The directors present the strategic report for the period ended 31 March 2026.

The principal activity of the company continued to be that of the company is the publishing of independent video games on PC and consoles.

Revenue for the 15-month period ended 31 March 2026 was £24.6m (2024: £24.4m for 12 months). Revenue remained broadly consistent despite the extended reporting period reflecting 15 months of trading, with the continued performance of the company’s back catalogue partially offsetting the impact of a reduced release schedule during the transition period following the acquisition.

During the period, additional content was released for For the King II, alongside successful paid downloadable content, contributing to increased transactional sales within the franchise. Human: Fall Flat also delivered year-on-year growth in transactional revenues, demonstrating the continued value derived from ongoing investment in established titles.

Under new ownership, the company signed eight new titles, strengthening the future release pipeline and positioning the business for improved performance in subsequent periods, supported by both new launches and recurring revenues from the existing catalogue.

Gross profit for the period was £6.4m (2024: £6.7m for 12 months), and the company reported an operating loss of £0.4m (2024: operating profit of £1.7m for 12 months). The reduction in profitability reflects the impact of fewer new releases during the period, although this was partially mitigated by lower administrative costs and continued operational efficiencies.

Net current liabilities decreased to £2.8m (2024: £3.7m), and cash at the end of the period was £1.3m. The Directors consider that, notwithstanding the transitional nature of the period, the company has demonstrated the resilience of its back catalogue and has established a strengthened pipeline to support future growth.

The Directors have considered the principal risks and uncertainties facing the Company. The video games industry is highly competitive and subject to rapid technological change, evolving consumer preferences and changing distribution models. The principal risks and uncertainties identified are as follows:

Liquidity and cash flow risk

The company's publishing investments are primarily funded through internally generated cash flows. Cash flow forecasts and liquidity are actively managed to ensure sufficient resources are available to meet operational requirements and investment commitments. As a member of the Nazara Technologies group, the company also has access to financial support from its ultimate parent company where appropriate, providing additional financial flexibility to support its investment strategy and working capital requirements.

Credit risk

Credit risk is limited as the Company's principal financial assets comprise cash held with reputable financial institutions and amounts receivable from established digital platform operators. The Directors do not consider the Company to be exposed to significant concentrations of credit risk.

Foreign Exchange Risk

The Company's functional and presentation currency is Pounds Sterling. Revenue is generated primarily in US dollars, while costs are incurred in multiple currencies. Fluctuations in foreign exchange rates may affect reported revenues, margins and profitability.

Market and Commercial Risk

The company operates in a competitive market for digital entertainment products. The commercial success of game releases is dependent on consumer demand, market trends, platform visibility and effective marketing. Failure to identify and publish commercially successful titles may adversely affect revenues and profitability. The Company mitigates this risk through careful portfolio selection and ongoing market analysis.

Product Development and Release Risk

The company’s performance is dependent on the successful development, acquisition and launch of high-quality games. Delays in development, cost overruns, technical issues or failure to meet player expectations may impact release schedules, sales performance and financial results. Project milestones and budgets are monitored regularly by the management throughout development in order to minimize these risks.

Platform and Distribution Risk

A significant proportion of the company's revenue is generated through digital distribution platforms operated by third parties, including console manufacturers and PC storefronts. Changes in platform policies, commercial terms, algorithms, fees or access conditions may adversely affect sales and profitability.

The board reviews these risks regularly and considers the effectiveness of the controls and mitigation measures in place.

Management monitors a range of financial and operational KPIs to assess performance against strategic objectives. Financial KPIs include revenue growth, EBITDA, EBITDA margin, operating cash flow and cash balances. Operational KPIs include the number of new publishing agreements signed, new title launches, review scores for recently released games, and pre-launch indicators such as Steam wishlists, followers and conversion rates. These measures provide management with early indicators of future commercial performance and support investment decisions.

EBITDA/ EBITDA margin

EBITDA is used by management to assess the underlying operating performance of the business before depreciation, amortisation, financing costs and taxation.

Revenue Growth

Revenue is monitored to assess the company's ability to grow its portfolio of published titles and generate sustainable income streams from both new releases and catalogue sales.

Cash Generation and Cash balance

Management closely monitors operating cash flow and cash reserves to ensure sufficient liquidity to fund publishing commitments, working capital requirements and future investment opportunities.

The Board monitors the progress of the company by reference to the following KPIs:

On behalf of the board

The directors present their annual report and financial statements for the period ended 31 March 2026.

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

Ordinary dividends were paid amounting to £18,000,000. The directors do not recommend payment of a further dividend.

