REGISTERED NUMBER: 02102980 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

GAME Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

P A Ablewhite

Mrs D Ablewhite

REGISTERED OFFICE:

Camp Road

Witham St. Hughs

Lincoln

Lincolnshire

LN6 9TW

REGISTERED NUMBER:

02102980 (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 of the company and the group 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 group during the financial year and its position at year end. This review is intended to be consistent with the size and nature of the group.

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. Group 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 group has managed to maintain their cost of sales.

The group continues to maintain its focus on working capital management and has maintained a healthy working capital position and positive cash balances despite the increase in activity and work in progress.

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 and the group for the year ended 31 March 2025.

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

Mrs D Ablewhite

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group'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 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 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.

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 and those charged with governance around actual and potential litigation and claims;

- 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 Scott Perry (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

2,211,677

2,898,272

1,089,099

2,099,652

Other operating income

15,500

34,364

OPERATING PROFIT

5

1,104,599

2,134,016

Income from fixed asset investments

52,332

45,090

Interest receivable and similar income

175,897

105,916

228,229

151,006

PROFIT BEFORE TAXATION

1,332,828

2,285,022

Tax on profit

6

301,397

670,468

PROFIT FOR THE FINANCIAL YEAR

1,031,431

1,614,554

OTHER COMPREHENSIVE INCOME

Revaluation adjustment

Income tax relating to other comprehensive income

-

38,401

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

38,401

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,031,431

1,652,955

Profit attributable to:

Owners of the parent

1,031,431

1,614,554

Total comprehensive income attributable to:

Owners of the parent

1,031,431

1,652,955

FIXED ASSETS

Property, plant and equipment

8

2,358,523

2,444,152

Investments

9

-

-

Investment property

10

946,583

652,619

3,305,106

3,096,771

CURRENT ASSETS

Inventories

11

283,051

218,847

Debtors

12

5,062,426

6,300,927

Investments

13

3,647,210

3,571,439

Cash at bank and in hand

3,958,866

3,839,671

12,951,553

13,930,884

CREDITORS

Amounts falling due within one year

14

1,313,002

3,058,829

NET CURRENT ASSETS

11,638,551

10,872,055

TOTAL ASSETS LESS CURRENT LIABILITIES

14,943,657

13,968,826

PROVISIONS FOR LIABILITIES

16

445,956

502,556

NET ASSETS

14,497,701

13,466,270

CAPITAL AND RESERVES

Called up share capital

17

17,865

17,865

Revaluation reserve

18

1,171,426

1,171,426

Capital redemption reserve

18

13,465

13,465

Fair value reserve

18

-

104,358

Retained earnings

18

13,294,945

12,159,156

SHAREHOLDERS' FUNDS

14,497,701

13,466,270

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

FIXED ASSETS

Property, plant and equipment

8

37,408

2,061

Investments

9

670,001

670,001

Investment property

10

2,746,583

2,452,619

3,453,992

3,124,681

CURRENT ASSETS

Debtors

12

4,101,034

4,628,813

Investments

13

3,647,210

3,571,439

Cash at bank

706,714

351,533

8,454,958

8,551,785

CREDITORS

Amounts falling due within one year

14

87,305

15,934

NET CURRENT ASSETS

8,367,653

8,535,851

TOTAL ASSETS LESS CURRENT LIABILITIES

11,821,645

11,660,532

PROVISIONS FOR LIABILITIES

16

458,396

503,335

NET ASSETS

11,363,249

11,157,197

CAPITAL AND RESERVES

Called up share capital

17

17,865

17,865

Revaluation reserve

18

480,000

480,000

Capital redemption reserve

18

13,365

13,365

Fair value reserve

18

1,171,426

1,275,784

Retained earnings

18

9,680,593

9,370,183

SHAREHOLDERS' FUNDS

11,363,249

11,157,197

Company's profit for the financial year

206,052

1,129,146

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

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

17,865

10,544,602

1,212,882

Changes in equity

Total comprehensive income

-

1,614,554

(41,456

)

Balance at 31 March 2024

17,865

12,159,156

1,171,426

Changes in equity

Total comprehensive income

-

1,135,789

-

Balance at 31 March 2025

17,865

13,294,945

1,171,426

Capital

Fair

redemption

value

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

13,465

24,501

11,813,315

Changes in equity

Total comprehensive income

-

79,857

1,652,955

Balance at 31 March 2024

13,465

104,358

13,466,270

Changes in equity

Total comprehensive income

-

(104,358

)

