108 true false false false true true false false false false false false true false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 10 33 282,645 47,069 329,714 119,503 93,930 213,433 116,281 163,142 28,929,921 28,929,921 28,929,921 0.01 677,670 677,670 0.05 62,048 62,048 0.05 179,475 187,927 0.20 50,000 50,000 969,193 977,645 xbrli:pure xbrli:shares iso4217:GBP 13487732 2024-01-01 2024-12-31 13487732 2024-12-31 13487732 2023-12-31 13487732 2023-01-01 2023-12-31 13487732 2023-12-31 13487732 2022-12-31 13487732 bus:Consolidated 2024-01-01 2024-12-31 13487732 core:NetGoodwill 2024-01-01 2024-12-31 13487732 bus:Consolidated core:NetGoodwill 2024-01-01 2024-12-31 13487732 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 13487732 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 13487732 bus:Consolidated core:Subsidiary1 2024-01-01 2024-12-31 13487732 bus:Consolidated core:Subsidiary2 2024-01-01 2024-12-31 13487732 bus:RegisteredOffice 2024-01-01 2024-12-31 13487732 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13487732 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass2 2024-01-01 2024-12-31 13487732 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass3 2024-01-01 2024-12-31 13487732 bus:OrdinaryShareClass4 2024-01-01 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass4 2024-01-01 2024-12-31 13487732 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 13487732 bus:Consolidated bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 13487732 bus:Director2 2024-01-01 2024-12-31 13487732 bus:Director3 2024-01-01 2024-12-31 13487732 bus:Director4 2024-01-01 2024-12-31 13487732 bus:Director5 2024-01-01 2024-12-31 13487732 bus:Director6 2024-01-01 2024-12-31 13487732 bus:Director7 2024-01-01 2024-12-31 13487732 bus:Consolidated 2024-12-31 13487732 bus:Director7 2024-12-31 13487732 bus:Director4 2024-12-31 13487732 bus:Consolidated core:WithinOneYear 2024-12-31 13487732 bus:Consolidated core:WithinOneYear 2023-12-31 13487732 core:WithinOneYear 2024-12-31 13487732 core:WithinOneYear 2023-12-31 13487732 bus:Consolidated core:NetGoodwill 2023-12-31 13487732 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 13487732 bus:Consolidated 2023-12-31 13487732 bus:Consolidated core:NetGoodwill 2024-12-31 13487732 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 13487732 bus:Consolidated core:PlantMachinery 2023-12-31 13487732 bus:Consolidated core:PlantMachinery 2024-12-31 13487732 bus:Consolidated core:PlantMachinery 2024-01-01 2024-12-31 13487732 bus:Consolidated 2023-01-01 2023-12-31 13487732 core:AfterOneYear bus:Consolidated 2024-12-31 13487732 core:AfterOneYear bus:Consolidated 2023-12-31 13487732 core:AfterOneYear 2024-12-31 13487732 core:AfterOneYear 2023-12-31 13487732 bus:Consolidated core:ShareCapital 2024-01-01 2024-12-31 13487732 bus:Consolidated core:SharePremium 2024-01-01 2024-12-31 13487732 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13487732 core:ShareCapital 2024-01-01 2024-12-31 13487732 core:SharePremium 2024-01-01 2024-12-31 13487732 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13487732 bus:Consolidated 2023-12-31 13487732 bus:Consolidated core:ShareCapital 2023-01-01 2023-12-31 13487732 bus:Consolidated core:SharePremium 2023-01-01 2023-12-31 13487732 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13487732 core:ShareCapital 2023-01-01 2023-12-31 13487732 core:SharePremium 2023-01-01 2023-12-31 13487732 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13487732 bus:Consolidated core:UKTax 2024-01-01 2024-12-31 13487732 bus:Consolidated core:UKTax 2023-01-01 2023-12-31 13487732 bus:Consolidated core:ShareCapital 2024-12-31 13487732 bus:Consolidated core:ShareCapital 2023-12-31 13487732 bus:Consolidated core:SharePremium 2024-12-31 13487732 bus:Consolidated core:SharePremium 2023-12-31 13487732 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-12-31 13487732 