Company registration number 15868701 (England and Wales)
NAZARA TECHNOLOGIES UK
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
NAZARA TECHNOLOGIES UK
COMPANY INFORMATION
Directors
R W Davies
(Appointed 14 October 2024)
J S Saldanha
(Appointed 31 July 2024)
Company number
15868701
Registered office
4 More London
Riverside
London
England
SE1 2AU
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
NAZARA TECHNOLOGIES UK
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
NAZARA TECHNOLOGIES UK
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 1 -

The directors present the group strategic report for the period ended 31 March 2025.

Corporate Overview

Nazara Technologies UK Limited (‘Nazara UK’) is a wholly owned subsidiary of Nazara Technologies Limited, India. The entity functions as the Group’s international investment and acquisition vehicle, holding overseas gaming assets and supporting global expansion initiatives.

Entity Setup and Capital Structure:

Nazara Technologies UK Limited (Company No. 15868701) was incorporated in the United Kingdom on 31 July 2024 as a private company limited by shares with its registered office at 4 More London, Riverside, London, England, SE1 2AU and principal activity in game publishing.

At incorporation, the company’s was incorporated with a share capital of £100, 100,000 equity shares of £.001each as part of its formation documentation. Subsequently fresh Capital of £4,236,246 following a share allotment on 25 February 2025. As on March 31, 2025 the company had a share capital of 4,236,246,000 shares of GBP 0.001 each.

Strategic Role within the Nazara Group

- Drive international expansion in the UK, Europe, and North America.

- Acquire and manage IP-led gaming studios and content businesses.

- Provide centralized analytics, monetisation, and live-operations support to portfolio companies.

- Diversify revenue streams outside India and reduce concentration risk.

Key Strategic Activity – Acquisition of Fusebox Games

During FY 2024–25, Nazara UK completed the acquisition of Fusebox Games Ltd, a UK-based narrative mobile game studio. The transaction consideration was GBP 22.02 million. Post-acquisition, Fusebox became a step-down wholly owned subsidiary of Nazara Technologies Limited.

- Segment: Interactive / narrative story-based mobile games

- Flagship IPs include licensed entertainment titles such as Love Island

- Monetisation through in-app purchases and live content updates

Strategic Rationale

- Strengthens Nazara’s global IP-based gaming portfolio.

- Provides immediate presence in developed Western markets.

- Enhances margin profile through premium narrative content.

- Leverages Nazara’s analytics, user acquisition, and data capabilities to scale Fusebox titles.

NAZARA TECHNOLOGIES UK
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -

Integration & Operations

Post acquisition, Fusebox continues to operate with local management autonomy while benefiting from group-level technology, analytics, and publishing capabilities. Shared services enable improved marketing efficiency, cross-promotion, and operational scalability.

Review of the business

- Fusebox results consolidated as a step-down subsidiary under Ind AS / UK GAAP.

- Nazara UK supported through intercompany funding for acquisitions and working capital.

- Goodwill and intangible assets recognized on acquisition to be tested annually for impairment.

During the year, the Group focused on securing long term contracts with IP holders to grow the development pipeline, and continue to supporting its existing live titles. The group had a successful year with revenue earned in the year amounting to £14.4 million and EBITDA of £2.8 million.

Principal Risks

- Integration and execution risk of overseas acquisitions

- Foreign exchange exposure (GBP/USD vs INR)

- Dependence on continued performance of licensed IPs

- Regulatory and data privacy compliance across jurisdictions

Key performance measures

Management use a series of KPIs to review business conditions on a weekly and monthly basis. As well as keeping a close eye on gross profit % and net profit %, management consider player statistics (retention, DAU’s and ARPPU) and revenue ratios in relation to UA strategy (Return on ad spend) to be key in maintaining the optimum balance of costs to revenue. These KPIs are monitored monthly with adjustments made to the business to ensure they are in alignment with the directors expectations.

Outlook

Nazara UK is expected to remain the Group’s primary overseas investment platform, supporting further acquisitions and organic growth of international gaming operations. Management expects continued contribution from Fusebox and other global assets toward revenue diversification and sustainable EBITDA growth.

