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For the year ended |
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Financial Statements |
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Contents |
Page |
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Officers and professional advisers |
1 |
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Strategic report |
2 |
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Directors' report |
6 |
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Independent auditor's report to the members |
8 |
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Consolidated income statement |
12 |
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Consolidated statement of financial position |
13 |
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Company statement of financial position |
14 |
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Consolidated statement of changes in equity |
15 |
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Company statement of changes in equity |
16 |
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Consolidated statement of cash flows |
17 |
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Notes to the financial statements |
18 |
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Officers and Professional Advisers |
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The board of directors |
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A Graham (Resigned 28 June 2024)
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M Gerhard (Served from 16 December 2024 to 31 March 2025)
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Registered office |
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England |
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Auditor |
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Chartered accountants & statutory auditor |
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Building 15, Gateway 1000 |
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Arlington Business Park |
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Stevenage |
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Hertfordshire |
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SG1 2FP |
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Strategic Report |
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2024 |
2023 |
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£ |
£ |
||
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Turnover |
10,770,092 |
11,990,192 |
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Adjusted EBITDA |
2,213,587 |
3,128,716 |
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2024 |
2023 |
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£ |
£ |
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Operating loss |
3,006,006 |
1,505,606 |
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Amortisation |
2,942,812 |
2,781,548 |
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Depreciation |
93,930 |
72,512 |
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Foreign Exchange |
32,217 |
75,759 |
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Bank charges |
13,093 |
10,521 |
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Minimum royalty top up payments |
481,827 |
407,316 |
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Non core |
698,671 |
660,898 |
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Video Games Tax Relief |
957,043 |
625,768 |
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Adjusted EBITDA |
2,213,587 |
3,128,716 |
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Director |
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Registered office: |
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England |
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Directors' Report |
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(Appointed
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(Resigned
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Director |
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Registered office: |
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England |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
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For and on behalf of |
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Chartered accountants & statutory auditor |
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Building 15, Gateway 1000 |
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Arlington Business Park |
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Stevenage |
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Hertfordshire |
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SG1 2FP |
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Consolidated Income Statement |
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2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
(
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(
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
(
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(
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Exceptional costs |
– |
(157,276) |
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------------- |
------------- |
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Operating loss |
5 |
(
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(
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Other interest receivable and similar income |
8 |
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Interest payable and similar expenses |
9 |
(
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(
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------------- |
------------- |
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Loss before taxation |
(
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(
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Tax on loss |
10 |
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------------ |
------------ |
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Loss for the financial year |
(
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(
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------------ |
------------ |
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Consolidated Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Intangible assets |
11 |
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Tangible assets |
12 |
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------------- |
------------- |
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Debtors |
14 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
15 |
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------------- |
------------ |
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Net current liabilities |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
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------------- |
------------- |
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Net liabilities |
(
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(
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------------- |