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

HW Fisher Audit were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

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

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 company and of the profit or loss of the company 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; and

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

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

We have audited the financial statements of Curve Digital Publishing Limited (the 'company') for the period ended 31 March 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 March 2026 and of its 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 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 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:

• the information given in the strategic report and the directors' report 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 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 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 company. We determined that the following were most relevant: FRS 102, Companies Act 2006.

• We considered the incentives and opportunities that exist in the 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 company, together with the discussions held with the 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.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key revenue lines, for evidence of management bias.

• Obtaining third-party confirmation of material bank.

• Documenting and verifying all significant related party transactions.

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 those charged with governance of the entity.

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.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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

Curve Digital Publishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor 44-46 Sekforde Street, London, United Kingdom, EC1R 0HA.

The current figures cover the period from 1 January 2025 up to the date of 31 March 2026. The prior period figures cover the period from 1 January 2024 up to the date of 31 December 2024. There was a change in the period end due to the acquisition of the companies ultimate parent Curve Digital Entertainment Limited. Comparable amounts presented in the financial statements (including related notes) are not entirely comparable.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below

This 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:

• 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’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 of the company are consolidated in the financial statements of Nazara Technologies UK Limited.

These consolidated financial statements are available from Companies House.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Where turnover is derived from variable royalty payments, turnover is recognised from the point when the game is approved, is available for third parties to download from the online store and a sale is made by the distributor to the end user. This is when the performance obligation is satisfied by transferring the promised goods and services to the customer. Royalty revenues are considered to be variable and the company has the right to the consideration from the customer in an amount that corresponds directly with the value to the customer of the company's performance completed to date. As such, the company has elected to recognise revenue in the amount to which the group has a right to invoice.

The company also received revenue where the company agrees to make a game available to a third party platform for their customers to download for an agreed period of time for a fixed fee and with minimal future performance obligations required by the company. These contracts are determined as right to use contracts and the fixed fee is recognised on the date the game is first made available on the third part platform. Any additional revenue earned based on volume of sales in these contracts are recognised as usage-based royalties when usage occurs. If any contract includes a break clause then the revenue recognised excludes the amount that would be foregone if the break clause was exercised. The remaining revenue is recognised once the break clause has expired. Currently, there are no contracts in place that include a break clause.

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Development costs relating to self-published titles include staff time, direct materials and stage payments to developers.

Research and development expenditure is charged to the profit and loss account in the period in which it is incurred except development expenditure incurred on individual projects which meet the following criteria:

• The project is clearly defined and related expenditure is separately identifiable,

• The project is technically feasible and commercially viable,

• Current and future costs are expected to be exceeded by future sales, and

• Adequate resources exist for the project to be completed.

In such circumstances the costs are carried forward and amortised over the life of the games (typically 2 years), commencing in the year the company starts to benefit from the expenditure. Amortisation is calculated by matching the charge to the expected profile of revenue earned on a new game release (typically a ratio of 70:30 over two years) and is recorded in the income statement.

Amortisation of development costs

Amortisation of development costs commences upon launch of the asset. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, are treated as changes in accounting estimates and thus accounted for prospectively. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Profit or Loss in cost of sales.

At each reporting date, the company assesses whether there is any indication that a capitalised development asset may be impaired. If such indication exists, the asset is tested for impairment.

The useful economic life for each asset is determined at inception and is based on the expected pattern of consumption of future economic benefits for third party and sequel titles, this is generally 2 years for Live Ops, the period may extend up to six financial years.

Third Party

Third party games are video games launched across PC and other major consoles with the main benefit driven by the initial purchase of the game by the consumer and a relatively short economic life due to the volume of new games releases available to consumers. These games have a base amortisation of 2 years split as follows:

Month 1 - 30% of original, cost

Month 2-12 - 40% of original cost over period (Cumulative 70% at end of Month 12)

Month 13-24 - 30% of original cost over period (Cumulative 100% at end of Month 24)

The accelerated amortisation in early periods reflects front-loaded revenue recognition based on historical performance data and market analysis, along with specific ancillary revenue deals. For titles that have entered Early Access, amortisation is flattened to 70% across the full year, as opposed to an accelerated Month 1.

Live operations

These are games designed to support ongoing engagement and monetisation through additional content and online communities.

The amortisation method for main content is:

Month 1 - 40% straight line

Month 2-12 - 30% of original cost over period (Cumulative 70% at end of Month 12)

Month 13-24 - 30% of original cost over period (Cumulative 100% at end of Year 5)

The useful life of main content is assessed annually, considering additional content releases or other commercial factors. However, the total amortisation period does not exceed six financial years.

Downloadable content (DLC)

DLC refers to additional content released for existing base games, which may include new levels, features, story content, cosmetic items or performance updates. These are typically monetised directly through player purchases and are considered to extend or maintain the economic life of the base game.