On behalf of the board

R W Davies
Director
16 March 2026
NAZARA TECHNOLOGIES UK
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2025.

Principal activities

The principal activity of the company and group is that of ready-made interactive leisure and entertainment software development.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

R W Davies
(Appointed 14 October 2024)
J S Saldanha
(Appointed 31 July 2024)
Post reporting date events

Post year end the company acquired 100% of the share capital of Curve Digital Entertainment Limited.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R W Davies
Director
16 March 2026
NAZARA TECHNOLOGIES UK
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the Annual Report 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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NAZARA TECHNOLOGIES UK
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NAZARA TECHNOLOGIES UK
- 5 -
Opinion

We have audited the financial statements of Nazara Technologies UK Limited (the 'parent company') and its subsidiar y (the 'group') for the period ended 31 March 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 and of the group's profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

NAZARA TECHNOLOGIES UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NAZARA TECHNOLOGIES UK
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

As part of our planning process:

- We enquired of management the systems and controls the group and company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group and company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the group and company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

- We considered the incentives and opportunities that exist in the group and company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the group and company, together with the discussions held with the group and company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank and loan balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NAZARA TECHNOLOGIES UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NAZARA TECHNOLOGIES UK
- 7 -

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 an auditor's report 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.

Dean Stevens (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit, Statutory Auditor
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
16 March 2026
NAZARA TECHNOLOGIES UK
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2025
- 8 -
Period
ended
31 March
2025
Notes
£
Turnover
3
14,432,793
Cost of sales
(12,078,493)
Gross profit
2,354,300
Administrative expenses
(2,377,716)
Operating loss
4
(23,416)
Interest receivable and similar income
7
123,205
Interest payable and similar expenses
8
(1,127,819)
Loss before taxation
(1,028,030)
Tax on loss
9
2,594,999
Profit for the financial period
1,566,969
Profit for the financial period is all attributable to the owners of the parent company.
NAZARA TECHNOLOGIES UK
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
Notes
£
£
Fixed assets
Goodwill
10
10,118,918
Other intangible assets
10
14,518,630
Total intangible assets
24,637,548
Tangible assets
11
18,801
24,656,349
Current assets
Debtors
14
8,368,890
Cash at bank and in hand
8,054,541
16,423,431
Creditors: amounts falling due within one year
15
(6,876,461)
Net current assets
9,546,970
Total assets less current liabilities
34,203,319
Creditors: amounts falling due after more than one year
16
(24,873,786)
Provisions for liabilities
Deferred tax liability
18
3,526,218
(3,526,218)
Net assets
5,803,315
Capital and reserves
Called up share capital
20
100
Share premium account
4,236,246
Profit and loss reserves
1,566,969
Total equity
5,803,315

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 16 March 2026 and are signed on its behalf by:
16 March 2026
R W Davies
Director
Company registration number 15868701 (England and Wales)
NAZARA TECHNOLOGIES UK
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
Notes
£
£
Fixed assets
Investments
12
22,021,993
Current assets
Debtors
14
6,388,309
Cash at bank and in hand
3,864,980
10,253,289
Creditors: amounts falling due within one year
15
(3,886,799)
Net current assets
6,366,490
Total assets less current liabilities
28,388,483
Creditors: amounts falling due after more than one year
16
(24,873,786)
Net assets
3,514,697
Capital and reserves
Called up share capital
20
100
Share premium account
4,236,246
Profit and loss reserves
(721,649)
Total equity
3,514,697

