Company No: 02866189 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	5	7,332		14,088
		7,332		14,088
Current assets
Stocks		1,047,835		1,754,549
Debtors	6	410,943		524,819
Cash at bank and in hand		126,064		108,563
		1,584,842		2,387,931
Creditors: amounts falling due within one year	7	( 2,282,261)		( 2,327,371)
Net current (liabilities)/assets		(697,419)		60,560
Total assets less current liabilities		(690,087)		74,648
Net (liabilities)/assets		( 690,087)		74,648
Capital and reserves
Called-up share capital	8	8		8
Profit and loss account		( 690,095 )		74,640
Total shareholder's (deficit)/funds		( 690,087)		74,648

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

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Garden Games Limited (registered number: 02866189) were approved and authorised for issue by the Director on 02 October 2026. They were signed on its behalf by:

Mr T El-Sheikh 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

Garden Games Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chadwick Farm, Garford, Abingdon, OX13 5PD, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

During the year the Company's former ultimate parent entered administration and the Company became part of a new group structure. This change had no adverse impact on the Company's trading, customer or supplier relationships, or balance sheet, and the Company and its subsidiaries have continued to trade at or above break-even throughout the period and since the year end. The new parent company has confirmed its continued strategic and financial backing, although the Company's going concern assessment does not rely on it.

On this basis, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements, and continues to adopt the going concern basis in preparing them.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 - 10 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	5 years straight line
Plant and machinery etc.	4 - 5 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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 under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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, 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 method 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below:

Intercompany balances

The directors have exercised judgement in assessing the recoverability of intercompany balances. This
assessment includes consideration of the financial position of the counterparty and the likelihood of
settlement. Where recovery is no longer considered probable, intercompany balances are written off and
recognised in the profit and loss account in the period in which that assessment is made. During the year,
certain intercompany loan balances were written off following such an assessment.

Stock valuation and obsolescence

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is
determined using the first-in-first-out (FIFO) method. Estimated selling price less costs to complete and sell,
includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions
requires judgements to be made, which include the forecasted customer demand, the promotional,
competitive and economic environment as well as the ageing of stock and the discontinuation of certain
product lines by the key suppliers. Stock is reviewed by management, taking these factors into account, and no provision is considered necessary at the year end.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	0		0

The company has no employees. All staff are employed by the parent company.

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	34,676		34,676
At 31 December 2025	34,676		34,676
Accumulated amortisation
At 01 January 2025	34,676		34,676
At 31 December 2025	34,676		34,676
Net book value
At 31 December 2025	0		0
At 31 December 2024	0		0

5. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2025	87,382		311,485		398,867
At 31 December 2025	87,382		311,485		398,867
Accumulated depreciation
At 01 January 2025	87,382		297,397		384,779
Charge for the financial year	0		6,756		6,756
At 31 December 2025	87,382		304,153		391,535
Net book value
At 31 December 2025	0		7,332		7,332
At 31 December 2024	0		14,088		14,088

6. Debtors

	2025		2024
	£		£
Trade debtors	139,934		198,920
Amounts owed by Group undertakings	36,635		131,761
Corporation tax	0		39,866
Other debtors	234,374		154,272
	410,943		524,819

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	586,803		905,533
Amounts owed to Group undertakings	1,075,920		1,043,945
Other creditors	619,538		377,893
	2,282,261		2,327,371

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
8 Ordinary shares of £ 1.00 each	8		8

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	223,696		348,720

10. Contingencies

Contingent liabilities

Asialinq Alternative Investments Vcc / Credilinq Digital Economy Fund holds a fixed and floating charge over the assets of the company.

11. Related party transactions

The company has taken advantage of the exemption provided by FRS102 Section 33, not to disclose transactions and outstanding balances with Kinia Innovations Ltd and its 100% directly controlled subsidiaries.

12. Ultimate controlling party

The immediate parent company is Old Black Dog Holdings Ltd and the ultimate parent company is Avcap Investments Luxembourg S.C.Sp. Sicav-Raif, a company registered in Luxembourg.