Company registration number 05165702 (England and Wales)
NCSOFT EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NCSOFT EUROPE LIMITED
COMPANY INFORMATION
Directors
J Lin
C Lee
M Dunne
(Appointed 31 January 2023)
Company number
05165702
Registered office
30 City Road
London
EC1Y 2AB
Auditor
Gravita II LLP
30 City Road
London
EC1Y 2AB
NCSOFT EUROPE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
NCSOFT EUROPE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
At the start of the year a decision was taken by NCSOFT Corp Group to discontinue the trading activities of the company and novate customer contracts to group companies in the USA as part of a worldwide restructure. An orderly winding down of the trading activities was predominantly completed by 30 June 2023 when the shared service agreement was terminated.
The company continues to receive interest from loans issued to group companies. At present no final decision has been taken in respect of future plans for the company.
Financial instruments
The company’s principal financial instruments comprise bank balances, trade creditors, trade debtors and intercompany loans. The main purpose of the instruments is to raise funds to finance the company’s operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company’s approach to managing other risks applicable to the financial instruments concerned is shown below.
The liquidity risk related to bank balances is managed by keeping a healthy bank balance, and carefully budgeting to ensure no shortfall arises. Foreign currency bank balances are subject to foreign currency fluctuations. Foreign exchange movements are monitored by management for potential impact on the company.
Analysis based on Key Performance Indicators
The key financial highlights are as follows:
NCSOFT EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The company faces a number of business risks and uncertainties due to advancements in technology (i.e. smartphones for mobile app games), political uncertainty and new competition. The risks stated below are considered by management as the most important to mitigate:
Risk Competition taking market share | Impact on company The electronic entertainment industry is currently experiencing high levels of new entrants with the growth and development of mobile apps that have become easier to play. | Mitigation The ultimate parent company focuses its efforts on continued production of new games across a range of platforms to ensure there are sufficient releases every few years in order to maintain market share. This will mean players interest remains high and sales continue to drive forward. |
Exposure to fluctuations in foreign exchange | As countries react to global economic and political situations currency fluctuations are likely to remain volatile throughout the year especially as central banks manage inflationary pressures alongside the need for economic growth. External factors in the political environment such as the negotiations between the UK and the EU post BREXIT and other factors noted within the strategic report are likely to have an impact on the Sterling's performance against other currencies. | Management will closely monitor the movements in foreign exchange rates and will take corrective actions where necessary. All borrowings are currently denominated in Sterling to mitigate currency risk. |
| | |
Future Developments
Following the discontinuation of the trading activities of the company, the directors are exploring other trading opportunities.
M Dunne
Director
29 February 2024
NCSOFT EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company was that of a limited risk distributor and shared service provider which ended on 30 June 2023.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Lin
C Lee
I Leversee
(Resigned 31 January 2023)
M Dunne
(Appointed 31 January 2023)
Future developments
The directors are currently assessing the future plans for the business following the cessation of trade on 30 June 2023. The directors are exploring other trading opportunities.
Auditor
The auditor, Gravita II LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
NCSOFT EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
On behalf of the board
M Dunne
Director
29 February 2024
NCSOFT EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NCSOFT EUROPE LIMITED
- 5 -
Opinion
We have audited the financial statements of NCSOFT Europe Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with UK adopted international accounting standards; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NCSOFT EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NCSOFT EUROPE LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer gaming industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, legal team and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
NCSOFT EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NCSOFT EUROPE LIMITED
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
understanding the business model as part of the control and business environment;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and enquiring with the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Filiz Zekia FCCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP
1 March 2024
Chartered Accountants
Statutory Auditor
30 City Road
London
EC1Y 2AB
NCSOFT EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Continuing operations
Administrative expenses
(283,404)
1,004,231
Operating (loss)/profit
5
(283,404)
1,004,231
Investment revenues
7
682,162
485,697
Profit before taxation
398,758
1,489,928
Income tax expense
9
(86,059)
(274,266)
Profit for the year
312,699
1,215,662
Discontinued operations
10
Limited risk distributor and shared service provider
35,682
67,014
Profit and total comprehensive income for the year
19
348,381
1,282,676
There are no recognised gains and losses other than those passing through the income statement.