Each DLC release is assessed individually based on its content, expected revenue profile, and impact on the original game's useful life. Where no distinct pattern of consumption is evident, the company applies a standard amortisation profile consistent with Third Party titles.

Month 1 - 30% of original, cost

Month 2-12 - 40% of original cost over period (Cumulative 70% at end of Month 12)

Month 13-24 - 30% of original cost over period (Cumulative 100% at end of Month 24)

Enhancements

Enhancements include additional free content for existing players or platform expansions. If enhancements extend the useful life of the base game, they are capitalised and amortised over a revised useful life consistent with Live operation titles.

Additional platform releases are amortised over the same expected lifespan but may follow an accelerated profile where early revenue is expected, such as from ancillary deals.

Where enhancements are assessed as minor or maintenance in nature, the costs are expensed as incurred.

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

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

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.

At each reporting period end date, the company 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.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, 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 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.

Basic financial liabilities, including creditors 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.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

The 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 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

Video Games Tax relief

Video games tax Relief (VGTR) is a tax relief that supports the development of video games in the UK which was introduced in 2014. VGTR is part of a wider creative sector tax relief which seeks to incentivise investments into UK inventions or productions that may otherwise take place outside of the country, and to promote the long-term sustainability of technology, skills and infrastructure, VGTR is recognised where management believe that a tax credit will be recoverable based on their experience of obtaining the relevant certification and the success of similar historical claims.

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.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Advance paid and received

Advances paid to third party software developers are included in other debtors if they can be recouped against future royalties and if the directors consider that recovery is likely. Where an advance is considered to be irrecoverable it is written off to cost of sales.

Advances received from third parties for software development are included in other creditors if they can be recouped against future royalties and if the directors consider that recovery is likely. Where it is considered that this cannot happen, the advance is recognised as turnover.

In the application of the company’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.

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

The company invests heavily in research and development. The identification of development costs that meet the criteria for capitalisation is dependent on management's judgement and knowledge of the work done together with any agreements made with the rights holders of a specific game. Judgements are based on the information available at each period end. Economic success of any development is assessed on a reasonable basis and a review for indicators of impairment is completed by product at each period-end date. The net book values of the development intangibles assets including rights acquired at 31 December 2025 are £4.6m (2024: £5.4m). Intangible assets are subject to amortisation and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, for example, a decision to suspend a self published title under development. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are reviewed by project for which there are separately identifiable cashflows. The key judgement in relation to development costs whether it is appropriate to capitalise the costs incurred in the first instance and that a suitable market for the game exists post publication.

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.

The useful lives of intangible assets related to capitalised development costs and the purchase price allocation in relation to acquisitions are estimated based on the expected commercial lifecycle of each title franchise or acquisition. These estimates consider factors including historical and future sales performance, player engagement trends, and anticipated market conditions. Management reviews the useful lives of these assets annually, or more frequently if indicators of impairment arise. Revisions to useful life estimates, such as due to earlier than expected obsolescence, changing market conditions or extended popularity, are applied prospectively in accordance with applicable accounting standards.

Amortisation on intangible asset class capitalised development costs is charged to cost of sales in profit or loss.

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

Their aggregate remuneration comprised:

2 (2024: 4) of the directors who served in the period are members of a defined contribution pension scheme.

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

Development costs represent expenditure on individual games which is carried forward when future recoverability from sales of the games can be foreseen with reasonable assurance. These assets are amortised in line with estimated sales from the related games, unless impairment testing identifies that in addition an impairment charge is required. During the year the group conducted a review of the capitalised development costs and determined that seven games should be impaired resulting in a net impairment charge of £0.07m (2024: £0.6m).

Publishing rights represent the future publishing rights to the video games Peaky Blinders and Hue, both of which are currently published by the company. The directors have determined that the useful life of this class of asset is 24 months, and that amortisation is to be allocated 70% in the first year and 30% in the second year.

Details of the company's subsidiaries at 31 March 2026 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

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

The deferred tax asset set out above is expected to reverse within [12 months] and relates to the utilisation of tax losses against future expected profits of the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company has taken the exemption where available in accordance with FRS102 Section 33 1a not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking to the group to which it is party to the transactions.

At the year ended 31 December 2025, the company's immediate parent company was Curve Digital Entertainment Limited, a company incorporated in the United Kingdom. The company's ultimate parent company was Nazara Technologies Limited, a company registered in India. The smallest and largest consolidation that the company was included in was that of Nazara Technologies Limited. The address of the ultimate parent's registered office is 11th Floor, Avighna House, Dr. A.B. Road, Worli, Mumbai, Maharashtra, India – 400018.