G Gaming Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

G Gaming Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08403673 . The registered office is 124 City Road, London, EC1V 2NX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

G Gaming Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales under the Companies Act 2006. The address of the registered office is given on the contents page and the principal activities of the company are set out in the Directors' report on page 2.

The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and Companies Act 2006.

These financial statements are prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 issued by the Financial Reporting Council.

The functional currency of the Company is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. The presentation currency of these financial statements is pounds sterling.

As the company is a wholly owned subsidiary of Gluck Group Limited which on 31st December 2022 underwent a change of ultimate parent to Clean Seven Seas Foundation, a company registered in Gibraltar. The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the exemptions contained in FRS 102 paragraph 1.12. As a qualifying company the following exemptions under FRS 102 are taken; requirement to disclose reconciliation of number of shares outstanding at the beginning and end of period, requirement to disclose remuneration of key management personnel and financial instrument disclosures.

The company is exempt by virtue of Section 400 of the Companies Act 2006 from the requirements to prepare group financial statements on the grounds that it is a wholly owned subsidiary of Gluck Group Limited, a company registered in Gibraltar. These financial statements present information about the company as an individual undertaking and not about its group.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated rebates and other similar allowances.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are costs relating to Trademarks. They are amortised to profit and loss account over its estimated economic life of ten years.

2.4. Intangible Fixed Assets and Amortisation - Intellectual Property

Intellectual property assets are research and development costs incurred in the creation of ready made software. It is amortised to the profit and loss account over its estimated economic life of three years. Amortisation begins when a product is live and producing economic benefit.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	33.3% straight line method
Computer Equipment	50% straight line method

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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G Gaming Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 June 2025

3. Average Number of Employees

Average number of employees, including directors, during the period was: 28 (2023: 28)

4. Intangible Assets

	Other	Development Costs	Intellectual Property	Total
	£	£	£	£
Cost
As at 1 January 2024	4,133	589,593	11,984,727	12,578,453
Additions	-	-	3,920,977	3,920,977
Disposals	-	-	(6,173,804 )	(6,173,804 )

As at 30 June 2025	4,133	589,593	9,731,900	10,325,626

Amortisation
As at 1 January 2024	1,354	287,106	3,696,936	3,985,396
Provided during the period	500	294,796	148,461	443,757

As at 30 June 2025	1,854	581,902	3,845,397	4,429,153

Net Book Value
As at 30 June 2025	2,279	7,691	5,886,503	5,896,473

As at 1 January 2024	2,779	302,487	8,287,791	8,593,057

Expenses charged to intangible fixed assets are the full value of the research and development costs based on prior period methodology.

From January 2025 the company moves away from it's original position of only capitalising the value of the R&D claim as the change to the relief available for tax years beginning after April 2024 excludes Externally Provided Workers (EPW's) who contribute significant value to the projects.

During the period ended 30 June 2025, the Group reviewed the carrying value of its capitalised development costs relating to its multiplayer platform. Following a strategic decision to abandon the original Flake engine after failing to meet technological and commercial feasibility milestones, management determined that no further economic benefits would arise from this asset. As a result, an impairment loss of £6.16 million was recognised, fully writing down the value of the original asset. The Group continues to invest in the new multiplayer engine architecture, with a carrying value of £5.51 million at the reporting date

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	2,875	114,389	117,264
Additions	161	63,458	63,619
Disposals	-	(16,012 )	(16,012 )

As at 30 June 2025	3,036	161,835	164,871

Depreciation
As at 1 January 2024	2,163	69,089	71,252
Provided during the period	443	69,481	69,924
Disposals	-	(11,381 )	(11,381 )

As at 30 June 2025	2,606	127,189	129,795

Net Book Value
As at 30 June 2025	430	34,646	35,076

As at 1 January 2024	712	45,300	46,012

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G Gaming Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 June 2025

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2024	17,381
Disposals	(246 )
Revaluations	(28 )

As at 30 June 2025	17,107

Provision
As at 1 January 2024	-

As at 30 June 2025	-

Net Book Value
As at 30 June 2025	17,107

As at 1 January 2024	17,381

On 20th June 2019 Gamevy Limited invested £2,675 (€3,000) in the wholly owned subsidiary of Gluck Games SL incorporated in Spain this is revalued as at 30th June 2025 at £2,573 (December 2023: £2,601).

In 2023 work began on incorporating a subsidiary in India, Jerriverse Private Ltd, £14,780 represents initial costs relating to this set up. The incorporation took place on 24th January 2024 with operations beginning July 2024.

On 14 October 2025, the Board approved the commencement of the wind-down and closure of the Group’s 99.5% owned subsidiary, Jerriverse Private Limited, incorporated in India.