1,031,431

Balance at 31 March 2025

13,465

-

14,497,701

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

17,865

8,241,037

518,400

Changes in equity

Total comprehensive income

-

1,129,146

(38,400

)

Balance at 31 March 2024

17,865

9,370,183

480,000

Changes in equity

Total comprehensive income

-

310,410

-

Balance at 31 March 2025

17,865

9,680,593

480,000

Capital

Fair

redemption

value

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

13,365

1,237,384

10,028,051

Changes in equity

Total comprehensive income

-

38,400

1,129,146

Balance at 31 March 2024

13,365

1,275,784

11,157,197

Changes in equity

Total comprehensive income

-

(104,358

)

206,052

Balance at 31 March 2025

13,365

1,171,426

11,363,249

Cash flows from operating activities

Cash generated from operations

1

924,683

3,888,424

Tax paid

(600,000

)

(569,642

)

Net cash from operating activities

324,683

3,318,782

Cash flows from investing activities

Purchase of tangible fixed assets

(324,117

)

(426,500

)

Purchase of investment property

(673,964

)

-

Sale of tangible fixed assets

152,940

79,292

Sale of investment property

415,050

-

Purchase of current asset investments

(787,825

)

(493,397

)

Sale of current asset investments

781,289

449,867

Interest received

175,897

105,916

Dividends received

52,332

45,090

Net cash from investing activities

(208,398

)

(239,732

)

Cash flows from financing activities

Amount withdrawn by directors

2,910

-

Net cash from financing activities

2,910

-

Increase in cash and cash equivalents

119,195

3,079,050

Cash and cash equivalents at beginning of year

2

3,839,671

760,621

Cash and cash equivalents at end of year

2

3,958,866

3,839,671

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

2025

2024

£

£

Profit before taxation

1,332,828

2,285,022

Depreciation charges

262,011

225,540

Profit on disposal of fixed assets

(112,081

)

(42,606

)

Loss/(gain) on revaluation of fixed assets

2,593

(291,451

)

(Increase)/Decrease recoverable contract

1,134,400

(300,167

)

Increase/(Decrease) Payments on account

58,610

347,303

Finance income

(228,229

)

(151,006

)

2,450,132

2,072,635

(Increase)/decrease in inventories

(64,204

)

33,377

Decrease in trade and other debtors

101,993

1,019,604

(Decrease)/increase in trade and other creditors

(1,563,238

)

762,808

Cash generated from operations

924,683

3,888,424

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

3,958,866

3,839,671

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

3,839,671

760,621

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

3,839,671

119,195

3,958,866

3,839,671

119,195

3,958,866

Liquid resources

Current asset investments

3,571,439

75,771

3,647,210

3,571,439

75,771

3,647,210

Total

7,411,110

194,966

7,606,076

1.	STATUTORY INFORMATION

GAME Holdings 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 General 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 as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements include the financial statements of the parent company and each of those companies in which it owns, directly or indirectly through subsidiaries, over 50 percent of the voting rights or in which it is in a position to govern the financial and operating policies of the entity. The companies acquired during the financial period have been consolidated from the date control was acquired. Subsidiaries sold have been included up to their date of disposal.

All intercompany transactions, balances and gains or losses on transactions between subsidiaries are eliminated as part of the consolidation process. Minority interests are presented in the consolidated balance sheets separate from the equity attributable to shareholders. Minority interests are separately disclosed in the consolidated statements of income.

Acquisitions of companies are accounted for using the purchase method. The cost of an acquisition is measured at fair value over the assets given up, shares issued or liabilities incurred or assumed at the date of acquisition including any costs directly attributable to the acquisition. The excess acquisition cost over the fair value of net assets acquired is recognised as goodwill. If the cost of acquisition is less than the fair value of the group’s share of the net assets acquired, the difference is recognised directly through profit and loss.

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.

Freehold property

-

2% of cost or valuation

Plant and machinery

-

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

Fixtures and fittings

-

25% reducing balance and Straight line over 4 years

Motor vehicles

-

25% per annum straight line

Freehold land included within freehold property has not been depreciated.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Consolidated Statement of Comprehensive Income, 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Listed current asset investments are valued at the balance sheet date at market value. All changes in fair value are recognised through the profit and loss account during the year.

Fixed asset investments

Unlisted fixed asset investments are valued at the lower of deemed cost and net realisable value.