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-12-31 13487732 core:ShareCapital 2024-12-31 13487732 core:ShareCapital 2023-12-31 13487732 core:SharePremium 2024-12-31 13487732 core:SharePremium 2023-12-31 13487732 core:RetainedEarningsAccumulatedLosses 2024-12-31 13487732 core:RetainedEarningsAccumulatedLosses 2023-12-31 13487732 bus:Consolidated core:ShareCapital 2022-12-31 13487732 bus:Consolidated core:SharePremium 2022-12-31 13487732 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-31 13487732 bus:Consolidated 2022-12-31 13487732 core:ShareCapital 2022-12-31 13487732 core:SharePremium 2022-12-31 13487732 core:RetainedEarningsAccumulatedLosses 2022-12-31 13487732 core:BetweenOneFiveYears bus:Consolidated 2023-12-31 13487732 bus:Consolidated core:NetGoodwill 2023-12-31 13487732 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 13487732 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 13487732 core:Non-currentFinancialInstruments 2024-12-31 13487732 core:Non-currentFinancialInstruments 2023-12-31 13487732 bus:Consolidated core:PlantMachinery 2023-12-31 13487732 bus:Consolidated bus:HighestPaidDirector 2024-01-01 2024-12-31 13487732 bus:Consolidated bus:HighestPaidDirector 2023-01-01 2023-12-31 13487732 bus:Director1 2024-01-01 2024-12-31 13487732 bus:MediumEntities 2024-01-01 2024-12-31 13487732 bus:Audited 2024-01-01 2024-12-31 13487732 bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13487732 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13487732 bus:FullAccounts 2024-01-01 2024-12-31 13487732 bus:OrdinaryShareClass1 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass1 2024-12-31 13487732 bus:OrdinaryShareClass1 2023-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass1 2023-12-31 13487732 bus:OrdinaryShareClass2 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass2 2024-12-31 13487732 bus:OrdinaryShareClass2 2023-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass2 2023-12-31 13487732 bus:OrdinaryShareClass3 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass3 2024-12-31 13487732 bus:OrdinaryShareClass3 2023-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass3 2023-12-31 13487732 bus:OrdinaryShareClass4 2024-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass4 2024-12-31 13487732 bus:OrdinaryShareClass4 2023-12-31 13487732 bus:Consolidated bus:OrdinaryShareClass4 2023-12-31 13487732 bus:AllOrdinaryShares 2024-12-31 13487732 bus:AllOrdinaryShares bus:Consolidated 2024-12-31 13487732 bus:AllOrdinaryShares 2023-12-31 13487732 bus:AllOrdinaryShares bus:Consolidated 2023-12-31
COMPANY REGISTRATION NUMBER: 13487732
Project Bridgerton Bidco Limited
Financial Statements
For the year ended
31 December 2024
Project Bridgerton Bidco Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
6
Independent auditor's report to the members
8
Consolidated income statement
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18
Project Bridgerton Bidco Limited
Officers and Professional Advisers
The board of directors
C Mereuta
D Alderson
A Graham (Resigned 28 June 2024)
M Willis
J Leone
M Gerhard (Served from 16 December 2024 to 31 March 2025)
Registered office
54 Charlotte Street
London
England
W1T 2NS
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Building 15, Gateway 1000
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP
Project Bridgerton Bidco Limited
Strategic Report
Year ended 31 December 2024
Our goal is to provide a fair and thorough overview of the Group's performance and development over the year, along with its financial position at the end of the reporting period. This review reflects the scale and straightforward nature of our business and takes into account the risks and uncertainties we encounter. The Group remains committed to offering high-quality wholesome video games and gaming experiences with a focus on accessibility, replay ability and social connection.