------------- |
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Called up share capital |
18 |
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Share premium account |
19 |
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Profit and loss account |
19 |
(
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(
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------------- |
------------ |
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Shareholders deficit |
(
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(
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------------- |
------------ |
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Director |
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Company Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Investments |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
15 |
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------------- |
------------ |
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Net current liabilities |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
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------------- |
------------- |
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Net liabilities |
(
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(
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||
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------------- |
------------- |
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Called up share capital |
18 |
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Share premium account |
19 |
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Profit and loss account |
19 |
(
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(
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------------- |
------------ |
|||
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Shareholders deficit |
(
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(
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||
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------------- |
------------ |
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Director |
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Consolidated Statement of Changes in Equity |
|
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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|
£ |
£ |
£ |
£ |
|
|
At 1 January 2023 |
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|
(
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(
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Loss for the year |
(
|
(
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||
|
-------- |
--------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
(
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(
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Issue of shares |
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|
– |
|
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Redemption of shares |
(
|
(
|
– |
(
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|
-------- |
--------- |
------------ |
------------ |
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Total investments by and distributions to owners |
|
(
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– |
(
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At 31 December 2023 |
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|
(
|
(
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Loss for the year |
(
|
(
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||
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-------- |
--------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
(
|
(
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Issue of shares |
|
|
– |
|
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Cancellation of subscribed capital |
(
|
– |
– |
(
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|
Redemption of shares |
(
|
(
|
– |
(
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|
---- |
------- |
---- |
------- |
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Total investments by and distributions to owners |
(
|
(
|
– |
(
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|
-------- |
--------- |
------------- |
------------- |
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At 31 December 2024 |
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|
(
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(
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-------- |
--------- |
------------- |
------------- |
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Company Statement of Changes in Equity |
|
Called up share capital |
Share premium account |
Profit and loss account |
Total |
|
|
£ |
£ |
£ |
£ |
|
|
At 1 January 2023 |
|
|
(
|
(
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|
Loss for the year |
(
|
(
|
||
|
-------- |
--------- |
------------ |
------------ |
|
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
|
Issue of shares |
|
|
– |
|
|
Redemption of shares |
(
|
(
|
– |
(
|
|
-------- |
--------- |
------------ |
------------ |
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|
Total investments by and distributions to owners |
|
(
|
– |
(
|
|
At 31 December 2023 |
|
|
(
|
(
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|
Loss for the year |
(
|
(
|
||
|
-------- |
--------- |
------------ |
------------ |
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|
Total comprehensive income for the year |
– |
– |
(
|
(
|
|
Issue of shares |
|
|
– |
|
|
Cancellation of subscribed capital |
(
|
– |
– |
(
|
|
Redemption of shares |
(
|
(
|
– |
(
|
|
---- |
------- |
---- |
------- |
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|
Total investments by and distributions to owners |
(
|
(
|
– |
(
|
|
-------- |
--------- |
------------- |
------------- |
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|
At 31 December 2024 |
|
|
(
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(
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|
-------- |
--------- |
------------- |
------------- |
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Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Loss for the financial year |
(
|
(
|
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
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Amortisation of intangible assets |
|
|
|
Other interest receivable and similar income |
(
|
(
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|
Interest payable and similar expenses |
|
|
|
Tax on loss |
(
|
(
|
|
Accrued expenses |
|
|
|
Changes in: |
||
|
Trade and other debtors |
(
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(
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Trade and other creditors |
|
|
|
------------ |
------------ |
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Cash generated from operations |
|
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Interest paid |
(
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(
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Interest received |
|
|
|
Tax received |
|
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|
