| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 September 2024 to 31 January 2025 |
| for |
| VARIABLE STATE LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 September 2024 to 31 January 2025 |
| for |
| VARIABLE STATE LIMITED |
| VARIABLE STATE LIMITED (REGISTERED NUMBER: 09374339) |
| Contents of the Financial Statements |
| for the period 1 September 2024 to 31 January 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| VARIABLE STATE LIMITED |
| Company Information |
| for the period 1 September 2024 to 31 January 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Preston Park House |
| South Road |
| Brighton |
| East Sussex |
| BN1 6SB |
| VARIABLE STATE LIMITED (REGISTERED NUMBER: 09374339) |
| Balance Sheet |
| 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| VARIABLE STATE LIMITED (REGISTERED NUMBER: 09374339) |
| Notes to the Financial Statements |
| for the period 1 September 2024 to 31 January 2025 |
| 1. | STATUTORY INFORMATION |
| Variable State Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
| Revenue from video game sales is recognised at the point of sale. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
| Revenue from management fees are recognised at the point of sale. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
| Tangible fixed assets |
| Computer equipment | - |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| VARIABLE STATE LIMITED (REGISTERED NUMBER: 09374339) |
| Notes to the Financial Statements - continued |
| for the period 1 September 2024 to 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Impairment policy |
| At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources through the support of its other group companies to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 September 2024 |
| Disposals | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 September 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 August 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other debtors |
| VARIABLE STATE LIMITED (REGISTERED NUMBER: 09374339) |
| Notes to the Financial Statements - continued |
| for the period 1 September 2024 to 31 January 2025 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| 7. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax | 1,820 | 3,179 |
| Deferred tax |
| £ |
| Balance at 1 September 2024 |
| Accelerated capital allowances | (1,359 | ) |
| Balance at 31 January 2025 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary A | £1.00 | 3 | 3 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the periods ended 31 January 2025 and 31 August 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| 10. | RELATED PARTY DISCLOSURES |
| During the year, the company received a dividend of £451,085 from its wholly owned subsidiary, Garnet Guillemot Limited. |