REGISTERED NUMBER: 05446672 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CCP GAMES UK LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

H Petursson

A Blunt

SECRETARY:

H Petursson

REGISTERED OFFICE:

Herschel House

58 Herschel Street

Slough

SL1 1PG

REGISTERED NUMBER:

05446672 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company is to provide game development services. The services include full-cycle game development, co-development, porting, live operations support, and specialized services across all platforms and genres.

During the financial year ended 31 December 2024, the company provided services amounting to £21,001k (2023: £17,983k), reflecting a successful period of continued activity and growth in turnover. The company reported a profit before tax of £1,240k (2023: £1,797k), maintaining a satisfactory gross profit margin. The directors consider the financial results for the year and the company's position at the end of the reporting period to be satisfactory and are confident that the company remains well-positioned within its market sectors.

The current financial KPIs the company monitors are summarised below.

2024 2023

Turnover £21 million £17.9million

Turnover movement £3.1 million £8 million

Profit before tax % 5.90% 9.99%

PRINCIPAL RISKS AND UNCERTAINTIES

The company has established risk management and internal control process for the identification, assessment and management of strategic, operational, financial and compliance risks likely to affect the achievement of the company's corporate and strategic objectives.

The board has overall responsibility for the company's risk management process. Day to day management of risk is performed by the company's senior management who are accountable for the risk mitigation activities. The management process is subject to ongoing review, which aims to ensure the process is effective and promotes management ownership of risk.

The board of directors sets out the financial risk policies that are implemented by the finance department. The Board considers that the financial risks do not pose a major threat to the company.

FINANCIAL AND NON-FINANCIAL KEY PERFORMANCE INDICATORS

Both revenue and profit before tax are measured as part of the company's key performance indicators, alongside average project margins. In addition, the company tracks progress against project milestones, delivery timelines, and quality assurance metrics to ensure successful development and long-term value creation.

In addition to the financial key performance indicators, Management and the Directors also monitor certain non-financial key performance indicators at the company level including employee satisfaction and retention.

The Directors are satisfied with the Company's performance.

MODERN SLAVERY ACT

The Company has taken action to comply with the regulations of the Modern Slavery Act 2015.

ON BEHALF OF THE BOARD:

H Petursson - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

H Petursson

A Blunt

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

H Petursson - Director

30 September 2025

Opinion

We have audited the financial statements of CCP Games UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 company's ability to continue as a going concern for a period of at least twelve months and one day from when the audit report attached to these financial statements is signed.

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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Strategic Report, but does not include the financial statements and our Report of the Auditors thereon.

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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Report of the Directors or the Strategic Report that are inconsistent with our overall view of the financial statements.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

Enquiring of management concerning policies and procedures relating to:

- Complying with laws and regulations and whether there were any instances of non-compliance;

- Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified management override as the area most likely to be susceptible to fraud.

Discussing within the engagement team, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

Audit response to the risks identified

As noted above, we identified management override as the matter that would most likely be susceptible to fraud. Our procedures to respond to this risk included a review of the nominal ledger and journals posted during the year and investigating large or unusual transactions.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

- Review of the disclosures in the financial statements through completion of a disclosure checklist and testing

supporting documentation to assess compliance with the Companies Act 2006;

- Safeguard review of financial statements by a Chartered Accountant not on the engagement team;

- Safeguard review of tax computations by a person qualified as a CTA, not on the engagement team;

- Review of the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

- Review of a sample for compliance with right to work checks and legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Ian Phipps (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

30 September 2025

TURNOVER

21,001,416

17,982,989

Administrative expenses

19,767,378

16,190,936

OPERATING PROFIT

4

1,234,038

1,792,053

Interest receivable and similar income

6,071

4,607

PROFIT BEFORE TAXATION

1,240,109

1,796,660

Tax on profit

5

(1,796,243

)

(3,340,849

)

PROFIT FOR THE FINANCIAL YEAR

3,036,352

5,137,509

PROFIT FOR THE YEAR

3,036,352

5,137,509

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,036,352

5,137,509

FIXED ASSETS

Tangible assets

6

1,044,936

1,269,254

Investments

7

1

1

1,044,937

1,269,255

CURRENT ASSETS

Debtors

8

6,709,593

4,689,940

Cash at bank

389,516

1,110,182

7,099,109

5,800,122

CREDITORS

Amounts falling due within one year

9

6,894,044

8,855,727

NET CURRENT ASSETS/(LIABILITIES)

205,065

(3,055,605

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,250,002

(1,786,350

)

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

1,250,001

(1,786,351

)

SHAREHOLDERS' FUNDS

1,250,002

(1,786,350

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

H Petursson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

(6,923,860

)

(6,923,859

)

Changes in equity

Total comprehensive income

-

5,137,509

5,137,509

Balance at 31 December 2023

1

(1,786,351

)

(1,786,350

)

Changes in equity

Total comprehensive income

-

3,036,352

3,036,352

Balance at 31 December 2024

1

1,250,001

1,250,002

Cash flows from operating activities

Cash generated from operations

1

(553,984

)

(359,640

)