------------ |
------------ |
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Net cash from/(used in) operating activities |
|
(
|
|
------------ |
------------ |
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Purchase of tangible assets |
(
|
(
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|
Purchase of intangible assets |
(
|
(
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|
------------ |
------------ |
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|
Net cash used in investing activities |
(
|
(
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|
------------ |
------------ |
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Proceeds from issue of ordinary shares |
|
|
|
Purchase of own shares |
(
|
(
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|
Proceeds from borrowings |
(
|
(
|
|
------------ |
------------ |
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|
Net cash used in financing activities |
(
|
(
|
|
------------ |
------------ |
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|
Net decrease in cash and cash equivalents |
(
|
(
|
|
Cash and cash equivalents at beginning of year |
1,407,577 |
2,118,278 |
|
------------ |
------------ |
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Cash and cash equivalents at end of year |
|
|
|
------------ |
------------ |
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|
Notes to the Financial Statements |
|
Goodwill |
- |
|
|
|
Development costs |
- |
|
|
|
Plant and machinery |
- |
25 - 33% Straight line |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Sale of goods |
|
|
|
------------- |
------------- |
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|
2024 |
2023 |
|
|
£ |
£ |
|
|
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Foreign exchange differences |
|
|
|
Fees payable for the audit of the financial statements |
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Administrative staff |
|
|
|
Management staff |
2 |
4 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
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|
2024 |
2023 |
|
|
No. |
No. |
|
|
Defined contribution plans |
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Aggregate remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
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|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest on cash and cash equivalents |
|
|
|
-------- |
------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Other interest payable and similar charges |
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
UK current tax income |
(
|
(
|
|
Tax on loss |
(
|
(
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Loss on ordinary activities before taxation |
(
|
(
|
|
------------ |
------------ |
|
|
Loss on ordinary activities by rate of tax |
(
|
(
|
|
Effect of expenses not deductible for tax purposes |
|
|
|
Effect of capital allowances and depreciation |
– |
(
|
|
Utilisation of tax losses |
|
(
|
|
Tax losses to carry forward |
– |
327,599 |
|
Other tax adjustments to decrease liability |
– |
158,339 |
|
Video game tax credits |
(957,043) |
(625,769) |
|
------------ |
------------ |
|
|
Tax on loss |
(
|
(
|
|
------------ |
------------ |
|
|
Group |
Goodwill |
Development costs |
Total |
|
£ |
£ |
£ |
|
|
Cost |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
– |
|
|
|
------------- |
--------- |
------------- |
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At 31 December 2024 |
|
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|
------------- |
--------- |
------------- |
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Amortisation |
|||
|
At 1 January 2024 |
|
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|
Charge for the year |
|
|
|
|
------------- |
--------- |
------------- |
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At 31 December 2024 |
|
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|
------------- |
--------- |
------------- |
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Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
------------- |
--------- |
------------- |
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At 31 December 2023 |
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|
------------- |
--------- |
------------- |
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Group |
Plant and machinery |
Total |
|
£ |
£ |
|
|
Cost |
||
|
At 1 January 2024 |
|
|
|
Additions |
|
|
|
--------- |
--------- |
|
|
At 31 December 2024 |
|
|
|
--------- |
--------- |
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Depreciation |
||
|
At 1 January 2024 |
|
|
|
Charge for the year |
|
|
|
--------- |
--------- |
|
|
At 31 December 2024 |
|
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|
--------- |
--------- |
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|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
--------- |
--------- |
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|
At 31 December 2023 |
|
|
|
--------- |
--------- |
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Company |
Shares in group undertakings |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
------------- |
|
|
Impairment |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
------------- |
|
|
Carrying amount |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
------------- |
|
|
At 31 December 2023 |
|
|
------------- |
|
|
Registered office |
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
|||
|
|
54 Charlotte Street, London, England W1T 2NS |
Ordinary |
100 |
|
|
33 Charlotte Street, London, England W1T 1RR |
Ordinary |
100 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
– |
– |
|
Prepayments and accrued income |
|
|
– |
– |
|
Corporation tax repayable |
|
|
– |
– |
|
Other debtors |
|
|
|
|
|
------------ |
------------ |
------- |
------- |
|
|
|
|
|
|
|
|
------------ |
------------ |
------- |
------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
|
Accruals and deferred income |
|
|
– |
– |
|
Social security and other taxes |
|
|
|
– |
|
Shareholder loan notes and interest payable |
9,244,003 |
6,034,075 |
9,244,003 |
6,034,075 |
|
Other creditors |
|
|
– |
– |
|
------------- |
------------ |
------------- |
------------ |
|
|
|
|
|
|
|
|
------------- |
------------ |
------------- |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
– |
|
– |
|
|
Shareholder loan notes |
24,187,840 |
24,124,844 |
24,187,840 |
24,124,844 |
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
6,777 |
|
6,777 |
|
|
|
3,102 |
|
3,102 |
|
|
|
8,974 |
|
9,396 |
|
|
|
10,000 |
|
10,000 |
|
--------- |
-------- |
--------- |
-------- |
|
|
|
28,853 |
|
29,275 |
|
|
--------- |
-------- |
--------- |
-------- |
|
|
At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
(98,557) |
|
|
Debt due within one year |
(465,746) |
(2,965,642) |
(3,431,388) |
|
Debt due after one year |
(3,515,319) |
3,515,319 |
– |
|
------------ |
------------ |
------------ |
|
|
(
|
|
(
|
|
|
------------ |
------------ |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
– |
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
--------- |
--------- |
---- |
---- |
|