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Unaudited Financial Statements |
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for the Period 1 January 2019 to 31 March 2020 |
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for |
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INNOV8 GAMING LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 January 2019 to 31 March 2020 |
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for |
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INNOV8 GAMING LIMITED |
INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Contents of the Financial Statements |
for the Period 1 January 2019 to 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 10 |
INNOV8 GAMING LIMITED |
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Company Information |
for the Period 1 January 2019 to 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Kingsnorth House |
Blenheim Way |
Birmingham |
West Midlands |
B44 8LS |
INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Balance Sheet |
31 March 2020 |
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2020 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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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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PROVISIONS FOR LIABILITIES | 11 |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium | 13 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS |
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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. |
INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Notes to the Financial Statements |
for the Period 1 January 2019 to 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Innov8 Gaming Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Change in accounting reference date |
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The company has extended its accounting reference date to 31 March, hence its current financial statements are for |
a 15 month period ended 31 March 2020 while the comparative figures are for a year ended 31 December 2018. As |
such the comparative are not entirely comparable. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Internally-generated intangible assets - research & development expenditure |
Expenditure on research and development activities not related to the internal generation of intangible assets is |
recognised as an expense in the period in which it is incurred. |
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An internally generated intangible asset arising from the company's software and infrastructure development (or from |
the development phase of an internal project) is recognised if, and only if, all of the following conditions have been |
demonstrated: |
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1. the technical feasibility of completing the intangible asset so that it will be available for use or sale; |
2. the intention to complete the intangible asset and use or sell it; |
3. the ability to use or sell the intangible assets; |
4. how the intangible asset will generate probable future economic benefits; |
5. the availability of adequate technical, financial and other resources to complete the development and to use or |
sell the intangible asset; and |
6. the ability to measure reliability the expenditure attributable to the intangible asset during its development. |
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The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from |
the date when the intangible asset first meets the recognised criteria listed above. Where no internally-generated |
intangible assets can be recognised, development expenditure is recognised in the profit and loss account in the |
period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are accounted |
at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets |
that are separately acquired. |
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Amortisation is provided on all intangible fixed assets at rates calculated to write off the cost or valuation, less |
estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: |
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Software - 20% per annum |
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Residual value is calculated on prices prevailing at the date of acquisition or revaluation. Useful lives and residual |
values are reviewed at the end of every reporting period. |
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Assets under development relate to the capitalised development costs of the video system and games being |
developed. This software is not amortised until the development is launched. |
INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except |
to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 period end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The financial statements have been prepared on a going concern basis, which places reliance on the continued |
support of the company's directors. |
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At the financial year-end, the company was part of a larger group but, as explained in the post-balance sheet events |
note to these financial statements, a management buy-out of the company from the group was completed in April |
2020. During the period up to that transaction, the group undertakings provided advances to meet day-to-day |
trading expenses and operating costs. |
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Former group undertakings have signed contractual extended payment terms agreed with the company. |
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The directors have considered the current trading activities of the company and its cash flow for the next 12 months |
from the date of this report and are satisfied that the company's products and services, being those either already |
released and commercialised or those new products under current varying stages of development, are proving to be |
and will ultimately prove to be, in the case of development products, successful and cash generative. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 31 March 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Assets |
under |
development | Software | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Reclassification/transfer | ( |
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At 31 March 2020 |
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AMORTISATION |
At 1 January 2019 |
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Amortisation for period |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 December 2018 |
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The reclassification above represents a transfer of assets underdevelopment to software on the completion of the |
project in accordance with the accounting policy as detailed in note 2. |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
Machines | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for period |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 December 2018 |
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INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 31 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by associates |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to associates | 520,000 | - |
Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2018 |
£ | £ |
Amounts owed to associates | 483,778 | - |
Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2018 |
£ | £ |
Bank overdraft |
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11. | PROVISIONS FOR LIABILITIES |
2020 | 2018 |
£ | £ |
Deferred tax | - | 34,526 |
INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 31 March 2020 |
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11. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 January 2019 |
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Credit to Profit and Loss Account during period | ( |
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Balance at 31 March 2020 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2018 |
value: | £ | £ |
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A Ordinary Shares | £1 | 61 | 60 |
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B Ordinary Shares | £1 | 40 | 40 |
101 | 100 |
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1 A Ordinary Shares share of £1 was allotted as fully paid
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13. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2019 | ( |
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(683,182 | ) |
Profit for the period |
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Cash share issue | - | 2,234,999 | 2,234,999 |
At 31 March 2020 | ( |
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1,621,337 |
INNOV8 GAMING LIMITED (REGISTERED NUMBER: 10717040) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 31 March 2020 |
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14. | RELATED PARTY DISCLOSURES |
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Gamestec Leisure Limited |
Associated undertaking |
During the period, Gamestec Leisure Limited paid wages and other expenses on behalf of Innov8 Gaming Limited |
which it subsequently recharged of £987,402 (2018 - £476,388). These transactions were all at arms length.. At the |
year end the amount due from Gamestec Leisure Limited to Innov8 Gaming Limited was £187,548 (2018 - £498 due |
to Gamestec Leisure Limited). |
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Playnation Limited |
Associated undertaking |
During the period, Innov8 Gaming Limited made sales of £31,500 (2018 - £nil) to Playnation Limited. These sales |
were at arms length. At the year end the amount due from Playnation Limited to Innov8 Gaming Limited was |
£14,590 (2018 - £nil). |
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Bell-Fruit Group Limited |
Associated undertaking |
During the period, Bell-Fruit Group Limited paid expenses on behalf of Innov8 Gaming Limited which it subsequently |
recharged of £85,782 (2018 - £128,988). These transactions were all at arms length under signed contractual |
payment terms agreed with the company. At the year end the amount due to Bell-Fruit Group Limited from Innov8 |
Gaming Limited was £1,003,778 (2018 - £nil). |
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Astra Games Limited |
Associated undertaking |
During the period, Astra Games Limited paid expenses on behalf of Innov8 Gaming Limited which it subsequently |
recharged of £40,903 (2018 - £62). These transactions were all at arms length. At the year end the amount due from |
Astra Games Limited to Innov8 Gaming Limited was £Nil (2018 - £27,297). |
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15. | POST BALANCE SHEET EVENTS |
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In April 2020, the company's management completed a management buy-out of the balance of shares held by |
Inspired Gaming (UK) Limited giving the directors control over 100% of the company's share capital. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Innov8 Gaming Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Innov8 Gaming Limited for the period ended 31 March 2020 which comprise the Profit and Loss Account, |
Balance Sheet and the related notes from the company's accounting records and from information and explanations you |
have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Innov8 Gaming Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innov8 Gaming Limited and state those matters that we have agreed to state to the Board of Directors of Innov8 Gaming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Innov8 Gaming Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Innov8 Gaming 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 Innov8 Gaming Limited. You consider that Innov8 Gaming Limited is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of Innov8 Gaming 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. |
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Chartered Accountants |
Kingsnorth House |
Blenheim Way |
Birmingham |
West Midlands |
B44 8LS |
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