REGISTERED NUMBER: 01872121 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

GAME Engineering Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

P A Ablewhite

TPA Ablewhite

REGISTERED OFFICE:

Camp Road

Witham St. Hughs

Lincoln

Lincolnshire

LN6 9TW

REGISTERED NUMBER:

01872121 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of the company during the financial year and its position at year end. This review is intended to be consistent with the size and nature of the business.

During the year ISG entered into administration. This was a significant customer and has had a short-term impact on work done and orders. However, these orders are expected to be reissued in due course. Company turnover decreased to £15,124,712 in 2025 from £21,837,897 in 2024. However, despite the fall in income, the gross profit margin was 21.8%, which is a slight decrease on the prior year margin of 22.9% as the company have managed to maintain their cost of sales.

The company continues to maintain its focus on working capital management and has maintained a healthy working capital position and positive cash balances.

We continue look to improve our working practices, increase our on-site capacity using the development space available at our current site and to enable a more streamlined approach to production and works.

PRINCIPAL RISKS AND UNCERTAINTIES

Government spending decisions - we recognise that a large proportion of income is derived from government sources and can be affected by government policy.

Economic uncertainty - the current uncertainties regarding inflation, current economic growth and the wars in Ukraine and the Middle East present several risks to the business including but not limited to impacts on the supply chain, cost increases and fuel prices.

Financial risk - the company has a broad range of customers including both private companies and public sector bodies. The risk that the company will suffer from significant levels of bad debts is managed by the diversified portfolio and well established credit control procedures across the company.

ON BEHALF OF THE BOARD:

P A Ablewhite - Director

4 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the manufacture and installation of materials processing and handling equipment, and the manufacture and installation of doors and windows for prisons.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

P A Ablewhite

TPA Ablewhite

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, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P A Ablewhite - Director

4 December 2025

Opinion

We have audited the financial statements of GAME Engineering Limited (the 'company') for the year ended 31 March 2025 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 March 2025 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 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 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 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 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 the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Mr Douglas Perry FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

4 December 2025

REVENUE

3

15,124,712

21,837,897

Cost of sales

11,823,936

16,839,973

GROSS PROFIT

3,300,776

4,997,924

Administrative expenses

2,344,699

3,067,061

956,077

1,930,863

Other operating income

-

644

OPERATING PROFIT

5

956,077

1,931,507

Interest receivable and similar income

169,314

101,437

PROFIT BEFORE TAXATION

1,125,391

2,032,944

Tax on profit

6

274,013

521,534

PROFIT FOR THE FINANCIAL YEAR

851,378

1,511,410

PROFIT FOR THE YEAR

851,378

1,511,410

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

851,378

1,511,410

FIXED ASSETS

Property, plant and equipment

8

625,115

720,091

CURRENT ASSETS

Inventories

9

283,051

218,847

Debtors

10

4,424,196

6,282,561

Cash at bank

3,252,151

3,488,137

7,959,398

9,989,545

CREDITORS

Amounts falling due within one year

11

4,688,500

7,653,340

NET CURRENT ASSETS

3,270,898

2,336,205

TOTAL ASSETS LESS CURRENT LIABILITIES

3,896,013

3,056,296

PROVISIONS FOR LIABILITIES

13

147,560

159,221

NET ASSETS

3,748,453

2,897,075

CAPITAL AND RESERVES

Called up share capital

14

100,000

100,000

Share premium

15

18,622

18,622

Capital redemption reserve

15

100

100

Retained earnings

15

3,629,731

2,778,353

SHAREHOLDERS' FUNDS

3,748,453

2,897,075

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2025 and were signed on its behalf by:

P A Ablewhite - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

100,000

2,266,943

18,622

100

2,385,665

Changes in equity

Dividends

-

(1,000,000

)

-

-

(1,000,000

)

Total comprehensive income

-

1,511,410

-

-

1,511,410

Balance at 31 March 2024

100,000

2,778,353

18,622

100

2,897,075

Changes in equity

Total comprehensive income

-

851,378

-

-

851,378

Balance at 31 March 2025

100,000

3,629,731

18,622

100

3,748,453

Cash flows from operating activities

Cash generated from operations

1

330,015

4,779,595

Tax paid

(600,000

)

(550,000

)

Net cash from operating activities

(269,985

)

4,229,595

Cash flows from investing activities

Purchase of tangible fixed assets

(288,255

)

(426,502

)

Sale of tangible fixed assets

152,940

79,292

Interest received

169,314

101,437

Net cash from investing activities

33,999

(245,773

)

Cash flows from financing activities

Equity dividends paid

-

(1,000,000

)

Net cash from financing activities

-

(1,000,000

)

