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REGISTERED NUMBER: SC446877 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

4J STUDIOS LIMITED

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


4J STUDIOS LIMITED

Company Information
for the Year Ended 31 October 2023







Directors: C R D van der Kuyl
P Burns





Secretary: Blackadders LLP





Registered office: Blackadders
30 & 34 Reform Street
Dundee
DD1 1RJ





Registered number: SC446877 (Scotland)





Accountants: Haines Watts Manchester Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 1,546,619 1,325,897
Investments 6 6,899,186 6,998,560
8,445,805 8,324,457

Current assets
Debtors 7 10,357,046 13,659,869
Investments 8 12,812,048 14,729,061
Cash at bank and in hand 3,650,866 6,316,413
26,819,960 34,705,343
Creditors
Amounts falling due within one year 9 178,392 205,462
Net current assets 26,641,568 34,499,881
Total assets less current liabilities 35,087,373 42,824,338

Provisions for liabilities 135,000 116,000
Net assets 34,952,373 42,708,338

Capital and reserves
Called up share capital 10 100 100
Fair value reserve 11 341,368 1,873,146
Retained earnings 34,610,905 40,835,092
Shareholders' funds 34,952,373 42,708,338

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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.

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





C R D van der Kuyl - Director


4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. Statutory information

4J Studios Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The company's trading address is 30, Reform Street, Dundee DD1 1RJ.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Impairment of associate

This requires management to assess the underlying value of investments in associates, including reviewing future projections of the associate.

(ii) Fair value of unlisted investments

Unlisted investments where the company does not have significant influence are held at fair value, as required by FRS 102. As there are is no observable market data for these investments management are required to assess the fair value by using alternative methods. These methods include reviewing business plans and estimating future returns from the investments.

(iii) Recoverability of loans to related parties

The company has lent money to related parties, when assessing the recoverability of these loans management have to review the current financial position and expected future performance of the related parties, whilst also assessing the value, if any, of any assets pledged as security.

Turnover
Turnover represents royalties receivable and development services provided during the year. Income is recognised when games are sold.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold improvements - 10% straight line
Fixtures and fittings - 25% straight line and 15% straight line
Motor vehicles - 25% on reducing balance
Computer equipment - 25% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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 at amortised cost using the effective interest method.

Other financial assets, including investments in equity instruments are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. Fair value is based on quoted market prices in an active market.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loan notes that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. Accounting policies - continued

Cash and cash equivalents
Cash and cash equivalents comprise bank balances, cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less which are available on demand.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends
Dividends and other distributions to company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and the other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

4. Employees and directors

The average number of employees during the year was 41 (2022 - 46 ) .

5. Tangible fixed assets
Fixtures
Freehold Leasehold and
property improvements fittings
£    £    £   
Cost
At 1 November 2022 - 1,345,951 247,160
Additions 200,000 11,490 36,411
Reclassification/transfer 848,350 (856,206 ) 7,856
At 31 October 2023 1,048,350 501,235 291,427
Depreciation
At 1 November 2022 - 306,136 120,455
Charge for year - 135,417 34,349
Reclassification/transfer - (166,651 ) 1,037
At 31 October 2023 - 274,902 155,841
Net book value
At 31 October 2023 1,048,350 226,333 135,586
At 31 October 2022 - 1,039,815 126,705

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


5. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 November 2022 251,783 345,410 2,190,304
Additions 859 38,659 287,419
Reclassification/transfer - - -
At 31 October 2023 252,642 384,069 2,477,723
Depreciation
At 1 November 2022 175,849 261,967 864,407
Charge for year 19,111 43,434 232,311
Reclassification/transfer - - (165,614 )
At 31 October 2023 194,960 305,401 931,104
Net book value
At 31 October 2023 57,682 78,668 1,546,619
At 31 October 2022 75,934 83,443 1,325,897

6. Fixed asset investments
Interest
in Other
associate investments Totals
£    £    £   
Cost
At 1 November 2022 2,971,700 4,026,860 6,998,560
Additions - 190,996 190,996
At 31 October 2023 2,971,700 4,217,856 7,189,556
Provisions
Provision for year 290,370 - 290,370
At 31 October 2023 290,370 - 290,370
Net book value
At 31 October 2023 2,681,330 4,217,856 6,899,186
At 31 October 2022 2,971,700 4,026,860 6,998,560

7. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 33,160 272,241
Other debtors 10,223,886 13,287,628
10,257,046 13,559,869

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


7. Debtors - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 100,000 100,000

Aggregate amounts 10,357,046 13,659,869

8. Current asset investments
2023 2022
£    £   
Listed investments 12,812,048 14,729,061

Fair value of listed investments is determined by stock market prices.

9. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 34,884 113,329
Taxation and social security 77,271 51,285
Other creditors 66,237 40,848
178,392 205,462

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

11. Reserves
Fair
value
reserve
£   
At 1 November 2022 1,873,146
Fair value transfer (1,531,778 )

At 31 October 2023 341,368

Fair value reserve relates to gains, net of deferred tax, on investments which are carried at fair value through profit or loss.

12. Capital commitments
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 200,000

4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


13. Other financial commitments

As part of the company's investment portfolio the company has entered into a Limited Partnership Agreement, the company has committed to provide a certain amount of capital as part of the agreement. At 31 October 2023 the amount of unfunded commitments was £523,052 (2022 - £825,727).

14. Directors' advances, credits and guarantees

As at 31 October 2023 the amount due from the directors was £5,356,622 (2022 - £3,458,478). During the year the directors had advances of £4,492,104 ( 2022 - £3,172,822) and made repayments of - £2,593,959 (2022 - £9,309,482).Interest of £117,872 (2022 - £76,103) has been charged.

These loans are repayable on demand and interest is charged at 2.25%.