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"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-129": {
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"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-130": {
"value": "107600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-131": {
"value": "227500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-132": {
"value": "191900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-133": {
"value": "383000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-134": {
"value": "351300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-135": {
"value": "11200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-136": {
"value": "10000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-137": {
"value": "50500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-138": {
"value": "46300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-139": {
"value": "1000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-140": {
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"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-141": {
"value": "900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-142": {
"value": "900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-143": {
"value": "63600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-144": {
"value": "58400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-145": {
"value": "163900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-146": {
"value": "133500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-147": {
"value": "34000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-148": {
"value": "37200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-149": {
"value": "1100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-150": {
"value": "700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-151": {
"value": "1600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-152": {
"value": "1700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-153": {
"value": "1900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-154": {
"value": "1900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-155": {
"value": "38600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-156": {
"value": "41500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "280800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "251400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "1600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "1600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-161": {
"value": "23400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "21600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "255200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-166": {
"value": "227400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-167": {
"value": "280800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2025-06-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-168": {
"value": "251400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-318": {
"value": "The financial statements on pages 68 to 94 were approved by the board of directors on 28 July 2025 and were signed on its behalf by:
Elizabeth Harrison, Director
NOTES TO THE FINANCIAL STATEMENTS continued
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
- UK corporation tax on profits for the period
Adjustments to tax charge in respect of prior periods
Current overseas taxation:
- Overseas corporation tax on profits for the period
Adjustments to tax charge in respect of prior periods
Origination and reversal of timing differences
Adjustments to tax charge in respect of prior periods
Tax expense recognised in the income statement
Current tax credit relating to sharesave scheme
Deferred tax credit relating to sharesave scheme
Credit taken directly to equity
The tax on the Group\u2019s profit before taxation differs in both periods presented from the standard rate of corporation tax in the UK as follows:
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
Profit before taxation multiplied by the rate of corporation tax in the UK of 25% (2024: 25%)
Items not assessable for tax purposes
Different tax rates on overseas earnings
Adjustments to tax charge in respect of prior periods
Total tax charge for the period
Basic earnings per share is calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
Profit attributable to owners of the parent (\u00a3m)
Weighted average number of ordinary shares in issue (thousands)
Basic earnings per share (pence per share)
Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to owners of the parent and the weighted average number of shares
in issue throughout the period, adjusted for the dilutive effect of share options outstanding at the period end.
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
Profit attributable to owners of the parent (\u00a3m)
Weighted average number of ordinary shares in issue (thousands)
Adjustment for share options (thousands)
Weighted average number of ordinary shares for diluted earnings per share (thousands)
Diluted earnings per share (pence per share)
Dividends of \u00a332.9m (100 pence per share), \u00a328.0m (85 pence per share), \u00a326.4m (80 pence per share), \u00a351.1m (155 pence per share), and \u00a333.0m (100
pence per share) were declared and paid during the current period. A dividend of \u00a328.0m (85 pence per share) was declared after the balance sheet date.
This dividend has not been recognised as a liability.
Dividends of \u00a347.7m (145 pence per share), \u00a316.5m (50 pence per share), \u00a339.5m (120 pence per share), and \u00a334.6m (105 pence per share) were declared
and paid during the prior period.
For the purpose of demonstrating that there were sufficient distributable reserves for dividend payments, interim financial statements for the Company
were prepared and filed at Companies House in August 2024, November 2024, January 2025 and April 2025.
80 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
15. Property, plant and equipment
Land and
Plant, equipment
Fixtures and
Moulding
buildings
and vehicles
fittings
tools
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 28 May 2023 and 29 May 2023
At 2 June 2024 and 3 June 2024
At 28 May 2023 and 29 May 2023
At 2 June 2024 and 3 June 2024
Depreciation expense of \u00a312.1m (2024: \u00a311.2m) has been charged in cost of sales, \u00a31.4m (2024: \u00a31.8m) in selling costs and \u00a32.0m (2024: \u00a31.4m) in
administrative expenses. Freehold land amounting to \u00a310.4m (2024: \u00a38.3m) has not been depreciated.
Current year additions within land and buildings includes purchases of a building at Easter Park for \u00a32.9m and land at Willow Road of \u00a32.1m, as described on
page 9, as well as improvements to these sites and Factory 4.
Assets in the course of construction, and not depreciated, amount to \u00a310.1m (2024: \u00a38.1m). Of these, \u00a33.4m (2024: \u00a33.2m) are included in moulding tools,
\u00a34.3m (2024: \u00a33.9m) is included in plant and equipment and vehicles, \u00a31.6m (2024: \u00a31.0m) is included in fixtures and fittings and \u00a30.8m (2024: \u00a3nil) is
included in land and buildings above.