Key Performance Indicators
The Group uses a number of financial Key Performance Indicators (KPIs) as part of the ongoing management of it's operations. These include:
2024
2023
£
£
Turnover
10,770,092
11,990,192
Adjusted EBITDA
2,213,587
3,128,716
Adjusted EBITDA is defined as Earnings before interest, taxes, depreciation, amortisation and impairment, banking costs and non core or recurring items. Non core or recurring items have been excluded as they do not clearly represent on-going business activities for year-on-year comparisons.
Adjusted EBITDA is calculated below:
2024
2023
£
£
Operating loss
3,006,006
1,505,606
Amortisation
2,942,812
2,781,548
Depreciation
93,930
72,512
Foreign Exchange
32,217
75,759
Bank charges
13,093
10,521
Minimum royalty top up payments
481,827
407,316
Non core
698,671
660,898
Video Games Tax Relief
957,043
625,768
Adjusted EBITDA
2,213,587
3,128,716
Going Concern
The group has reported a loss for the period. It has a deficit of shareholder funds at the year end due to the interest and amortisation charges arising in the year outstripping the revenues. Both charges are non cash items and therefore do not impact on the day to day cash requirements of the business. The directors have prepared and reviewed budgets for the period covering at least 12 months from the date of the approval of these financial statements and are confident that the company has the ability to meet its financial requirements as they fall due for payment and the directors are satisfied that adequate cash and working capital resources will continue to be maintained and that it is therefore appropriate to prepare the financial statements on a going concern basis.
Future Developments
The games industry market remains difficult, with multiple challenges stemming from regulators, the prolonged economic crisis and users having less disposable income available to be spent for leisure and entertainment. Marmalade has managed to remain robust and resilient in face of these pressures and even to grow its games portfolio through new titles and platform expansions. The main avenues for financial growth remain new games, new distribution channels and evolving monetisation across the games portfolio.
In response to the various challenges in the market, we are adding a new revenue stream to our portfolio, by signing deals directly with platforms, in an effort to de-risk our upcoming releases. This will live alongside our existing revenue pillars and boost our financial performance without adding any additional risk to the business.
A significant portion of this year's revenue continues to come from our core portfolio of well-established games, which remain popular across multiple platforms. These titles, known for their outstanding ratings and loyal global fan base, have maintained strong performance. Over the past year, Marmalade has actively pursued growth opportunities for these games through expanded distribution and a focused live game management strategy, which began in 2023. This approach has already delivered encouraging results and will remain a key area of investment in 2025.
In parallel, our strategic expansion into subscriptions as a monetisation model has begun to gain traction. Early performance has been positive, and subscriptions are emerging as a promising revenue stream. As such, we will continue to prioritise and refine our subscription offerings going forward.
Principal Risks and Uncertainties
Despite ongoing challenges in the wider games industry-particularly within the free-to-play sector-Marmalade remains in a comparatively strong position. By adopting a premium+ model and capitalising on the global recognition of some of the most iconic board game brands, we are well equipped to weather current industry pressures and adapt to evolving regulatory landscapes. We acknowledge the following risks:
Economic Conditions
As the global economy continues to face headwinds, consumer spending on non-essential items like video games remains under pressure. This industry-wide trend reflects a broader reduction in disposable income. Despite these conditions, Marmalade games are managing to sustain their chart position and we continue to implement several resilience strategies. These include frequent price evaluations, branding partnerships, promotional bundles and targeted discounts on both base games and content expansions. Furthermore, our live game management endeavours -initiated last year in response to market contraction-continue to play a crucial role in enhancing monetisation from engaged users, helping to offset a decline in overall user numbers.
