Ultrahorse Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Ultrahorse Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13045999 . The registered office is 5th Floor 76 Wardour Street, London, W1F 0UR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The company is a parent company but is exempt from the requirement to prepare consolidated financial statements by virtue of the small groups exemption contained in section 399 of the Companies Act 2006. The group qualifies as small and therefore, the company has not prepared consolidated financial statements.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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.

2.4. 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	3 years straight line
Computer Equipment	3 years straight line

2.5. Financial Instruments

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially receognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest 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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Ultrahorse Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measure reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.9. Related parties

For the purpose of these financial statements, a related party could be a person or an entity. Careful consderation is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 December 2024	1,881	19,844	21,725
Additions	-	3,937	3,937

As at 30 November 2025	1,881	23,781	25,662

Depreciation
As at 1 December 2024	1,093	13,861	14,954
Provided during the period	621	6,169	6,790

As at 30 November 2025	1,714	20,030	21,744

...CONTINUED

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Ultrahorse Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

Net Book Value
As at 30 November 2025	167	3,751	3,918

As at 1 December 2024	788	5,983	6,771

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 December 2024	1

As at 30 November 2025	1

Provision
As at 1 December 2024	-

As at 30 November 2025	-

Net Book Value
As at 30 November 2025	1

As at 1 December 2024	1

Investments in group undertakings and participating interests.

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	-	80,092
Prepayments and accrued income	-	2,052
Other debtors	33,047	36,511
VAT	5,222	5,219
Amounts owed by group undertakings	137,999	860,734

	176,268	984,608

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	59,765	200,277
Bank loans and overdrafts	370,647	339,108
Other loans	70,876	70,876
Accruals and deferred income	188,941	248,354
Director's loan account	397,629	382,935
Amounts owed to related parties	22,739	22,739

	1,110,597	1,264,289

Convertable loans are classified as financial liabilities and are initially recognised at the transaction price, net of any directly attributable transaction costs. Subesequently, they are measured at amortised cost using the effective interest method. Interest on the loans is recongised in the profit and loss account as it accrues. Where the lender has an option to convert the loan into equity, no separate equity component is recognised unless the conversion feature is substantive and seprately measurable. In most cases, the enture instrument is treated as a liability until conversion occurs.

At the reporting date, no conversion or redemption notices have been served and no automatic conversion event had occured. Accordingly, the loan notes have been classified as financial liabilities and measured at amortised cost.

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Ultrahorse Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	745	1,286

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1	1

10. Post Balance Sheet Events

Subsequent to the year end, the company reached agreement with the lender to release the company from all obligations relating to the loan and accrued interest of £79,836. As the agreement was entered into after the reporting date, no adjustment has been made to the amounts recognised in the financial statements at the year end. The release of the liability will be recognised in the following accounting period.

11. Related Party Transactions

At 30 November 2025, the company owed the Director £397,629 (2024: £382,935). This loan is unsecured, non-interest bearing and has no fixed repayment terms.

In addition, the company owed £22,738 (2024: £22,738) to another company controlled by the Director. This loan is interest bearing and is subject to agreed repayment terms.

The company owns 100% of the issued share capital of Ultrahorse Games Development Ltd, registered number 14097083 and registered office 5th Floor 76 Wardour Street, London, United Kingdom, W1F 0UR. The principal activity of the subsidiary is that of video game development.

The company has taken advantage of the exemption available to small entities under Section 1A of Financial Reporting Standard 102 from disclosing transactions entered into between wholly-owned members of the group.

Accordingly, no related party transactions with the company’s wholly-owned subsidiary have been disclosed in these financial statements.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,918		6,771
Investments	5		1		1

			3,919		6,772
CURRENT ASSETS
Debtors	6	176,268		984,608
Cash at bank and in hand		210,918		18,307

		387,186		1,002,915
Creditors: Amounts Falling Due Within One Year	7	(1,110,597 )		(1,264,289 )

NET CURRENT ASSETS (LIABILITIES)			(723,411 )		(261,374 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(719,492 )		(254,602 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(745 )		(1,286 )

NET LIABILITIES			(720,237 )		(255,888 )

CAPITAL AND RESERVES
Called up share capital	9		1		1
Share premium account			1,087,117		1,087,117
Other reserves			2,484,451		2,484,451
Profit and Loss Account			(4,291,806 )		(3,827,457 )

SHAREHOLDERS' FUNDS			(720,237)		(255,888)