The Company held no property, plant and equipment at either period end.
2025
2024
Group
\u00a3m
\u00a3m
Net book value at beginning of period
The net book value at end of the period can be analysed as follows:
2025
2024
Group
\u00a3m
\u00a3m
Plant and equipment and vehicles
The Company held no right-of-use assets at either period end.
Depreciation of \u00a311.7m (2024: \u00a310.0m) has been charged in selling costs, \u00a31.7m (2024: \u00a31.5m) in cost of sales and \u00a30.4m (2024 \u00a30.4m) in administrative
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
Plant and equipment and vehicles
82 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
18. Deferred tax assets and liabilities
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the
deferred taxes relate to the same fiscal authority.
Analysis of the movement in deferred tax assets is as follows:
Assets on
Liability on
Accelerated
lease
right-of-use
Profit in stock
depreciation
liabilities
assets
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 28 May 2023 and 29 May 2023
Credited/(charged) to the income statement
At 2 June 2024 and 3 June 2024
Credited/(charged) to the income statement
Credited directly to equity
Analysis of the movement in deferred tax liabilities is as follows:
Assets on
Liability on
Accelerated
lease
right-of-use
Profit in stock
depreciation
liabilities
assets
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 28 May 2023 and 29 May 2023
(Charged)/credited to the income statement
Credited directly to equity
At 2 June 2024 and 3 June 2024
(Charged)/credited to the income statement
Credited directly to equity
The profit in stock deferred tax asset arises on temporary differences between the recognition of profits on intra-group sales within the consolidated Group
financial statements and the financial statements of subsidiary undertakings. Other deferred tax assets and liabilities include adjustments for inventory
provisions of \u00a31.3m (2024: \u00a31.4m), exercise of share options of \u00a32.5m (2024: \u00a30.5m), long service incentive scheme of \u00a30.6m (2024: \u00a30.5m) and losses
available for offset of \u00a30.1m (2024: \u00a30.1m).
Deferred tax assets are recognised in respect of tax losses and temporary differences to the extent that the realisation of the related tax benefit through
future taxable profits is probable. This is based on a review of the track record of profitability in the country concerned. There was no unrecognised deferred
tax at 1 June 2025 or 2 June 2024 in either the Group or the Company. The Group did not obtain a current tax benefit from previously unrecognised tax
losses in either of the periods presented.
Analysis of the movement in deferred tax assets is as follows:
Share
options
\u00a3m
At 2 June 2024 and 3 June 2024
Credited directly to equity
Other deferred tax assets of the Company in respect of accelerated depreciation and other temporary differences were less than \u00a30.1m throughout the
periods from 28 May 2023 to 1 June 2025.
Finished goods and goods for resale
The Group holds no inventories at fair value less costs to sell. During the period, the Group made charges of \u00a37.4m (2024: \u00a35.8m) to the income statement
for inventory provision. Inventory write offs utilised provision of \u00a38.4m (2024: \u00a33.6m) during the period.
The Company held no inventories at either period end.
84 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
Lease liabilities are presented in the statement of financial position as follows:
2025
2024
Group
\u00a3m
\u00a3m
The Group\u2019s leasing activity consists of leases on property, production equipment, IT equipment and motor vehicles. The majority of these leases relate to
retail stores. With the exception of short-term leases and leases of low value underlying assets, each lease is reflected on the balance sheet as a right-of-use
asset and a lease liability.
Lease liabilities include the net present value of the following lease payments:
- fixed payments (including in-substance fixed payments), less any lease incentives receivable;
- variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; and
- lease payments to be made under reasonably certain extension options.
Variable lease payments not dependent on an index or a rate (such as turnover based rent) are excluded from the measurement of the lease liability and
Leases of retail property generally have a lease term ranging from 1 year to 10 years with a break option after no more than 5 years. Leases of other
property, which includes warehouses and offices, generally have a lease term ranging from 2 years to 15 years. Leases of production equipment generally
have a lease term ranging from 1 year to 5 years. Leases of vehicles and IT equipment are generally limited to a lease term of 1 to 3 years.
