Company registration number 08504182 (England and Wales)
KABAM GAMES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KABAM GAMES UK LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
KABAM GAMES UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
3
394,497
393,562
Current liabilities
4
(5,114)
(4,609)
Net current assets
389,383
388,953
Equity
Called up share capital
5
1
1
Retained earnings
389,382
388,952
Total equity
389,383
388,953
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on
3 October 2024
03 October 2024
Seungwon Lee
Director
Company registration number 08504182 (England and Wales)
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KABAM GAMES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2022
1
388,509
388,510
Year ended 31 December 2022:
Profit and total comprehensive income
-
443
443
Balance at 31 December 2022
1
388,952
388,953
Year ended 31 December 2023:
Profit and total comprehensive income
-
430
430
Balance at 31 December 2023
1
389,382
389,383
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KABAM GAMES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information
Kabam Games UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Revenue
Fee income represents revenue earned under a cost plus arrangement with group undertakings. Revenue is recognised as earned when the right to consideration has accrued under this contract.
1.3
Financial instruments
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A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of another entity. They are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
KABAM GAMES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
Basic financial liabilities
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Basic financial liabilities, including trade and other payables 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.5
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.
2
Employees
The company had no employees during either the current or the prior year.
3
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
394,497
391,417
Other receivables
2,145
394,497
393,562
4
Current liabilities
2023
2022
£
£
Corporation tax
314
209
Other payables
4,800
4,400
5,114
4,609
KABAM GAMES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 (2022: 1) Ordinary share of £1
1
1
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Kim Youle FCA
Statutory Auditor:
TC Group
Date of audit report:
3 October 2024
7
Parent company
The immediate parent company and the parent of the smallest group of which the company is a member is Kabam Inc., a company incorporated in the United States of America. The registered office of the parent company is 733 Seymour Street, Suite 800, Vancouver, British Columbia, V6B 0S6. The financial statements of the company are consolidated in the financial statements of Kabam Inc. These financial statements are available from its registered office.
The ultimate parent company and the parent of the largest group of which the company is a member is Netmarble Games Corporation, a company incorporated in South Korea.
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