NCSOFT EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
ASSETS
Non-current assets
Property, plant and equipment
11
68,049
Other receivables
12
9,294,082
4,000,000
Deferred tax asset
16
39,080
9,294,082
4,107,129
Current assets
Trade and other receivables
12
54,645
123,591
Cash and cash equivalents
7,630,378
12,774,615
7,685,023
12,898,206
Total assets
16,979,105
17,005,335
EQUITY
Called up share capital
18
3,723,470
3,723,470
Retained earnings
19
13,181,319
12,832,938
Total equity
16,904,789
16,556,408
LIABILITIES
Current liabilities
Trade and other payables
14
17,171
382,902
Current tax liabilities
57,145
41,904
Lease liabilities
15
24,121
74,316
448,927
Total liabilities
74,316
448,927
Total equity and liabilities
16,979,105
17,005,335
The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
M Dunne
Director
Company registration number 05165702 (England and Wales)
NCSOFT EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2022
3,723,470
11,550,262
15,273,732
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,282,676
1,282,676
Balance at 31 December 2022
3,723,470
12,832,938
16,556,408
Year ended 31 December 2023:
Profit and total comprehensive income
-
348,381
348,381
Balance at 31 December 2023
3,723,470
13,181,319
16,904,789
NCSOFT EUROPE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(207,413)
519,539
Interest paid
(199)
(2,118)
Income taxes paid
(47,946)
(364,577)
Net cash (outflow)/inflow from operating activities
(255,558)
152,844
Investing activities
Purchase of property, plant and equipment
(20,708)
Proceeds from disposal of property, plant and equipment
4,210
80
Loans made to other entities
(5,000,000)
Repayment of loans
-
9,316,047
Interest received
388,080
530,697
Net cash (used in)/generated from investing activities
(4,607,710)
9,826,116
Financing activities
Payment of lease liabilities
(24,121)
(114,917)
Net cash used in financing activities
(24,121)
(114,917)
Net (decrease)/increase in cash and cash equivalents
(4,887,389)
9,864,043
Cash and cash equivalents at beginning of year
12,774,615
2,572,050
Effect of foreign exchange rates
(256,848)
338,522
Cash and cash equivalents at end of year
7,630,378
12,774,615
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
NCSOFT Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 City Road, London, EC1Y 2AB. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The principle accounting policies of the company applied in the presentation of these financial statements are set out below. The IFRS accounting policies have been applied consistently to all periods presented.
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 cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future and are currently exploring other trading opportunities. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer. Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods (boxed games and digital codes) is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from shared service revenue represents fees receivable in relation to recharged admin costs with an agreed margin, recognised on an accruals basis in the period to which the services relate.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold Right of Use Asset
Over the life of the lease
Leasehold improvements
Over the life of the lease
Fixtures, fittings & equipment
33 1/3% straight line per annum
Plant and machinery
33 1/3% straight line per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.5
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Loans and Receivables
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.8
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other 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 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, 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 and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.13
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.
2
Adoption of new and revised standards and changes in accounting policies
In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:
IFRS 17 - Insurance Contracts
Effective date 1 January 2023*/
IAS 1 - Presentation of Financial Statements
Effective date 1 January 2023*
IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
Effective date 1 January 2023*
IAS 12 - Income Taxes
Effective date 1 January 2023*
IFRS 4 - Insurance Contracts
Effective date 1 January 2023*
Standards and amendments marked with an asterisk (*) are not applicable to the company and therefore have no impact on the reported position.
Standards and amendments marked with an '/' indicate that these have not yet been endorsed for use in the UK.
For all of the other standards and amendments listed above, the directors do not expect any material impact.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 17 -
Standards which are in issue but not yet effective
At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been endorsed for use in UK):
IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information
Effective date 1 January 2024
IFRS S2 - Climate-related Disclosures
Effective date 1 January 2024
IFRS 7 - Financial Instruments: Disclosures
Effective date 1 January 2024*
IFRS 16 - Leases
Effective date 1 January 2024*
IAS 1 - Presentation of Financial Statements
Effective date 1 January 2024+
IAS 7 - Statement of Cash Flows
Effective date 1 January 2024*
Standards and amendments marked with an asterisk (*) are not applicable to the company and therefore have no impact on the reported position.
Standards and amendments marked with '+' indicate that there are multiple amendments relating to the same standard with different effective dates, some of which are not yet endorsed for use in the UK. In each instance, all amendments have been reviewed and none are applicable to the company and therefore have no impact on the reported position. The effective date shown is that of the first amendment to come into effect after the accounting year.
Standards and amendments marked with '/' indicate that these have not yet been endorsed for use in the UK.
For all of the other standards and amendments listed above, the directors do not expect any material impact.
3
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Critical accounting estimates and judgements
(Continued)
- 18 -
Key sources of estimation uncertainty
Impairment of debtors
The company makes an estimate of the recoverable value of intercompany trade and loan balance. When assessing impairment of intercompany trade and loan debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
4
Revenue
2023
2022
£
£
Revenue analysed by class of business
Sales of goods
1,146,651
2,204,358
Rendering of services - shared service revenue
485,246
906,858
1,631,897
3,111,216
2023
2022
£
£
Revenue analysed by geographical market
UK
1,146,651
2,204,358
Rest of the World
485,246
906,858
1,631,897
3,111,216
2023
2022
£
£
Other income
Interest income
682,162
485,697
All turnover is derived from one activity, being the company's principal activity as a limited risk distributor and shared service provider.