Brand Competition
Competition from free-to-play titles leveraging the same intellectual property remains a risk. Given the impact of Monopoly Go, we expect this competitive pressure to persist and similar titles based on some of our other brands to be launched in the future. However, Marmalade continues to differentiate itself by offering a true-to-board-game experience that appeals to a distinct audience. Strategic discounting helps to narrow the value gap between our premium+ offering and free alternatives, while live game management efforts are improving retention, conversion rates, and average revenue per paying user-mitigating potential losses.
Wage Pressure
Over the past year, Marmalade's London studio has continued to benefit from industry-wide layoffs, enabling it to attract experienced talent at competitive rates. However, salary pressures have intensified in Portugal, where the studio is now fully feeling the effects of sustained wage inflation. This trend, consistent with the broader Portuguese market, remains largely driven by remote work, which continues to expose local talent to international salary benchmarks. Meanwhile, the Bucharest studio-now more established-has also seen a rise in compensation expectations, mirroring those in Portugal.
In response, Marmalade has maintained a proactive compensation strategy, continuing to offer competitive remuneration packages across its locations. In particular, the company has allocated proportionally higher salary adjustments in Portugal and Romania relative to the United Kingdom, in order to attract, retain, and motivate top-tier talent in these increasingly competitive labour markets.
Workforce Restructuring
In response to ongoing economic pressures and with a clear focus on long-term sustainability, the Board has
taken proactive steps to strengthen the Group's financial position. In early 2025, the Company streamlined operations to reduce operational expenditure while protecting the core capabilities of the business. These strategic actions have returned the company to profitability and are aimed at maintaining profitability, supporting continued investment in our products, and ensuring the Group remains a going concern.
Financial Risk Management
The group remains exposed to a range of financial risks, including currency, liquidly and interest rate risk.These are managed as follows;
Currency Risk
The Group mitigates currency exposure primarily by conducting transactions in GBP and USD wherever feasible. When dealing in other currencies, we aim to match income and expenditure to reduce volatility.
Liquidity Risk
We maintain adequate liquidity to meet foreseeable requirements through a combination of internal cash flow and access to external financing. Where appropriate, short-term funding needs are supported by loans from banks and our shareholders, providing the business with the flexibility to deliver on its operational and strategic plans.
Interest Rate Risk
Exposure to interest rate fluctuations, primarily from loans and borrowings, is managed through the use of fixed-rate agreements wherever possible.
Financial key performance indicators
The board approves an annual budget for the following year and monitors performance on a monthly basis, both against that budget and a comparison to the prior year. Consolidated management accounts are prepared on a monthly basis and these include a detailed profit and loss accounts, balance sheet and appropriate key performance indicators as disclosed above.
This report was approved by the board of directors on 10 July 2025 and signed on behalf of the board by:
M Willis
Director
Registered office:
54 Charlotte Street
London
England
W1T 2NS
Project Bridgerton Bidco Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
C Mereuta
D Alderson
M Willis
J Leone
M Gerhard
(Appointed 16 December 2024)
A Graham
(Resigned 28 June 2024)
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 10 July 2025 and signed on behalf of the board by:
M Willis
Director
Registered office:
54 Charlotte Street
London
England
W1T 2NS
Project Bridgerton Bidco Limited
Independent Auditor's Report to the Members of Project Bridgerton Bidco Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Project Bridgerton Bidco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated income statement, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Heather McConnell
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Building 15, Gateway 1000
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP
4 August 2025
Project Bridgerton Bidco Limited
Consolidated Income Statement
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
10,770,092
11,987,795
Cost of sales
( 2,835,795)
( 2,768,149)
-------------
-------------
Gross profit
7,934,297
9,219,646
Administrative expenses
( 10,940,303)
( 10,567,976)
Exceptional costs
(157,276)
-------------
-------------
Operating loss
5
( 3,006,006)
( 1,505,606)
Other interest receivable and similar income
8
13,196
2,387
Interest payable and similar expenses
9
( 3,581,708)
( 3,442,754)
-------------
-------------
Loss before taxation
( 6,574,518)
( 4,945,973)
Tax on loss
10
957,043
625,769
------------
------------
Loss for the financial year
( 5,617,475)
( 4,320,204)
------------
------------
All the activities of the group are from continuing operations.
