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ULTRAHORSE LIMITED

Registered Number
13045999
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

ULTRAHORSE LIMITED
Company Information
for the year from 1 December 2023 to 30 November 2024

Director

ROPOTOVS, Anatolijs

Registered Address

5th Floor 76 Wardour Street
London
W1F 0UR

Registered Number

13045999 (England and Wales)
ULTRAHORSE LIMITED
Balance Sheet as at
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36,77113,940
Investments411
6,77213,941
Current assets
Debtors5984,608806,455
Cash at bank and on hand18,30736,294
1,002,915842,749
Creditors amounts falling due within one year6(1,264,289)(677,264)
Net current assets (liabilities)(261,374)165,485
Total assets less current liabilities(254,602)179,426
Provisions for liabilities7(1,286)(2,649)
Net assets(255,888)176,777
Capital and reserves
Called up share capital11
Share premium1,087,117-
Other reserves2,484,4512,484,451
Profit and loss account(3,827,457)(2,307,675)
Shareholders' funds(255,888)176,777
The financial statements were approved and authorised for issue by the Director on 28 August 2025, and are signed on its behalf by:
ROPOTOVS, Anatolijs
Director
Registered Company No. 13045999
ULTRAHORSE LIMITED
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis of accounting in preparing its financial statements. Subsequent to the year end, the Company entered into a Binding Letter of Intent to receive grant funding valued at USD $1.7 million. The grant is payable in ZKSYNC, Xsolla ZK tokens, or another mutually agreed liquid token. The directors believe that this funding, together with existing resources, will further support the Company’s working capital requirements and strengthen its ability to meet its obligations as they fall due.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Revenue from services invoiced in advance is recognised over the period in which the related services are provided. Amounts invoiced before services are delivered are recorded as deferred income within creditors until the service is provided.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 December 2321,72521,725
At 30 November 2421,72521,725
Depreciation and impairment
At 01 December 237,7857,785
Charge for year7,1697,169
At 30 November 2414,95414,954
Net book value
At 30 November 246,7716,771
At 30 November 2313,94013,940
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 December 2311
At 30 November 2411
Net book value
At 30 November 2411
At 30 November 2311

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables80,092-
Amounts owed by group undertakings860,734661,627
Other debtors41,730120,796
Prepayments and accrued income2,05224,032
Total984,608806,455
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables200,277177,985
Amounts owed to related parties405,674463,490
Convertible loans339,108-
Other creditors70,876-
Accrued liabilities and deferred income248,35435,789
Total1,264,289677,264
Convertible loans are classified as financial liabilities and are initially recognised at the transaction price, net of any directly attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Interest on the loans is recognised in the profit and loss account as it accrues. Where the lender has an option to convert the loan into equity, no separate equity component is recognised unless the conversion feature is substantive and separately measurable. In most cases, the entire instrument is treated as a liability until conversion occurs. On 30 January 2024, the Company issued a convertible loan note with a principal value of £157,003. A further convertible loan note with a principal value of £158,386 was issued on 8 February 2024. Both notes mature nine months after their respective issue dates. Under the terms of the loan agreements: • The notes bear interest at 10% per annum if (i) they are redeemed at maturity, (ii) redeemed following a material breach, or (iii) an event of default occurs. Interest accrues daily and is payable on redemption. • The notes are redeemable at the option of the noteholder on the maturity date or following a material breach, and are subject to immediate redemption upon certain insolvency events. • The notes convert automatically into equity in the event of a qualifying fundraising or change of control, and may also be converted at the option of the noteholder by giving not less than five business days’ notice prior to maturity. At the reporting date, no conversion or redemption notices had been served and no automatic conversion event had occurred. Accordingly, the loan notes have been classified as financial liabilities and measured at amortised cost. The total carrying amount of the convertible loan notes at 30 November 2024 was £339,108, comprising principal of £315,389 and accrued interest of £23,719, which has been recognised in the profit and loss account.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,2862,649
Total1,2862,649
8.Related party transactions
As at 30 November 2024, the company owed the Director £382,935 (2023: £463,490). This loan is unsecured, non-interest bearing, and has no fixed repayment terms. In addition, the company owed £22,738 to another company controlled by the Director. This loan is interest-bearing and is subject to agreed repayment terms. During the period, Ultrahorse Limited undertook transactions with its 100% subsidiary company, Ultrahorse Games Development Ltd. Under the agreements in place between the two parties, Ultrahorse Games Development Ltd transacted with Ultrahorse Limited in respect of resourcing fees £907,325 and Ultrahorse Limited transacted with Ultrahorse Games Development Ltd in respect of development costs £907,325. At 30 November 2024, the balance due from Ultrahorse Games Development Ltd was £860,734 (2023: £661,627). This balance is unsecured, interest-free, and repayable on demand.