5
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
259,841
(1,064,560)
Fees payable to the company's auditor for the audit of the company's financial statements
38,500
53,000
Depreciation of property, plant and equipment
59,984
140,369
Loss/(profit) on disposal of property, plant and equipment
3,855
(80)
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Average number of administration staff
5
12
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
182,496
494,840
Social security costs
14,973
58,122
Pension costs
8,360
20,508
205,829
573,470
7
Investment income
2023
2022
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
86,693
5,256
Loans and receivables
594,082
480,441
Other interest income on financial assets
1,387
Total interest revenue
682,162
485,697
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2023
2022
£
£
Interest on lease liabilities
199
1,883
Other interest payable
235
Total interest expense
199
2,118
Discontinued operations
(199)
(2,118)
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
9
Income tax expense
Continuing operations
Discontinued operations
Total
Total
2023
2022
2023
2022
2023
2022
£
£
£
£
£
£
Current tax
UK corporation tax on profits for the current period
86,059
274,266
17,050
86,059
291,316
Adjustments in respect of prior periods
(22,872)
(22,872)
Total UK current tax
86,059
274,266
(22,872)
17,050
63,187
291,316
Deferred tax
Origination and reversal of temporary differences
39,080
8,559
39,080
8,559
Total tax charge
86,059
274,266
16,208
25,609
102,267
299,875
An increase to the UK Corporation Tax rates was substantially enacted as part of the Finance Bill 2021 on 10 June 2021; the main of tax increased from 19% to 25% on 1 April 2023.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Income tax expense
(Continued)
- 21 -
The charge for the year can be reconciled to the profit per the income statement as follows:
2023
2022
£
£
Continuing operations
398,758
1,489,928
Discontinued operations
51,890
92,623
Profit before taxation
450,648
1,582,551
Expected tax charge based on a corporation tax rate of 25.00% (2022: 19.00%)
112,662
300,685
Effect of expenses not deductible in determining taxable profit
(8,105)
Permanent capital allowances in excess of depreciation
(63,639)
(12,798)
Depreciation on assets not qualifying for tax allowances
2,753
3,344
Deferred tax adjustments
39,080
8,559
Adjustments in respect of prior period
(22,872)
Disposal of fixed assets
964
(15)
Other movements
40
100
Tax losses carried back
35,453
Over/(under) provided in current year
5,931
Taxation charge for the year
102,267
299,875
10
Discontinued operations
In January 2023 the board took the decision that the limited risk distribution and shared service provision operating segment would be wound down. By June 2023 this trade had stopped. NCSoft Europe Limited has continued to provide loan financing to other group entities and the continuing operations disclosed in these financial statements are in respect of these transactions.
The discontinued operation was not physically sold or disposed of, and there was no consideration paid by any party in respect of the discontinued operation.
The results of the discontinued business, which have been included in the income statement, were as follows:
2023
2022
£
£
Revenue
1,631,897
3,111,216
Operating expenses
(1,579,808)
(3,016,475)
Finance costs
(199)
(2,118)
Profit before taxation
51,890
92,623
Income tax expense
(16,208)
(25,609)
Net profit attributable to discontinuation
35,682
67,014
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Property, plant and equipment
Leasehold Right of Use Asset
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2022
337,705
12,523
4,089
57,192
411,509
Additions
122,751
13,273
4,744
140,768
Disposals
(5,146)
(5,146)
At 31 December 2022
460,456
25,796
4,089
56,790
547,131
Disposals
(460,456)
(25,796)
(4,089)
(56,790)
(547,131)
At 31 December 2023
-
Accumulated depreciation and impairment
At 1 January 2022
283,499
12,523
2,924
44,913
343,859
Charge for the year
125,811
4,765
1,114
8,679
140,369
Eliminated on disposal
(5,146)
(5,146)
At 31 December 2022
409,310
17,288
4,038
48,446
479,082
Charge for the year
51,146
7,090
51
1,697
59,984
Eliminated on disposal
(460,456)
(24,378)
(4,089)
(50,143)
(539,066)
At 31 December 2023
Carrying amount
At 31 December 2023
-
-
-
-
At 31 December 2022
51,146
8,508
51
8,344
68,049
Property, plant and equipment includes right-of-use assets, as follows:
Right-of-use assets
2023
2022
£
£
Net values at the year end
Property
-
51,146
Total additions in the year
-
122,751
Depreciation charge for the year
Property
51,146
125,811
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Trade and other receivables
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Trade receivables
297
1,143
-
-
VAT recoverable
7,485
-
-
Amounts owed by fellow group undertakings
25,479
33,650
9,294,082
4,000,000
Other receivables
21,384
70,408
-
-
Prepayments
18,390
-
-
54,645
123,591
9,294,082
4,000,000
Trade receivables due within one year disclosed above are classified as loans and receivables and are therefore measured at amortised cost. Trade debtors are stated after provisions for impairment of £nil (2022: £nil).
