Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseElectronic gaming content development3032falsefalse 04392971 2023-01-01 2023-12-31 04392971 2022-01-01 2022-12-31 04392971 2023-12-31 04392971 2022-12-31 04392971 c:Director1 2023-01-01 2023-12-31 04392971 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 04392971 d:Buildings d:ShortLeaseholdAssets 2023-12-31 04392971 d:Buildings d:ShortLeaseholdAssets 2022-12-31 04392971 d:FurnitureFittings 2023-01-01 2023-12-31 04392971 d:FurnitureFittings 2023-12-31 04392971 d:FurnitureFittings 2022-12-31 04392971 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04392971 d:OfficeEquipment 2023-01-01 2023-12-31 04392971 d:OfficeEquipment 2023-12-31 04392971 d:OfficeEquipment 2022-12-31 04392971 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04392971 d:ComputerEquipment 2023-01-01 2023-12-31 04392971 d:ComputerEquipment 2023-12-31 04392971 d:ComputerEquipment 2022-12-31 04392971 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04392971 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04392971 d:ComputerSoftware 2023-12-31 04392971 d:ComputerSoftware 2022-12-31 04392971 d:CurrentFinancialInstruments 2023-12-31 04392971 d:CurrentFinancialInstruments 2022-12-31 04392971 d:Non-currentFinancialInstruments 2023-12-31 04392971 d:Non-currentFinancialInstruments 2022-12-31 04392971 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04392971 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04392971 d:ShareCapital 2023-12-31 04392971 d:ShareCapital 2022-12-31 04392971 d:SharePremium 2023-12-31 04392971 d:SharePremium 2022-12-31 04392971 d:RetainedEarningsAccumulatedLosses 2023-12-31 04392971 d:RetainedEarningsAccumulatedLosses 2022-12-31 04392971 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 04392971 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04392971 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 04392971 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 04392971 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-12-31 04392971 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-12-31 04392971 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04392971 c:OrdinaryShareClass1 2023-12-31 04392971 c:OrdinaryShareClass1 2022-12-31 04392971 c:FRS102 2023-01-01 2023-12-31 04392971 c:Audited 2023-01-01 2023-12-31 04392971 c:FullAccounts 2023-01-01 2023-12-31 04392971 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04392971 d:WithinOneYear 2023-12-31 04392971 d:WithinOneYear 2022-12-31 04392971 d:BetweenOneFiveYears 2023-12-31 04392971 d:BetweenOneFiveYears 2022-12-31 04392971 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04392971 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04392971 6 2023-01-01 2023-12-31 04392971 7 2023-01-01 2023-12-31 04392971 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04392971 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04392971









REALISTIC GAMES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REALISTIC GAMES LIMITED
REGISTERED NUMBER: 04392971

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
430,432
402,079

Tangible assets
 6 
455,868
547,296

Investments
 7 
2,000
2,000

  
888,300
951,375

Current assets
  

Debtors
 8 
795,427
846,027

Bank and cash balances
  
720,964
311,061

  
1,516,391
1,157,088

Creditors: amounts falling due within one year
 9 
(13,195,917)
(8,651,962)

Net current liabilities
  
 
 
(11,679,526)
 
 
(7,494,874)

Total assets less current liabilities
  
(10,791,226)
(6,543,499)

Provisions for liabilities
  

Other provisions
 10 
(238,541)
(120,000)

  
 
 
(238,541)
 
 
(120,000)

Net liabilities
  
(11,029,767)
(6,663,499)

Page 1

 
REALISTIC GAMES LIMITED
REGISTERED NUMBER: 04392971
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 11 
96
96

Share premium account
  
199,996
199,996

Profit and loss account
  
(11,229,859)
(6,863,591)

  
(11,029,767)
(6,663,499)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Harris
Director

Date: 12 June 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Realistic Games Limited ("the Company") is that of gaming software design and production.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is Manor House Howbery Park, Benson Lane, Wallingford, Oxon,  England, OX10 8BA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
Based on management's assessment of the Company's financial position and resources, the Company is heavily dependent on the support of the ultimate parent. The ultimate parent has confirmed its intention to support the Company for a period of at least 12 months from the date of approval of these financial statements. The directors are therefore confident in the Company's ability to  continue to operate for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. 