The group has no other recognised items of income and expenses other than the results for the year as set out above.
Project Bridgerton Bidco Limited
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
11
19,124,138
21,566,005
Tangible assets
12
116,281
163,142
-------------
-------------
19,240,419
21,729,147
Current assets
Debtors
14
3,590,746
3,547,126
Cash at bank and in hand
1,309,020
1,407,577
------------
------------
4,899,766
4,954,703
Creditors: amounts falling due within one year
15
14,487,067
7,959,182
-------------
------------
Net current liabilities
9,587,301
3,004,479
-------------
-------------
Total assets less current liabilities
9,653,118
18,724,668
Creditors: amounts falling due after more than one year
16
24,187,840
27,640,163
-------------
-------------
Net liabilities
( 14,534,722)
( 8,915,495)
-------------
-------------
Capital and reserves
Called up share capital
18
28,852
29,275
Share premium account
19
303,932
305,261
Profit and loss account
19
( 14,867,506)
( 9,250,031)
-------------
------------
Shareholders deficit
( 14,534,722)
( 8,915,495)
-------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 10 July 2025 , and are signed on behalf of the board by:
M Willis
Director
Company registration number: 13487732
Project Bridgerton Bidco Limited
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
13
28,929,921
28,929,921
Current assets
Debtors
14
1,169
7,945
Cash at bank and in hand
210,614
230,224
---------
---------
211,783
238,169
Creditors: amounts falling due within one year
15
15,645,338
8,627,648
-------------
------------
Net current liabilities
15,433,555
8,389,479
-------------
-------------
Total assets less current liabilities
13,496,366
20,540,442
Creditors: amounts falling due after more than one year
16
24,187,840
27,640,163
-------------
-------------
Net liabilities
( 10,691,474)
( 7,099,721)
-------------
-------------
Capital and reserves
Called up share capital
18
28,852
29,275
Share premium account
19
303,932
305,261
Profit and loss account
19
( 11,024,258)
( 7,434,257)
-------------
------------
Shareholders deficit
( 10,691,474)
( 7,099,721)
-------------
------------
The loss for the financial year of the parent company was £ 3,590,001 (2023: £ 3,387,085 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 10 July 2025 , and are signed on behalf of the board by:
M Willis
Director
Company registration number: 13487732
Project Bridgerton Bidco Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2023
25,702
309,311
( 4,929,827)
( 4,594,814)
Loss for the year
( 4,320,204)
( 4,320,204)
--------
---------
------------
------------
Total comprehensive income for the year
( 4,320,204)
( 4,320,204)
Issue of shares
3,823
6,645
10,468
Redemption of shares
( 250)
( 10,695)
( 10,945)
--------
---------
------------
------------
Total investments by and distributions to owners
3,573
( 4,050)
( 477)
At 31 December 2023
29,275
305,261
( 9,250,031)
( 8,915,495)
Loss for the year
( 5,617,475)
( 5,617,475)
--------
---------
------------
------------
Total comprehensive income for the year
( 5,617,475)
( 5,617,475)
Issue of shares
125
1,329
1,454
Cancellation of subscribed capital
( 298)
( 298)
Redemption of shares
( 250)
( 2,658)
( 2,908)
----
-------
----
-------
Total investments by and distributions to owners
( 423)
( 1,329)
( 1,752)
--------
---------
-------------
-------------
At 31 December 2024
28,852
303,932
( 14,867,506)
( 14,534,722)
--------
---------
-------------
-------------
Project Bridgerton Bidco Limited
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2023
25,725
309,550
( 4,047,172)
( 3,711,897)
Loss for the year
( 3,387,085)
( 3,387,085)
--------
---------
------------
------------
