Registration number: 06360077

Black Tree Gaming Ltd

Contents

Company Information	1
Statement of Director's Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 9

Black Tree Gaming Ltd

Company Information

Director

V E B Folmann

Registered office

Southernhay Studios Dean Clarke House Southernhay East Exeter Devon EX1 1AP

Auditors

Thompson Jenner LLP Statutory Auditors 1 Colleton Crescent Exeter Devon EX2 4DG

Black Tree Gaming Ltd

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Black Tree Gaming Ltd

(Registration number: 06360077)
Balance Sheet as at 31 December 2025

	Note	31 December 2025 £	30 September 2024 £
Fixed assets
Intangible assets	4	2,049,264	737,555
Tangible assets	5	170,326	190,386
		2,219,590	927,941
Current assets
Debtors	6	5,959,035	2,204,851
Cash at bank and in hand		3,592,940	1,768,682
		9,551,975	3,973,533
Creditors: Amounts falling due within one year	7	(2,880,044)	(2,754,600)
Net current assets		6,671,931	1,218,933
Total assets less current liabilities		8,891,521	2,146,874
Provisions for liabilities		(401,366)	(44,171)
Net assets		8,490,155	2,102,703
Capital and reserves
Called up share capital		2	2
Retained earnings		8,490,153	2,102,701
Shareholders' funds		8,490,155	2,102,703

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 May 2026
 

......................................... V E B Folmann Director

Black Tree Gaming Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Southernhay Studios
Dean Clarke House
Southernhay East
Exeter
Devon
EX1 1AP

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The financial statements are presented for a long period of 15 months. This is following the change of ownership in the year, to align the year end with that of the controlling group. Comparative amounts are therefore not entirely comparable.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 May 2026 was David Tucker, who signed for and on behalf of Thompson Jenner LLP.

Black Tree Gaming Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 December 2025

Revenue recognition

Revenue represents the fair value of consideration receivable for the sale of subscriptions and is recognised net of VAT and other sales-related taxes.

The Company sells subscriptions to access its downloadable services and electronic media through a third-party Merchant of Record (“MoR”). The MoR is responsible for processing customer payments and related obligations. Revenue is recognised based on self-billing invoices issued by the MoR to the Company and is recognised in the period to which the invoice relates.

Subscription revenue is recognised in full at the point of sale, as customers obtain immediate access to the Company’s services and content at the time of purchase. Subscriptions are non-refundable after 14 days, except at the Company’s discretion in accordance with its terms and conditions. No material ongoing performance obligations exist beyond the point of initial access.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Black Tree Gaming Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 December 2025

Asset class	Depreciation method and rate
Office equipment	25% straight line basis
Furniture and fittings	20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met:
• It is technically feasible to complete the software so that it will be available for use.
• Management intends to complete the software and use or sell it.
• There is an ability to use or sell the software.
• It can be demonstrated how the software will generate probable future economic benefits.
• Adequate technical, financial and other resources to complete the development and to use or sell the software are available.
• The expenditure attributable to the software during its development can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line
Other intangible assets	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Black Tree Gaming Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 35 (2024 - 29).

Black Tree Gaming Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 December 2025

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 October 2024	304,619	749,250	1,053,869
Additions internally developed	-	1,443,443	1,443,443
At 31 December 2025	304,619	2,192,693	2,497,312
Amortisation
At 1 October 2024	241,389	74,925	316,314
Amortisation charge	38,078	93,656	131,734
At 31 December 2025	279,467	168,581	448,048
Carrying amount
At 31 December 2025	25,152	2,024,112	2,049,264
At 30 September 2024	63,230	674,325	737,555

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 October 2024	437,432	437,432
Additions	88,017	88,017
Disposals	(22,882)	(22,882)
At 31 December 2025	502,567	502,567
Depreciation
At 1 October 2024	247,046	247,046
Charge for the period	105,833	105,833
Eliminated on disposal	(20,638)	(20,638)
At 31 December 2025	332,241	332,241
Carrying amount
At 31 December 2025	170,326	170,326
At 30 September 2024	190,386	190,386

Black Tree Gaming Ltd

Notes to the Financial Statements for the Period from 1 October 2024 to 31 December 2025

6

Debtors

	Note	31 December 2025 £	30 September 2024 £
Trade debtors		1,204,477	29,784
Amounts owed by group undertakings and undertakings in which the company has a participating interest		117,751	-
Other debtors		2,521,071	480,215
Prepayments and accrued income		2,115,736	1,694,852
Total current trade and other debtors		5,959,035	2,204,851

7

Creditors

	31 December 2025 £	30 September 2024 £
Due within one year
Trade creditors	187,607	8,935
Taxation and social security	378,351	342,401
Other creditors	16,615	29,780
Accrued expenses	2,297,471	2,373,484
	2,880,044	2,754,600

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of property operating leases not included in the balance sheet is £158,333 (2024 - £Nil).

The Company has provided a guarantee in respect of Group borrowings. The related financing arrangements are secured by a fixed and floating charge over the Company’s assets

9	Parent and ultimate parent undertaking

The company's immediate parent is Sovwood Bidco Limited, incorporated in England and Wales.

 The ultimate parent is Chosen APS, incorporated in Denmark. The registered office of Chosen APS is Sankt Annæ Plads 28, 3. 1250 København K.

 The most senior parent entity producing publicly available financial statements, in which these financial statements are consolidated, is Chosen APS. The consolidated financial statements are available upon request from the Danish Business Authority via the Central Business Register (CVR).