Taxation refund

-

2,209,258

Net cash from operating activities

(553,984

)

1,849,618

Cash flows from investing activities

Purchase of tangible fixed assets

(172,753

)

(1,159,524

)

Sale of tangible fixed assets

-

809

Interest received

6,071

4,607

Net cash from investing activities

(166,682

)

(1,154,108

)

(Decrease)/increase in cash at bank

(720,666

)

695,510

Cash at bank at beginning of year

2

1,110,182

414,672

Cash at bank at end of year

2

389,516

1,110,182

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

1,240,109

1,796,660

Depreciation charges

397,071

223,433

Profit on disposal of fixed assets

-

(746

)

Finance income

(6,071

)

(4,607

)

1,631,109

2,014,740

(Increase)/decrease in trade and other debtors

(223,411

)

156,742

Decrease in trade and other creditors

(1,961,682

)

(2,531,122

)

Cash generated from operations

(553,984

)

(359,640

)

2.	CASH AT BANK

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash at bank

389,516

1,110,182

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash at bank

1,110,182

414,672

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,110,182

(720,666

)

389,516

1,110,182

(720,666

)

389,516

Total

1,110,182

(720,666

)

389,516

1.	STATUTORY INFORMATION

CCP Games UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as CCP ehf., the parent company, has confirmed it will continue to support the company for a period of at least twelve months and one day from the date the audit report attached to these financial statements is signed.

Preparation of consolidated financial statements

The financial statements contain information about CCP Games UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its intermediate parent, Pearl Abyss Iceland ehf. a company registered in Iceland, Bjargargate 1, 102 Reykjavik Iceland.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents costs recharge to CCP ehf. in accordance with their agreement. Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and are reviewed annually for signs of impairment. Depreciation is provided at the following annual rates:

Computer equipment

-

20% - 33% on cost

Leasehold improvements

-

shorter of the useful economic life or the remaining term of the lease.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairments.

Taxation

Taxation for the year 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 receivable/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 the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year 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, within a reasonable timescale.

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 and 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 and loss in the period to which they relate.

Financial instruments

Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any other financial instruments, as covered by Section 12 of FRS 102.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

6,409,043

6,031,615

Social security costs

781,799

960,117

Other pension costs

382,748

281,271

7,573,590

7,273,003

The average number of employees during the year was as follows:

31.12.24

31.12.23

Game production

65

57

Administration

9

8

Sales and marketing

5

4

79

69

31.12.24

31.12.23

£

£

Directors' remuneration

871,541

859,124

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

615,759

605,468

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

374,184

531,940

Depreciation - owned assets

397,071

223,434

Profit on disposal of fixed assets

-

(746

)

Auditors' remuneration

43,078

35,535

5.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(2,623,738

)

(3,065,020

)

Deferred tax

827,495

(275,829

)

Tax on profit

(1,796,243

)

(3,340,849

)

UK corporation tax has been charged at 25% .

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

1,240,109

1,796,660

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

310,027

422,592

Effects of:

Expenses not deductible for tax purposes

1,307

17,943

Capital allowances in excess of depreciation

-

(144,785

)

Depreciation in excess of capital allowances

60,149

-

Utilisation of tax losses

(37,611

)

(11,492

)

Adjustments to tax charge in respect of previous periods

-

(391,448

)

Structures and Buildings allowance

(1,763

)

(1,027

)

Trading profits neutralised for VGTR claim

(332,109

)

(283,231

)

VGTR tax credit

(2,623,738

)

(2,673,572

)

Deferred Tax

827,495

(275,829

)

Total tax credit

(1,796,243

)

(3,340,849

)

6.	TANGIBLE FIXED ASSETS

Leasehold

Computer

improvements

equipment

Totals

£

£

£

COST

At 1 January 2024

799,968

850,413

1,650,381

Additions

28,041

144,712

172,753

At 31 December 2024

828,009

995,125

1,823,134

DEPRECIATION

At 1 January 2024

39,276

341,851

381,127

Charge for year

175,619

221,452

397,071

At 31 December 2024

214,895

563,303

778,198

NET BOOK VALUE

At 31 December 2024

613,114

431,822

1,044,936

At 31 December 2023

760,692

508,562

1,269,254

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

8.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

29,185

22,729

Other debtors

5,329,581

2,729,845

Tax

10,999

10,999

VAT

57,261

49,797

Deferred tax asset

512,179

1,339,675

Prepayments and accrued income

428,728

225,507

6,367,933

4,378,552

Amounts falling due after more than one year:

Prepayments and accrued income

341,660

311,388

Aggregate amounts

6,709,593

4,689,940

Video games tax relief claims totalling £5,323,141 (2023: £2,699,403) are included within other debtors at the balance sheet date. The claim relating to the year ended 31 December 2023 remained outstanding at the year end and was subsequently received in January 2025. The directors believe that the pending claim relating to the year ended 31 December 2024 will be successful based on previous experience.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

311,141

99,010

Amounts owed to group undertakings

5,718,994

7,849,887

Social security and other taxes

244,658

235,655

Other creditors

136,428

127,245

Accrued expenses

482,823

543,930

6,894,044

8,855,727