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £721,649.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 March 2026 and are signed on its behalf by:
16 March 2026
R W Davies
Director
Company registration number 15868701 (England and Wales)
NAZARA TECHNOLOGIES UK
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 July 2024
-
-
-
-
Period ended 31 March 2025:
Profit and total comprehensive income
-
-
1,566,969
1,566,969
Issue of share capital
20
100
4,236,246
-
4,236,346
Balance at 31 March 2025
100
4,236,246
1,566,969
5,803,315
NAZARA TECHNOLOGIES UK
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 July 2024
-
-
-
-
Period ended 31 March 2025:
Profit and total comprehensive income
-
-
(721,649)
(721,649)
Issue of share capital
20
100
4,236,246
-
4,236,346
Balance at 31 March 2025
100
4,236,246
(721,649)
3,514,697
NAZARA TECHNOLOGIES UK
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025
- 13 -
2025
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(4,976,535)
Interest paid
(1,127,819)
Income taxes refunded
1,970,161
Net cash outflow from operating activities
(4,134,193)
Investing activities
Purchase of business
(16,621,312)
Purchase of intangible assets
(413,757)
Purchase of tangible fixed assets
(9,534)
Interest received
123,205
Net cash used in investing activities
(16,921,398)
Financing activities
Proceeds from issue of shares
4,236,346
Proceeds from borrowings
24,873,786
Net cash generated from financing activities
29,110,132
Net increase in cash and cash equivalents
8,054,541
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
8,054,541
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Nazara Technologies UK Limited (“the company”) is a private limited company, limited by shares, and domiciled and incorporated in England and Wales. The registered office is 4 More London, Riverside, London, England, SE1 2AU.

The group consists of Nazara Technologies UK Limited and its subsidiary, Fusebox Games Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

The current figures cover the period from 31 July 2024 (date of incorporation) up to the date of 31 March 2025. As this is the first period since incorporation, there is no comparative prior year.

1.3
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes consideration payable and the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries are accounted for at cost less impairment.

The parent company acquired Fusebox Games Limited at 22 August 2024, acquiring 100% of the shares.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Nazara Technologies UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The group and company meets its day to day working capital requirements through the utilisation of its own funds and loan facilities.

Existing funding facilities, forecasts and projections indicate that the group and company has adequate resources to continue with some level of activity from a minimal to full levels.

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the financial statements.

1.6
Turnover

Revenue comprises distribution revenue receivable and is recognised in the profit and loss in the period it is contractually due and expended on production and other costs. Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the balance sheet until further costs are incurred or profits anticipated. At this point the deferred income is released to the profit and loss.

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Intangible assets under development are not amortised.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

T here is an option to defer the development expenditure and carry it forward as an intangible asset. T reatment of capitalised development costs requires that where development costs are recognised as an asset, they should be amortised over the periods expected to benefit from them.

Internally generated intangible assets are measured at cost on initial recognition. Cost includes all directly attributable expenditure required to create and produce the asset for its intended use.

Amortisation should begin only once commercial production has started or when the developed product or service comes into use. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

No amortisation has been recognised in relation to development costs in this period however, as assets are not yet ready for use.

Development costs
2 years
Intellectual property
6 years
1.10
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.11
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Deferred tax asset

A deferred tax asset is recognised when it has become probable that sufficient future taxable profits will be available against which the temporary difference can be utilized. Recognition, therefore involves judgement regarding the prudent forecasting of future taxable profits of the business and in applying an appropriate risk adjustment factor.

Based on future forecasts and post year end results, it has been concluded that a deferred tax asset should be recognised for the carry forward of unused tax losses.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of fixed asset investments

The group holds investments in subsidiaries which are considered for indicators of impairment at the year end. Where indicators exist, the group has considered the further earnings potential of these subsidiaries by using cash flow forecasts.

Assumptions are drawn upon in preparing the forecasts relating to turnover growth and margin. The directors have used their knowledge of the business and the industry in preparing these forecasts and the assumptions drawn require significant judgement and estimation, however, these are the directors best estimates.

Valuation of Goodwill

At the beginning of the year t he group acquired 100% of the shareholding of Fusebox Games Limited. On acquisition the group recognised goodwill, which is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

B ased on the performance of the subsidiary acquired, the directors have not recognised any impairments on the goodwill balance. Where indicators of impairment exist, the group has considered the further earnings potential of these subsidiaries by using cash flow forecasts. Assumptions are drawn upon in preparing the forecasts relating to turnover growth and margin. The directors have used their knowledge of the business and the industry in preparing these forecasts and the assumptions drawn require significant judgement and estimation, however, these are the directors best estimates.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Valuation of intellectual property

The group has recognised the value of its game applications, used in the business, at fair value on acquisition. The group consulted with external valuers to ascertain the fair value of its game applications.

The valuation is inherently subjective due to, among other factors, the individual nature, popularity and longevity of the underlying game.