Total comprehensive income for the year
( 3,387,085)
( 3,387,085)
Issue of shares
3,800
6,645
10,445
Redemption of shares
( 250)
( 10,934)
( 11,184)
--------
---------
------------
------------
Total investments by and distributions to owners
3,550
( 4,289)
( 739)
At 31 December 2023
29,275
305,261
( 7,434,257)
( 7,099,721)
Loss for the year
( 3,590,001)
( 3,590,001)
--------
---------
------------
------------
Total comprehensive income for the year
( 3,590,001)
( 3,590,001)
Issue of shares
125
1,329
1,454
Cancellation of subscribed capital
( 298)
( 298)
Redemption of shares
( 250)
( 2,658)
( 2,908)
----
-------
----
-------
Total investments by and distributions to owners
( 423)
( 1,329)
( 1,752)
--------
---------
-------------
-------------
At 31 December 2024
28,852
303,932
( 11,024,258)
( 10,691,474)
--------
---------
-------------
-------------
Project Bridgerton Bidco Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Loss for the financial year
( 5,617,475)
( 4,320,204)
Adjustments for:
Depreciation of tangible assets
93,930
72,512
Amortisation of intangible assets
2,942,812
2,781,548
Other interest receivable and similar income
( 13,196)
( 2,387)
Interest payable and similar expenses
3,581,708
3,442,754
Tax on loss
( 957,043)
( 625,769)
Accrued expenses
324,998
36,475
Changes in:
Trade and other debtors
( 43,620)
( 565,535)
Trade and other creditors
3,300,241
1,906,187
------------
------------
Cash generated from operations
3,612,355
2,725,581
Interest paid
( 3,581,708)
( 3,442,754)
Interest received
13,196
2,387
Tax received
957,043
625,769
------------
------------
Net cash from/(used in) operating activities
1,000,886
( 89,017)
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 47,069)
( 110,358)
Purchase of intangible assets
( 500,945)
( 210,012)
------------
------------
Net cash used in investing activities
( 548,014)
( 320,370)
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
1,454
10,468
Purchase of own shares
( 3,206)
( 10,945)
Proceeds from borrowings
( 549,677)
( 300,837)
------------
------------
Net cash used in financing activities
( 551,429)
( 301,314)
------------
------------
Net decrease in cash and cash equivalents
( 98,557)
( 710,701)
Cash and cash equivalents at beginning of year
1,407,577
2,118,278
------------
------------
Cash and cash equivalents at end of year
1,309,020
1,407,577
------------
------------
Project Bridgerton Bidco Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, incorporated in the United Kingdom, registered in England and Wales. The address of the registered office is 54 Charlotte Street, London, W1T 2NS, England. The principal activity of the company during the year was that of a holding company. The principal activity of the group during the period was that of interactive leisure and entertainment software development.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The group has reported a loss for the period. It has a deficit of shareholder funds at the year end due to the interest and amortisation charges arising in the year outstripping the revenues. Both charges are non cash items and therefore do not impact on the day to day cash requirements of the business. The directors have prepared and reviewed budgets for the period covering at least 12 months from the date of the approval of these financial statements and are confident that the company has the ability to meet its financial requirements as they fall due for payment and the directors are satisfied that adequate cash and working capital resources will continue to be maintained and that it is therefore appropriate to prepare the financial statements on a going concern basis.
Disclosure exemptions
No exemptions are available under FRS102.
