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Registered number: 04392971









REALISTIC GAMES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
REALISTIC GAMES LIMITED
REGISTERED NUMBER: 04392971

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
826,094
430,432

Tangible assets
 6 
318,997
455,868

Investments
 7 
2,000
2,000

  
1,147,091
888,300

Current assets
  

Debtors
 8 
615,068
795,427

Cash at bank and in hand
  
1,019,743
720,964

  
1,634,811
1,516,391

Creditors: amounts falling due within one year
 9 
(17,729,707)
(13,195,917)

Net current liabilities
  
 
 
(16,094,896)
 
 
(11,679,526)

Total assets less current liabilities
  
(14,947,805)
(10,791,226)

Provisions for liabilities
  

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

  
 
 
(238,541)
 
 
(238,541)

Net liabilities
  
(15,186,346)
(11,029,767)


Capital and reserves
  

Called up share capital 
 11 
96
96

Share premium account
  
199,996
199,996

Profit and loss account
  
(15,386,438)
(11,229,859)

  
(15,186,346)
(11,029,767)

Page 1

 
REALISTIC GAMES LIMITED
REGISTERED NUMBER: 04392971
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

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 Harris
Director

Date: 4 April 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

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 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

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. 

 
2.3

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.

Page 3

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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 2024

2.Accounting policies (continued)

 
2.14

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 2024

3.


Judgements 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.
Litigation provision 
Included within provisions are amounts owed to third parties following a legal settlement subsequent to the year end for which the conditions existed at the reporting date. This is a source of estimation uncertainty as the future outcome of the legal proceedings cannot be determined as at the reporting date.
The provision has been based on the estimated legal fees and settlement to resolve the matter.


4.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 30).

Page 8

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Intangible assets




Realistic Games Library

£



Cost


At 1 January 2024
2,988,451


Additions
676,592



At 31 December 2024

3,665,043



Amortisation


At 1 January 2024
2,558,019


Charge for the year on owned assets
280,930



At 31 December 2024

2,838,949



Net book value



At 31 December 2024
826,094



At 31 December 2023
430,432



Page 9

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 January 2024
434,006
193,409
1,962
189,746
819,123


Additions
26,125
-
-
1,748
27,873



At 31 December 2024

460,131
193,409
1,962
191,494
846,996



Depreciation


At 1 January 2024
208,656
66,566
1,962
86,071
363,255


Charge for the year on owned assets
70,433
33,310
-
61,001
164,744



At 31 December 2024

279,089
99,876
1,962
147,072
527,999



Net book value



At 31 December 2024
181,042
93,533
-
44,422
318,997



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

Page 10

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
2,000



At 31 December 2024
2,000





8.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
9,577
9,577

9,577
9,577

Due within one year

Trade debtors
203,831
252,514

Amounts owed by group undertakings
2,620
-

Other debtors
90,012
127,858

Prepayments and accrued income
309,028
405,478

615,068
795,427



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
158,966
112,561

Amounts owed to group undertakings
16,970,080
12,366,829

Other taxation and social security
41,775
97,471

Other creditors
12,569
26,673

Accruals and deferred income
546,317
592,383

17,729,707
13,195,917


Page 11

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Provisions





Dilapidation provision
Claim Provision
Total

£
£
£





At 1 January 2024
120,000
118,541
238,541



At 31 December 2024
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.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



960 (2023 - 960) Ordinary shares of £0.10 each
96
96



12.


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 £125,782 (2023: £152,694). Contributions totalling £12,220 (2023: £24,216) were payable to the fund at the reporting date and are included in creditors. 


13.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
153,093
153,512

Later than 1 year and not later than 5 years
54,946
216,427

208,039
369,939

Page 12

 
REALISTIC GAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


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.


15.


Controlling party

The immediate parent undertaking is Promethiem AG, a company incorporated in Switzerland.
The ultimate controlling party is the LTS Investment Fund Ltd, a Mauritius incorporated and based Trust. The registered office is Les Cascades, Edith Cavell Street, Port Louis, Republic Of Mauritius. 


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 7 April 2025 by Michael Wedge FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 13