Page 3

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
•  The recognition of deferred tax assets is limited to the extent that it is probable that they will    be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
•  Any deferred tax balances are reversed if and when all conditions for retaining associated tax   allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets comprise design and development costs of proprietary online games included in the Realistic Games Library.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. Management have deemed the useful life to be 3 years.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.



Page 5

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Short-term leasehold property
-
Over the length of the lease
Fixtures and fittings
-
20% straight line
Office equipment
-
33% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors 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.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

Page 7

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the Company's financial statements requires management to make significant accounting judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its significant accounting judgements and estimates.
Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made:
Useful economic life of intangible assets
Management have deemed the useful economic life of the intangible assets to be three years. This constitutes a key source of estimation uncertainty in the financial statements as not all games will generate revenue for the same length of time.
Management have based the useful economic life on the average lifespan of each game based on revenues earned.
Details of the intangible assets can be found in note 5.
Dilapidations provision
Upon termination of the current lease contract, the Company is obligated to restore the premises to the condition they were in when the leases were signed. To this effect, a dilapidations provision has been included in these financial statements and reflects the total estimated cost to fulfill this obligation. The cost is a source of estimation uncertainty, and has been measured based on the expected cost at the end of the lease.


4.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Total
30
32

Page 8

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Realistic Games Library

£



Cost


At 1 January 2023
2,683,450


Additions
305,001



At 31 December 2023

2,988,451



Amortisation


At 1 January 2023
2,281,371


Charge for the year on owned assets
276,648



At 31 December 2023

2,558,019



Net book value



At 31 December 2023
430,432



At 31 December 2022
402,079



Page 9

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
420,362
178,915
1,962
172,254
773,493


Additions
13,644
14,494
-
17,492
45,630



At 31 December 2023

434,006
193,409
1,962
189,746
819,123



Depreciation


At 1 January 2023
162,430
34,464
1,440
27,863
226,197


Charge for the year on owned assets
46,226
32,102
522
58,208
137,058



At 31 December 2023

208,656
66,566
1,962
86,071
363,255



Net book value



At 31 December 2023
225,350
126,843
-
103,675
455,868



At 31 December 2022
257,932
144,451
522
144,391
547,296

Page 10

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2,000



At 31 December 2023
2,000




Page 11

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
9,577
9,606

9,577
9,606

Due within one year

Trade debtors
252,514
289,837

Other debtors
127,858
218,528

Prepayments and accrued income
405,478
328,056

795,427
846,027



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
112,561
149,465

Amounts owed to group undertakings
12,366,829
7,872,202

Other taxation and social security
97,471
139,066

Other creditors
26,673
28,393

Accruals and deferred income
592,383
462,836

13,195,917
8,651,962


Page 12

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Provisions





Dilapidation provision
Claim Provision
Total

£
£
£





At 1 January 2023
120,000
-
120,000


Charged to profit or loss
-
118,541
118,541



At 31 December 2023
120,000
118,541
238,541

Dilapidation provisions comprise the estimated costs to restore the leasehold property to its original condition in accordance with the terms of the lease agreement.
Claim provisions comprise amounts owed to third parties following a legal settlement subsequent to the year end for which the conditions existed at the reporting date.

Page 13

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



960 (2022 - 960) Ordinary shares of £0.10 each
96
96



12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
153,512
153,093

Later than 1 year and not later than 5 years
612,791
55,365

766,303
208,458


13.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transaction with wholly-owned group undertakings.


14.


Controlling party

The immediate and ultimate parent undertaking is Promethiem AG, a company incorporated in Switzerland.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 June 2024 by Michael Wedge FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 14