Included within amounts owed by fellow group undertakings due within one year of £25,479 (2022: £33,650) are trade receivable balances that are unsecured, interest free and repayable on demand.
Amounts owed by fellow group undertakings due after more than one year includes an unsecured loan of £4m (2022: £4m), on which interest is payable at 7.5% per annum, paid on a monthly basis. The loan is repayable on 30 April 2026.
Amounts owed by fellow group undertakings due after more than one year includes an unsecured loan of £5,294,082 (2022: £nil), on which interest is payable at 7.5% per annum, accrued on a monthly basis. The loan is repayable on 27 March 2027.
13
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
14
Trade and other payables
2023
2022
£
£
Trade payables
22,806
Amounts owed to fellow group undertakings
493
104,069
Accruals
128,704
Social security and other taxation
127,323
Other payables
16,678
17,171
382,902
The directors consider that the carrying amount of trade and other payables is approximately equal to their fair value.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Trade and other payables
(Continued)
- 24 -
Included within amounts owed to fellow group undertakings are trade payable balances that are unsecured, interest free and repayable on demand.
15
Lease liabilities
2023
2022
Maturity analysis
£
£
Within one year
-
24,121
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2023
2022
£
£
Current liabilities
24,121
2023
2022
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
199
1,883
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Fixed assets timing differences
£
Asset at 1 January 2022
(47,639)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
8,559
Asset at 1 January 2023
(39,080)
Deferred tax movements in current year
Charge/(credit) to profit or loss
39,080
Liability at 31 December 2023
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
(Continued)
- 25 -
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in future against which the reversal of temporary differences can be deducted. Recognition therefore involves judgement regarding the future financial performance of the company.
A further deferred tax asset of £nil (2022: £21,642) has not been recognised due to the uncertainty of utilisation in the future.
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,360
20,508
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,723,470
3,723,470
3,723,470
3,723,470
There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.
19
Retained earnings
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
20
Capital risk management
The company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.
The company is not subject to any externally imposed capital requirements.
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
21
Related party transactions
Remuneration of key management personnel
The remuneration of the directors, who are key management personnel, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
The key management of the Company are considered to be the Directors of the Company.
The directors are employees of other companies in the NCSOFT Corp Group and are remunerated for their services to Group companies as a whole where qualifying services were provided. It is not practical or possible to pro-rate this remuneration between the Group companies. The following disclosure is therefore the total remuneration to the Directors for their services to the Group as a whole throughout the year ended 31 December 2023 and not only in respect of the company.
The remuneration of the Directors and Key management for their services to the NCSOFT Corp Group as a whole who held office for all or part of the year ended 31 December 2023 was as follows:
2023
2022
£
£
Short-term employee benefits
1,598,874
1,671,995
Post-employment benefits
25,535
25,094
Termination benefits
32,555
1,656,964
1,697,089
Other transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Other related parties
1,109,665
2,135,213
Interest income
Shared service revenue
2023
2022
2023
2022
£
£
£
£
Other related parties
594,082
480,441
485,245
906,858
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
493
104,069
NCSOFT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Related party transactions
(Continued)
- 27 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
9,319,561
4,033,650
No guarantees have been given or received.
22
Controlling party
The ultimate parent company is NCSOFT Corp, a company registered in Korea and listed on the Korea Stock Exchange.
NCSoft Corp prepares group financial statements and copies can be obtained from - 12, Daewangpangyo-ro 644beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea.
23
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit before income tax from:
Continuing operations
398,758
1,489,928
Discontinued operations
51,890
92,623
Profit for the year before income tax
450,648
1,582,551
Adjustments for:
Finance costs
199
2,118
Investment income
(682,162)
(485,697)
Loss/(gain) on disposal of property, plant and equipment
3,855
(80)
Depreciation and impairment of property, plant and equipment
59,984
140,369
Foreign exchange gains on cash equivalents
256,848
(338,522)
Movements in working capital:
Decrease/(increase) in trade and other receivables
68,946
(420,419)
(Decrease)/increase in trade and other payables
(365,731)
39,219
Cash (absorbed by)/generated from operations
(207,413)
519,539
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