This is a non-adjusting post balance sheet event in accordance with FRS 102 Section 32 Events after the End of the Reporting Period, and no adjustments have been made to the carrying amount of the investment as at the reporting date.

7. Debtors

	30 June 2025	31 December 2023
	£	£
Due within one year
Trade debtors	141,282	223,840
Prepayments and accrued income	255,253	300,460
Other Debtor	8,036	7,949
Futures Contract	-	261,169
VAT Debtor (Under 1 year)	726	6,206
Staff loans	3,176	4,323
Deferred Costs	11,968	-
Rent Security Deposits	434	1,439
Amounts owed by parent undertakings (Debtors < 1 year)	1,530	-
Amounts owed by associates	10,855	12,182

	433,260	817,568

Amounts owed by group companies are non-secured and repayable on demand.

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G Gaming Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 June 2025

8. Creditors: Amounts Falling Due Within One Year

	30 June 2025	31 December 2023
	£	£
Trade creditors	105,055	376,823
Other taxes and social security	71,934	67,457
Other creditors	7,066	7,068
Pension control	14,247	13,006
Employee Creditors	34,592	-
Accruals and deferred income	544,977	167,840
Amounts owed to parent undertaking	-	2,057,030
Amounts owed to associates	834,356	3,747,176

	1,612,227	6,436,400

Amounts owed to group companies are non-secured and repayable on demand.

In May 2020 Gamevy successfully applied for the government assisted short term loan in response to Covid-19. This loan has now been extended to a 10 year repayment plan following the available holiday period. Deductions began in December 2021.

Intercompany Balances and Capital Restructuring

During the period ended 30 June 2025, the Company completed a capital restructuring exercise involving the elimination of historic intercompany balances owed to its parent and related entities, Gluck Group Limited (the ultimate parent) and Gluck Ltd (an intermediate group company).

The balances originated from funding provided to support the Company’s ongoing research and development activities, including the development of its multiplayer gaming platform. These amounts were historically recorded as intercompany loans or payables.

As part of a strategic realignment of the Group’s capital structure, the outstanding intercompany balances were formally waived by Gluck Group Limited and Gluck Ltd. This transaction has been accounted for in accordance with FRS 102 requirements for the extinguishment of financial liabilities.

The waiver has been treated as a capital contribution from the parent entities.

No cash consideration was exchanged.

The transaction resulted in a corresponding credit to equity within Capital contribution reserve.

No gain or loss was recognised in profit or loss as the transaction occurred between entities under common control.

This restructuring simplifies the Company’s balance sheet and strengthens its equity base in anticipation of the future commercialisation of its internally developed multiplayer platform.

Description £

Intercompany balances waived - Parent Company 1,956,972

Intercompany balances waived - Associate Company 3,080,067

Credit to capital contribution reserve (5,037,039)

Following this transaction, the Company has minimal intercompany liabilities owed to or by Gluck Group Limited or Gluck Ltd as at 30 June 2025.

9. Share Capital

	30 June 2025	31 December 2023
	£	£
Allotted, Called up and fully paid	203,645	203,645

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G Gaming Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 June 2025

10. Post Balance Sheet Events

On 14 October 2025, the Board approved the commencement of the wind-down and closure of the Group’s 99.5% owned subsidiary, Jerriverse Private Limited, incorporated in India.

11. Ultimate Parent Undertaking and Controlling Party

The company's ultimate parent undertaking is Clean Seven Seas Foundation . Clean Seven Seas Foundation was incorporated in Gibraltar. The immediate controlling party is Gluck Group Limited who controls 100% of the shares of G Gaming Limited .

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		30 June 2025		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		5,896,473		8,593,057
Tangible Assets	5		35,076		46,012
Investments	6		17,107		17,381

			5,948,656		8,656,450
CURRENT ASSETS
Debtors	7	433,260		817,568
Cash at bank and in hand		425,181		463,672

		858,441		1,281,240
Creditors: Amounts Falling Due Within One Year	8	(1,612,227 )		(6,436,400 )

NET CURRENT ASSETS (LIABILITIES)			(753,786 )		(5,155,160 )

TOTAL ASSETS LESS CURRENT LIABILITIES			5,194,870		3,501,290

Creditors: Amounts Falling Due After More Than One Year			702,559		86,141

NET ASSETS			5,897,429		3,587,431

CAPITAL AND RESERVES
Called up share capital	9		203,645		203,645
Share premium account			996,413		996,413
Other reserves			5,037,040		-
Profit and Loss Account			(339,669 )		2,387,373

SHAREHOLDERS' FUNDS			5,897,429		3,587,431