(Decrease)/increase in cash and cash equivalents

(235,986

)

2,983,822

Cash and cash equivalents at beginning of year

2

3,488,137

504,315

Cash and cash equivalents at end of year

2

3,252,151

3,488,137

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

2025

2024

£

£

Profit before taxation

1,125,391

2,032,944

Depreciation charges

235,495

198,853

Profit on disposal of fixed assets

(5,203

)

(28,696

)

(Increase)/Decrease recoverable contract

1,134,400

(300,167

)

Increase/(Decrease) payments on account

58,610

347,303

Finance income

(169,314

)

(101,437

)

2,379,379

2,148,800

(Increase)/decrease in inventories

(64,204

)

33,377

Decrease in trade and other debtors

723,965

837,779

(Decrease)/increase in trade and other creditors

(2,709,125

)

1,759,639

Cash generated from operations

330,015

4,779,595

2.	CASH AND CASH EQUIVALENTS

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

3,252,151

3,488,137

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

3,488,137

504,315

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

3,488,137

(235,986

)

3,252,151

3,488,137

(235,986

)

3,252,151

Total

3,488,137

(235,986

)

3,252,151

1.	STATUTORY INFORMATION

GAME Engineering Limited 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 are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue on contracts is valued on a contract by contract basis. When the outcome of a contract can be estimated reliably contract revenue and costs are recognised by reference to the degree of completion of each contract as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred, where it is probable these costs will be recovered.

When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as an expense in the period in which they are incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as amounts recoverable on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as payments on account within creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost, 25% per annum straight line, 20% on cost and Straight line over 3 years

Fixtures and fittings

-

Straight line over 4 years

Motor vehicles

-

25% per annum straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 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.

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.

3.

REVENUE

The revenue and profit before taxation are attributable to the principal activities of the company.

An analysis of revenue by class of business is given below:

2025

2024

£

£

Project

4,730,793

7,977,133

Prison

10,393,919

13,860,764

15,124,712

21,837,897

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,193,004

3,958,847

Social security costs

340,288

452,829

Other pension costs

66,817

78,216

3,600,109

4,489,892

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

2025

2024

Factory staff

41

47

Office & administration staff

30

29

71

76

2025

2024

£

£

Directors' remuneration

70,000

698,000

5.	OPERATING PROFIT

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

2025

2024

£

£

Equipment Hire

347,737

762,968

Depreciation - owned assets

235,494

198,854

Profit on disposal of fixed assets

(5,203

)

(28,696

)

Auditors' remuneration

6,000

6,000

Auditors' remuneration for non audit work

25,915

25,200

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

293,009

431,793

Corporation tax under (over) provided in previous years

(7,335

)

-

Total current tax

285,674

431,793

Deferred tax

(11,661

)

89,741

Tax on profit

274,013

521,534

Reconciliation of total tax charge 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:

2025

2024

£

£

Profit before tax

1,125,391

2,032,944

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

281,348

508,236

Effects of:

Income not taxable for tax purposes

(1,301

)

(7,174

)

Capital allowances in excess of depreciation

-

(60,626

)

Depreciation in excess of capital allowances

12,962

-

Group Relief

-

(8,643

)

Deferred tax movement

(11,661

)

89,741

Prior year movement

(7,335

)

-

Total tax charge

274,013

521,534

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

-

1,000,000

8.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

899,109

348,757

1,139,215

2,387,081

Additions

13,911

19,901

254,443

288,255

Disposals

(567,754

)

(300,999

)

(374,728

)

(1,243,481

)

At 31 March 2025

345,266

67,659

1,018,930

1,431,855

DEPRECIATION

At 1 April 2024

756,842

320,735

589,413

1,666,990

Charge for year

45,336

17,670

172,488

235,494

Eliminated on disposal

(567,754

)

(300,999

)

(226,991

)

(1,095,744

)

At 31 March 2025

234,424

37,406

534,910

806,740

NET BOOK VALUE

At 31 March 2025

110,842

30,253

484,020

625,115

At 31 March 2024

142,267

28,022

549,802

720,091

9.	INVENTORIES

2025

2024

£

£

Stocks

283,051

218,847

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

755,066

1,735,920

Amounts recoverable on contract

3,070,456

4,204,856

VAT

129,719

38,338

Prepayments and other debtors

468,955

303,447

4,424,196

6,282,561

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Payments on account

405,913

347,303

Trade creditors

790,301

1,643,303

Amounts owed to group undertakings

3,458,124

4,603,813

Corporation tax

(130,440

)

183,886

Social security and other taxes

85,613

120,307

Other creditors and accruals

78,989

754,728

4,688,500

7,653,340