Company No: SC446877 (Scotland)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	P Burns
	C R D Van Der Kuyl

SECRETARY

Blackadders Llp

REGISTERED OFFICE	Unit 10 Water's Edge
	Camperdown Street
	Dundee
	DD1 3HY
	Scotland
	United Kingdom

COMPANY NUMBER

SC446877 (Scotland)

ACCOUNTANT	S&W Partners (Manchester) Limited
	Pall Mall
	1 Pollen Square
	59 King Street
	Manchester
	M2 4PD

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	40,818		29,880
Tangible assets	4	1,458,729		1,423,259
Investments	5	7,938,762		7,588,587
		9,438,309		9,041,726
Current assets
Debtors
- due within one year	6	16,851,413		11,404,663
- due after more than one year	6	100,000		367,808
Investments	7	10,154,749		15,100,546
Cash at bank and in hand	8	2,876,086		1,679,278
		29,982,248		28,552,295
Creditors: amounts falling due within one year	9	( 1,957,047)		( 970,911)
Net current assets		28,025,201		27,581,384
Total assets less current liabilities		37,463,510		36,623,110
Provision for liabilities	10, 11	( 95,000)		( 105,000)
Net assets		37,368,510		36,518,110
Capital and reserves
Called-up share capital	12	100		100
Fair value reserve		2,231,910		1,267,000
Profit and loss account		35,136,500		35,251,010
Total shareholders' funds		37,368,510		36,518,110

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of 4J Studios Ltd (registered number: SC446877) were approved and authorised for issue by the Board of Directors on 22 July 2026. They were signed on its behalf by:

C R D Van Der Kuyl Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

4J Studios Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Blackadders Llp, 10 Euclid Crescent, Dundee, DD1 1AG, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Foreign currency

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.

Turnover

Turnover represents royalties receivable and development services provided during the year. Income is recognised when games are sold.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Trademarks, patents and licences	3 - 5 years straight line
Website costs	5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	10 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	4 - 6 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Other financial assets, including investments in equity instruments are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. Fair value is based on quoted market prices in an active market.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loan notes 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 receipts discounted at a market rate of interest.

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	50		45

3. Intangible assets

	Trademarks, patents and licences		Website costs		Total
	£		£		£
Cost
At 01 November 2024	31,052		0		31,052
Additions	21,161		6,000		27,161
At 31 October 2025	52,213		6,000		58,213
Accumulated amortisation
At 01 November 2024	1,172		0		1,172
Charge for the financial year	15,615		608		16,223
At 31 October 2025	16,787		608		17,395
Net book value
At 31 October 2025	35,426		5,392		40,818
At 31 October 2024	29,880		0		29,880

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 November 2024	1,048,069		501,235		252,642		295,805		417,265		2,515,016
Additions	0		98,039		0		40,693		57,866		196,598
Disposals	0		0		0		0		( 2,006)		( 2,006)
At 31 October 2025	1,048,069		599,274		252,642		336,498		473,125		2,709,608
Accumulated depreciation
At 01 November 2024	20,961		325,025		209,381		191,253		345,137		1,091,757
Charge for the financial year	20,962		52,495		10,815		36,550		38,558		159,380
Disposals	0		0		0		0		( 258)		( 258)
At 31 October 2025	41,923		377,520		220,196		227,803		383,437		1,250,879
Net book value
At 31 October 2025	1,006,146		221,754		32,446		108,695		89,688		1,458,729
At 31 October 2024	1,027,108		176,210		43,261		104,552		72,128		1,423,259

5. Fixed asset investments

	Listed investments		Investments in associates		Other investments		Total
	£		£		£		£
Cost or valuation before impairment
At 01 November 2024	0		2,971,700		5,009,089		7,980,789
Additions	0		0		661,546		661,546
Disposals	0		( 290,370)		0		( 290,370)
At 31 October 2025	0		2,681,330		5,670,635		8,351,965
Provisions for impairment
At 01 November 2024	0		290,370		101,832		392,202
Reversal of impairment	0		( 290,370)		311,371		21,001
At 31 October 2025	0		0		413,203		413,203
Carrying value at 31 October 2025	0		2,681,330		5,257,432		7,938,762
Carrying value at 31 October 2024	0		2,681,330		4,907,257		7,588,587

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	35,250		3,813
Other debtors	16,816,163		11,400,850
	16,851,413		11,404,663
Debtors: amounts falling due after more than one year
Other debtors	100,000		367,808

7. Current asset investments

	2025		2024
	£		£
Listed investments – at fair value	10,754,749		15,100,546

Fair value of listed investments is determined by stock market prices.

8. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	2,876,086		1,679,278

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	47,344		58,266
Taxation and social security	1,876,650		774,623
Other creditors	33,053		138,022
	1,957,047		970,911

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	95,000		105,000

11. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 105,000)		( 135,000)
Credited to the Profit and Loss Account	10,000		30,000
At the end of financial year	( 95,000)		( 105,000)

12. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

13. Other financial commitments

As part of the company's investment portfolio the company has entered into a Limited Partnership Agreement, the company has committed to provide a certain amount of capital as part of the agreement. At 31 October 2025, the amount of unfunded commitments was £164,357 (2024 - £410,274)

14. Directors' advances, credits and guarantees

As at 31 October 2025 the amount due from the directors was £9,253,371 (2024 - £5,374,662). During the year the directors had advances of £4,015,058 (2024 - £1,043,801) and made repayments of- £136,349 (2024 - £1,144,030). Interest of £334,459 (2024 - £118,269) has been charged.

These loans are repayable on demand and interest is charged at 3.75% (2024 - 2.25%).