Consolidation
The financial statements consolidate the financial statements of Project Bridgerton Bidco Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are detailed in revenue recognition policy note, investment, employee share option and creditors due after one year notes to the financial statements and are as follows: Principal vs agent assessment Management assess the contractual agreements with its distributors and customers to establish whether the agreement constitutes a principal or an agency arrangement. This is a material judgement as the disclosure of revenue is significantly different. The company considers that online retailers are its customers as the company has no direct contact with the end users and once a product is provided to an online retailer (upon release) the company has satisfied all performance obligations associated with the agreements with these parties. Where the company has acted as agent, income is recognised as net commissions received. Capitalisation of Development costs Management review development costs and where the criteria as per section 18 of FRS102 is met, the development costs are capitalised as intangible assets. Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions, judgements and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1) Deprecation and amortisation charges The annual depreciation and amortisation charge for each class of tangible and intangible asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding Value Added Tax. Royalties are accounted for in the period in which they are earned. Product development income is recognised as contract activity progresses to reflect milestones achieved during the year. Amounts received in advance are carried forward until recognised as turnover. Licence sales are recognised over the course of the licensing agreement.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Development costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25 - 33% Straight line
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
10,770,092
11,987,795
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
2,942,812
2,781,548
Depreciation of tangible assets
93,930
72,512
Foreign exchange differences
32,217
75,759
Fees payable for the audit of the financial statements
20,700
20,000
------------
------------
6. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
106
86
Management staff
2
4
----
----
108
90
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
4,515,907
4,070,908
Social security costs
631,526
550,955
Other pension costs
139,729
127,616
------------
------------
5,287,162
4,749,479
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
473,077
475,000
Company contributions to defined contribution pension plans
23,231
23,750
---------
---------
496,308
498,750
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
3
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
494,228
329,518
Company contributions to defined contribution pension plans
24,712
10,375
---------
---------
518,940
339,893
---------
---------
In addition to the above the company incurred additional directors remuneration totalling £157,276 (2023: £157,276). This cost is considered to be exceptional and non-recurring.
8. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
13,196
2,387
--------
-------
9. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
3,581,708
3,442,754
------------
------------
10. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
( 957,043)
( 625,769)
Tax on loss
( 957,043)
( 625,769)
---------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 6,574,518)
( 4,945,973)
------------
------------
Loss on ordinary activities by rate of tax
( 1,643,630)
( 1,163,293)
Effect of expenses not deductible for tax purposes
1,237,747
1,101,137
Effect of capital allowances and depreciation
( 7,056)
Utilisation of tax losses
405,883
( 416,726)
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
( 957,043)
( 625,769)
------------
------------
Factors that may affect future tax income
The group has estimated tax losses of £22m (2023 - £22m) available to carry forward against future trading profits. No provision has been made for a deferred tax asset in respect of the carried forward losses as it is uncertain as to when these may be utilised.
11. Intangible assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
27,455,087
324,352
27,779,439
Additions
500,945
500,945
-------------
---------
-------------
At 31 December 2024
27,455,087
825,297
28,280,384
-------------
---------
-------------
Amortisation
At 1 January 2024
6,177,395
36,039
6,213,434
Charge for the year
2,745,509
197,303
2,942,812
-------------
---------
-------------
At 31 December 2024
8,922,904
233,342
9,156,246
-------------
---------
-------------
Carrying amount
At 31 December 2024
18,532,183
591,955
19,124,138
-------------
---------
-------------
At 31 December 2023
21,277,692
288,313
21,566,005
-------------
---------
-------------
The company has no intangible assets.
12. Tangible assets
Group
Plant and machinery
Total
£
£
Cost
At 1 January 2024
282,645
282,645
Additions
47,069
47,069
---------
---------
At 31 December 2024
329,714
329,714
---------
---------
Depreciation
At 1 January 2024
119,503
119,503
Charge for the year
93,930
93,930
---------
---------
At 31 December 2024
213,433
213,433
---------
---------
Carrying amount
At 31 December 2024
116,281
116,281
---------
---------
At 31 December 2023
163,142
163,142
---------
---------
The company has no tangible assets.
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
28,929,921
-------------
Impairment
At 1 January 2024 and 31 December 2024
-------------
Carrying amount
At 1 January 2024 and 31 December 2024
28,929,921
-------------
At 31 December 2023
28,929,921
-------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Marmalade Game Studio Limited
54 Charlotte Street, London, England W1T 2NS
Ordinary
100
MGS 2019 Limited
33 Charlotte Street, London, England W1T 1RR
Ordinary
100
MGS 2019 Limited is a dormant company.
14. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
34,857
7,561
Prepayments and accrued income
2,324,723
2,690,886
Corporation tax repayable
1,104,869
744,896
Other debtors
126,297
103,783
1,169
7,945
------------
------------
-------
-------
3,590,746
3,547,126
1,169
7,945
------------
------------
-------
-------
15. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
3,431,388
465,746
3,431,388
465,746
Trade creditors
173,597
158,167
13,967
13,467
Amounts owed to group undertakings
2,955,849
2,114,360
Accruals and deferred income
1,443,008
1,118,010
Social security and other taxes
158,992
149,981
131
Shareholder loan notes and interest payable
9,244,003
6,034,075
9,244,003
6,034,075
Other creditors
36,079
33,203
-------------
------------
-------------
------------
14,487,067
7,959,182
15,645,338
8,627,648
-------------
------------
-------------
------------
The bank loans are secured against the assets of the group. As at the year end, the group was in breach of certain banking covenants. As a result, the bank loans have been classified as repayable on demand in the financial statements. Subsequent to the year end, the group successfully renegotiated the loan terms with the bank and is no longer in breach of the covenants. Half of the shareholder loan notes are secured by fixed and floating charges. The remaining half are unsecured.
16. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
3,515,319
3,515,319
Shareholder loan notes
24,187,840
24,124,844
24,187,840
24,124,844
-------------
-------------
-------------
-------------
24,187,840
27,640,163
24,187,840
27,640,163
-------------
-------------
-------------
-------------
Half of the shareholder loan notes are secured by fixed and floating charges. The remaining half are unsecured.
The bank loans are secured against the assets of the group. As at the year end, the group was in breach of certain banking covenants. As a result, the bank loans have been classified as repayable on demand in the financial statements. Subsequent to the year end, the group successfully renegotiated the loan terms with the bank and is no longer in breach of the covenants.
The shareholder loan notes are repayable after 6 years from inception, interest is charged at 10% per annum and is repayable each quarter. £11.1m of the secured loan notes are listed on the Guernsey stock exchange.
17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 139,729 (2023: £ 127,616 ).
18. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Class A shares of £ 0.01 each
677,670
6,777
677,670
6,777
Ordinary Class B shares of £ 0.05 each
62,048
3,102
62,048
3,102
Ordinary Class C shares of £ 0.05 each
179,475
8,974
187,927
9,396
Ordinary Class D shares of £ 0.20 each
50,000
10,000
50,000
10,000
---------
--------
---------
--------
969,193
28,853
977,645
29,275
---------
--------
---------
--------
All shares rank pari passu.
19. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
20. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
1,407,577
(98,557)
1,309,020
Debt due within one year
(465,746)
(2,965,642)
(3,431,388)
Debt due after one year
(3,515,319)
3,515,319
------------
------------
------------
( 2,573,488)
451,120
( 2,122,368)
------------
------------
------------
21. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
120,141
443,758
Later than 1 year and not later than 5 years
120,141
---------
---------
----
----
120,141
563,899
---------
---------
----
----
22. Charges on assets
The assets of the group and company are subject to charges in favour of Silicon Valley Bank and to LDC (Managers Limited).
23. Contingencies
The purchase of Marmalade Game Studio Limited included earn out consideration of £8.8m, payable only if future performance meets prescribed limits.
24. Related party transactions
Group
Some of the directors have shareholder loan notes with the company which remained in credit throughout the period. Interest is charged at 10% per annum and the loans are repayable over a 6 year period. During the year, the shares held by one of the directors were repurchased. The Key Management Personnel are deemed to be the directors, the remuneration is disclosed in note 7. The company has taken advantage from the exemption available under FRS102 from reporting transactions with wholly owned members of the same group.
25. Controlling party
The Directors do not consider there to be an individual ultimate controlling party.