The valuers relied on the income approach, and specifically applied the excess earnings method under the Income approach to estimate the fair market value of the game application. The valuers made a number of significant assumptions in the model when arriving at the fair value of the

Significant assumptions

- Earnings projection

A 15 year earnings projection was used in the valuation model

- Discount rate

A 11.75% discount rate, determined using the Weighted Average Cost of Capital, was used to calculate the Net Present Value of future earnings.

- Terminal Value

A terminal rate was not applied after a 15-year projection.

The directors believe that the assumptions used are reasonable and are in line with industry standards and that the net book value of the game application is materially in line with the market value at the year-end date.

3
Turnover and other revenue
2025
£
Turnover analysed by class of business
Games Income: IAP (iOS)
11,523,743
Games Income: IAP (Android)
1,910,740
Games Income: IAP (Santo)
19
Games Income: Ads (iOS)
747,628
Games Income: Ads (Android)
250,663
14,432,793
2025
£
Turnover analysed by geographical market
United Kingdom
2,301,955
United States
8,699,137
Rest of the World
3,431,701
14,432,793
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 22 -
2025
£
Other revenue
Interest income
123,205
4
Operating loss
2025
£
Operating loss for the period is stated after charging/(crediting):
Exchange gains
(13,157)
Fees payable to the group's auditor for the audit of the group's financial statements
5,750
Depreciation of owned tangible fixed assets
4,738
Amortisation of intangible assets
2,209,963
Operating lease charges
5,663
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2025
Number
Number
38
0

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
1,215,155
10,820
Social security costs
215,899
-
Pension costs
67,890
-
0
1,498,944
10,820
6
Directors' remuneration
2025
£
Remuneration for qualifying services
18,820

Remuneration disclosed above relates to directors of the parent company and subsidiary.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 23 -
7
Interest receivable and similar income
2025
£
Interest income
Interest on bank deposits
24
Interest receivable from group companies
105,007
Other interest income
18,174
Total income
123,205
2025
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
105,031
8
Interest payable and similar expenses
2025
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
1,127,819
9
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
(541,330)
Deferred tax
Origination and reversal of timing differences
(2,053,669)
Total tax credit
(2,594,999)
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 24 -

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Loss before taxation
(1,028,030)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(257,008)
Tax effect of expenses that are not deductible in determining taxable profit
386,517
Change in unrecognised deferred tax assets
(1,391,444)
Other permanent differences
(481,735)
Video game development tax profit adjustment
(622,546)
Deferred tax unwound
(228,783)
Taxation credit
(2,594,999)
10
Intangible fixed assets
Group
Goodwill
Development costs
Intellectual property
Total
£
£
£
£
Cost
At 31 July 2024
-
0
-
0
-
0
-
0
Additions - internally generated
-
0
413,757
-
0
413,757
Additions - business combinations
10,745,754
-
0
15,688,000
26,433,754
At 31 March 2025
10,745,754
413,757
15,688,000
26,847,511
Amortisation and impairment
At 31 July 2024
-
0
-
0
-
0
-
0
Amortisation charged for the period
626,836
-
0
1,583,127
2,209,963
At 31 March 2025
626,836
-
0
1,583,127
2,209,963
Carrying amount
At 31 March 2025
10,118,918
413,757
14,104,873
24,637,548
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 25 -
11
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 31 July 2024
-
0
Additions
9,534
Business combinations
14,005
At 31 March 2025
23,539
Depreciation and impairment
At 31 July 2024
-
0
Depreciation charged in the period
4,738
At 31 March 2025
4,738
Carrying amount
At 31 March 2025
18,801
12
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
13
-
0
22,021,993
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 July 2024
-
Additions
22,021,993
At 31 March 2025
22,021,993
Carrying amount
At 31 March 2025
22,021,993
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 26 -
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fusebox Games Ltd
4 More London, Riverside, London, England, SE1 2AU
Ordinary
100.00
14
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
2,607,676
-
0
Corporation tax recoverable
1,101,352
-
0
Amounts owed by group undertakings
-
4,190,491
Other debtors
598,121
-
0
Prepayments and accrued income
307,796
-
0
4,614,945
4,190,491
Amounts falling due after more than one year:
Other debtors
2,096,058
2,096,058
Deferred tax asset (note 18)
1,657,887
101,760
3,753,945
2,197,818
Total debtors
8,368,890
6,388,309
15
Creditors: amounts falling due within one year
Group
Company
2025
2025
£
£
Trade creditors
643,553
500
Amounts owed to group undertakings
-
0
3,330
Other taxation and social security
70,402
-
Other creditors
3,881,815
3,875,969
Accruals and deferred income
2,280,691
7,000
6,876,461
3,886,799
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 27 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
Notes
£
£
Other borrowings
17
24,873,786
24,873,786
17
Loans and overdrafts
Group
Company
2025
2025
£
£
Loans from group undertakings
17,821,000
17,821,000
Loans from related parties
7,052,786
7,052,786
24,873,786
24,873,786
Payable after one year
24,873,786
24,873,786

