,229) (346,696)
Shareholders' funds (352,219) (346,686)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
James Robert Marshall
Director
Approved by the board on 26 June 2020
GAME SERVER INTEGRATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Going concern
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 validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 October 2018 964
Additions 2,147
At 30 September 2019 3,111
Depreciation
At 1 October 2018 493
Charge for the year 622
At 30 September 2019 1,115
Net book value
At 30 September 2019 1,996
At 30 September 2018 471
4 Debtors 2019 2018
£ £
Trade debtors - 60,000
Other debtors 1,648 -
1,648 60,000
5 Creditors: amounts falling due within one year 2019 2018
£ £
Trade creditors 196 -
Other taxes and social security costs 47,678 55,990
Other creditors 449,164 439,327
Directors' current account 12,193 12,176
509,231 507,493
6 Related party transactions
2019 2018
Kirkbrae Ventures Ltd £ £
Paul Graham Beattie is a director and shareholder of Kirkbrae Ventures Ltd.

During the year, interest under normal commercial terms was earned by Kirkbrae Ventures Ltd on the money owed to it by Game Server Integrations Limited.
25,001 21,412
During the year, services were provided to Kirkbrae Ventures Ltd . These transactions were carried out under normal commercial terms. 19,000 -
Amount due to Kirkbrae Ventures Ltd 441,684 416,683
Game Server Integrations LLC
Game Server Integrations LLC and Game Server Integrations Limited are related parties on the basis of common ownership.
During the year, services were provided to Game Server Integrations LLC. These transactions were carried out under normal commercial terms. 27,247 -
Amount due to Game Server Integrations LLC - 20,900
7 Other information
Game Server Integrations Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 50 Madrid Road, London, SW13 9PG.
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