Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseNo description of principal activity51falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10518186 2023-06-01 2024-05-31 10518186 2022-06-01 2023-05-31 10518186 2024-05-31 10518186 2023-05-31 10518186 2022-06-01 10518186 3 2023-06-01 2024-05-31 10518186 3 2022-06-01 2023-05-31 10518186 5 2023-06-01 2024-05-31 10518186 5 2022-06-01 2023-05-31 10518186 d:Director2 2023-06-01 2024-05-31 10518186 e:ComputerEquipment 2023-06-01 2024-05-31 10518186 e:ComputerEquipment 2024-05-31 10518186 e:ComputerEquipment 2023-05-31 10518186 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10518186 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-01 2024-05-31 10518186 e:CopyrightsPatentsTrademarksServiceOperatingRights 2024-05-31 10518186 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-05-31 10518186 e:CurrentFinancialInstruments 2024-05-31 10518186 e:CurrentFinancialInstruments 2023-05-31 10518186 e:CurrentFinancialInstruments e:WithinOneYear 2024-05-31 10518186 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 10518186 e:ShareCapital 2024-05-31 10518186 e:ShareCapital 2023-05-31 10518186 e:SharePremium 2024-05-31 10518186 e:SharePremium 2023-05-31 10518186 e:RetainedEarningsAccumulatedLosses 2024-05-31 10518186 e:RetainedEarningsAccumulatedLosses 2023-05-31 10518186 d:FRS102 2023-06-01 2024-05-31 10518186 d:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10518186 d:FullAccounts 2023-06-01 2024-05-31 10518186 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10518186 e:Subsidiary1 2023-06-01 2024-05-31 10518186 e:Subsidiary1 1 2023-06-01 2024-05-31 10518186 e:Subsidiary2 2023-06-01 2024-05-31 10518186 e:Subsidiary2 1 2023-06-01 2024-05-31 10518186 e:CopyrightsPatentsTrademarksServiceOperatingRights e:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 10518186 2 2023-06-01 2024-05-31 10518186 6 2023-06-01 2024-05-31 10518186 f:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 10518186









QUEENSIDE GAMES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
QUEENSIDE GAMES LIMITED
REGISTERED NUMBER: 10518186

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
832,957
1,616,036

Tangible assets
 5 
108
162

Investments
 6 
2
2

  
833,067
1,616,200

Current assets
  

Debtors: amounts falling due within one year
 7 
636
22,681

Cash at bank and in hand
 8 
62,331
20,682

  
62,967
43,363

Creditors: amounts falling due within one year
 9 
(180,266)
(9,897)

Net current (liabilities)/assets
  
 
 
(117,299)
 
 
33,466

Total assets less current liabilities
  
715,768
1,649,666

  

Net assets
  
715,768
1,649,666


Capital and reserves
  

Called up share capital 
  
11,668
11,668

Share premium account
  
1,997,403
1,997,403

Profit and loss account
  
(1,293,303)
(359,405)

  
715,768
1,649,666


Page 1

 
QUEENSIDE GAMES LIMITED
REGISTERED NUMBER: 10518186
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Finan
Director

Date: 28 November 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
QUEENSIDE GAMES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(933,898)
(34,242)

Adjustments for:

Depreciation of tangible assets
54
80

Impairments of development costs
832,956
-

Interest paid
15,925
-

Interest received
(244)
(143)

Taxation charge
(537)
(21,077)

Decrease in debtors
22,046
19,171

(Decrease) in creditors
(5,644)
(10,882)

Corporation tax received
536
21,076

Net cash generated from operating activities

(68,806)
(26,017)


Cash flows from investing activities

Purchase of intangible fixed assets
(49,877)
(88,286)

Interest received
244
143

Net cash from investing activities

(49,633)
(88,143)

Cash flows from financing activities

Other new loans
176,013
-

Interest paid
(15,925)
-

Net cash used in financing activities
160,088
-

Net increase/(decrease) in cash and cash equivalents
41,649
(114,160)

Cash and cash equivalents at beginning of year
20,682
134,842

Cash and cash equivalents at the end of year
62,331
20,682


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
62,331
20,682

62,331
20,682


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Queenside Games Limited is a company limited by shares incorporated in England within the United Kingdom.
The address of the registered office is given in the company information page of these financial statements. The company's principal activity is the development of online games.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern. 
The directors have reviewed and considered all financial and other information available to assess the company's ability to continue as a going concern. The directors have made substantial reductions in overhead costs to preserve cash to ensure that the company has sufficient cash reserves to continue as a going concern for the foreseeable future.
Therefore, the preparation of the financial statements on a going concern basis is appropriate in the opinion of the directors.

Page 4

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

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.

Page 5

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

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. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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.

Page 7

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
33%
reducing balance basis

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.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 8

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 1).


4.


Intangible assets




Development
 costs

£



Cost


At 1 June 2023
1,616,036


Additions
49,877



At 31 May 2024

1,665,913



Amortisation


Impairment charge
832,956



At 31 May 2024

832,956



Net book value



At 31 May 2024
832,957



At 31 May 2023
1,616,036


The individual intangible assets which are material to the financial statements consist of the capitalised costs associated with the online game design and development.


Page 9

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 June 2023
1,442



At 31 May 2024

1,442



Depreciation


At 1 June 2023
1,280


Charge for the year on owned assets
54



At 31 May 2024

1,334



Net book value



At 31 May 2024
108



At 31 May 2023
162

Page 10

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
2



At 31 May 2024
2





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Queenside F2P Limited
Dormant company
£1.00 Ordinary
100%
Queenside RM Limited
Dormant company
£1.00 Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Profit/(Loss)
£

Queenside F2P Limited
-

Queenside RM Limited
-


7.


Debtors

2024
2023
£
£


Other debtors
405
1,428

Prepayments and accrued income
231
176

R&D tax credits recoverable
-
21,077

636
22,681


Page 11

 
QUEENSIDE GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
62,331
20,682

62,331
20,682



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Loan notes issued
176,013
-

Trade creditors
2,048
7,895

Amounts owed to group undertakings
2
2

Other taxation and social security
114
-

Other creditors
89
-

Accruals and deferred income
2,000
2,000

180,266
9,897





10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2023 - £99) . 


11.


Controlling party

In the opinion of the directors it is not possible to identify a controlling party.

 
Page 12