A loan of £7,052,786, due to a group company is expected to be repaid fully in 5 years subject to an interest rate of 8.5%. There is no penalty for early repayment.

A loan of £17,821,000, due to group undertakings is expected to be repaid fully subject to an interest rate of 8.5% upon written notice. There is no penalty for early repayment.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Assets
2025
2025
Group
£
£
Accelerated capital allowances
-
(108,140)
Tax losses
-
1,758,698
Intelluctual property
3,526,218
-
Short term timing differences
-
7,329
3,526,218
1,657,887
Liabilities
Assets
2025
2025
Company
£
£
Tax losses
-
101,760
NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
18
Deferred taxation
(Continued)
- 28 -
Group
Company
2025
2025
Movements in the period:
£
£
Asset at 31 July 2024
-
-
Credit to profit or loss
(2,053,669)
(101,760)
Other
3,922,000
-
Liability/(Asset) at 31 March 2025
1,868,331
(101,760)

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits.

The deferred tax liability set out above has arisen due to the acquisition of the intellectual property. This will be unwound over 6 years.

19
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
67,890

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
of 0.1p each
100,000
100

The ordinary shares carry to full voting rights, profit and capital distribution (including on winding up).

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 29 -
21
Acquisition of a business

On 23 August 2024 the group acquired 100% percent of the issued capital of Fusebox Games Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
-
15,688,000
15,688,000
Property, plant and equipment
14,005
-
14,005
Trade and other receivables
5,399,768
-
5,399,768
Cash and cash equivalents
1,524,712
-
1,524,712
Trade and other payables
(9,958,429)
-
(9,958,429)
Capital Contribution
2,530,183
-
2,530,183
Deferred tax
-
(3,922,000)
(3,922,000)
Total identifiable net assets
(489,761)
11,766,000
11,276,239
Goodwill
10,745,754
Total consideration
22,021,993
The consideration was satisfied by:
£
Cash
18,146,024
Deferred consideration
3,875,969
22,021,993
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
14,432,793
Profit after tax
4,425,991
22
Events after the reporting date

Post year end the company acquired 100% of the share capital of Curve Digital Entertainment Limited.

23
Controlling party

The ultimate controlling party of Nazara Technologies UK Limited is Nazara Technologies Limited, a company registered in India.

The results of Nazara Technologies UK Limited are consolidated into Nazara Technologies Limited. The accounts of Nazara Technologies Limited are publicly available.

NAZARA TECHNOLOGIES UK
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 30 -
24
Cash absorbed by group operations
2025
£
Profit after taxation
1,566,969
Adjustments for:
Taxation credited
(2,594,999)
Finance costs
1,127,819
Investment income
(123,205)
Amortisation and impairment of intangible assets
2,209,963
Depreciation and impairment of tangible fixed assets
4,738
Decrease in provisions
(3,875,969)
Movements in working capital:
Increase in debtors
(209,883)
Decrease in creditors
(3,081,968)
Cash absorbed by operations
(4,976,535)
25
Analysis of changes in net debt - group
31 July 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
-
8,054,541
8,054,541
Borrowings excluding overdrafts
-
(24,873,786)
(24,873,786)
-
(16,819,245)
(16,819,245)
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