NDREAMS LIMITED

• ◆

  Material uncertainty over going concern

  At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of at least 12 months. Despite the entity operating at a loss and the challenges in the VR market, the Group have undergone restructuring to mitigate these challenges and have the ongoing financial support of the parent company, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

• ·

  Going-concern uncertainty disclosed

• ·

  Negative shareholders' funds

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing covers about 12 months versus 9 months prior. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Saffery LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of at least 12 months. Despite the entity operating at a loss and the challenges in the VR market, the Group have undergone restructuring to mitigate these challenges and have the ongoing financial support of the parent company, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.”

Group structure

1. NDREAMS LIMITED · parent
   1. Near Light Limited 100% · UK · Development of video games
   2. Virtual Atlas Limited 100% · UK · Development of video games
   3. Virtual Chroma Limited 100% · UK · Development of video games
   4. Virtual Cyan Limited 100% · UK · Development of video games
   5. Virtual Eider Limited 100% · UK · Development of video games
   6. Virtual Green Limited 100% · UK · Development of video games
   7. Virtual Hades Limited 100% · UK · Development of video games
   8. Virtual Zeus Limited 100% · UK · Development of video games
   9. Virtual Yellow Limited 100% · UK · Development of video games
   10. Virtual Futures Limited 100% · UK · Development of video games
   11. Virtual Compass Limited 100% · UK · Development of video games

Significant events

• “After the December year end, business performance continued to decline, and little evidence of market recovery could be seen. As a result, nDreams entered a collective consultation process in early March, proposing to close two of its studios, Near Light and Compass.”
• “The process completed as planned, and approximately 80 employees were made redundant at the end of April, with further deferred redundancies also agreed for the operational team. Following this difficult process, the business appointed its Finance & Operations Director to lead a critical business transformation project.”
• “This project involves further substantial reductions across the operational cost base, the cessation of all existing property leases and closure of all in-person sites, multiple simplification measures across all back-office processes, a restructure of the legal entity matrix, transitionary arrangements for significant accounting policy changes and multiple other business simplification and cost reduction workstreams.”
• “The project continues, and is expected to cease by Q4 2026, resulting in a maintainable business model, with self-sufficient cashflows and a clearer path to longer term financial sustainability.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.