Amounts recognised in the income statement relating to leases:
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
Group
\u00a3m
\u00a3m
Interest on lease liabilities
Expenses relating to short-term leases, variable leases and low value assets
Amounts recognised in the statement of cash flows relating to leases:
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
Group
\u00a3m
\u00a3m
Total cash outflow for leases
Total cash outflows include values paid in respect of repayment of principal under leases, interest on lease liabilities and low value, short-term and variable
The lease liabilities are secured by the related underlying assets. Future minimum lease payments as at the balance sheet date were due as follows:
Between
Between
More
Between
Between
More
Within
1 and 2
2 and 5
than
Within
1 and 2
2 and 5
than
1 year
years
years
5 years
1 year
years
years
5 years
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
The Company held no lease liabilities at either period end.
25. Trade and other payables
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other taxes and social security
Loans from group companies
Total trade and other payables
The fair value of trade and other payables does not materially differ from the book value.
Payables due to group companies by the Company are interest free and immediately payable on demand.
88 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
30. Notes to the cash flow statement
Reconciliation of profit to net cash from operating activities
Restated
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation of property, plant and equipment
Depreciation of right-of-use assets
Net impairment charge of intangible assets
Loss on disposal of property, plant and equipment
Loss on disposal of right-of-use assets
Loss on disposal of intangible assets
Amortisation of capitalised development costs
Amortisation of other intangibles
Changes in working capital:
- Decrease/(increase) in inventories
- (Increase)/decrease in trade and other receivables (excluding licensing receivables)
- Decrease/(increase) in licensing receivables
- Increase in trade and other payables
- - Increase in provisions
Net cash from operating activities
Company only prior period amounts have been restated, see note 36 for details. The restatement has no impact on the opening or closing cash and cash
equivalents of the Company.
31. Analysis of net funds
2025
2024
Group
\u00a3m
\u00a3m
2025
2024
Company
\u00a3m
\u00a3m
Lease liabilities
Cash at bank
Group
\u00a3m
\u00a3m
Net funds as at 28 May 2023 and 29 May 2023
Foreign exchange movement
Net funds as at 2 June 2024 and 3 June 2024
Foreign exchange and other movements
Cash flows in respect of lease liabilities reflect repayments of principal amounts.
90 Games Workshop Group PLC
Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows:
2025
2024
Group
\u00a3m
\u00a3m
Property, plant and equipment
The Group leases various retail stores, offices, warehouses and equipment under non-cancellable lease arrangements. The liabilities for these leases are
recorded on the Group\u2019s balance sheet when the Group obtains control of the underlying asset. The Group has additional commitments relating to leases
where the Group has entered into an obligation but does not yet have control of the underlying asset. The Group currently has a commitment of less than
\u00a30.1m, (2024: \u00a32.5m), \u00a32.4m of the prior period amount related to the new Australian warehouse lease.
The Company had no capital commitments or commitments to leases at either period end.
Inventory purchase commitments
2025
2024
Group
\u00a3m
\u00a3m
The Company had no inventory purchase commitments at either period end.
Raw materials commitments include committed paint purchases of \u00a33.5m (2024: \u00a30.3m) in connection with the investment in the new paint production
facility as described on page 9.
The Group and Company operate defined contribution schemes. Commitments in respect of pensions are included within prepayments and accruals.
The Company provides indemnities to third parties in respect of contracts regarding their use of the Group\u2019s intellectual property, under commercial terms
in the normal course of business.
The Company has also guaranteed the bank overdrafts of certain Group undertakings. There were no amounts outstanding under these arrangements at
For the 52 weeks ended 1 June 2025, the subsidiary companies listed below are exempt from the requirements of the Companies Act 2006 relating to the
audit of individual financial statements by virtue of section 479A. As a result, the Company guarantees all outstanding liabilities to which the subsidiary
companies were subject at the balance sheet date.
Country of incorporation
Name of undertaking
or registration
Company registration number
Games Workshop International Limited
Games Workshop US Limited
Games Workshop US (Holdings) Limited
Games Workshop Step One Limited
The Group has provided a guarantee of \u00a30.1m (2024: \u00a30.1m) to the Canada Revenue Agency in relation to the non-resident sales tax returns of Games
91 Games Workshop Group PLC
Share options outstanding at the period end date have the following expiry date and exercise prices:
Share options outstanding
2025
2024
Scheme
Grant date
Expiry date
Exercise price
No.
No.
2021 Scheme - UK and International
2022 Scheme - UK and International
2023 Scheme - UK and International
2024 Scheme - UK and International
The International schemes include all applicable territories with the exception of the UK, US and France.
The following table summarises the movements in sharesave options during the period:
Weighted
Weighted
average exercise
average exercise
price
price
Outstanding at beginning of the period
Outstanding at end of the period
There were no exercisable shares at the end of either period.
All options granted will be equity settled.
The weighted average market price of Games Workshop Group PLC shares at the date of exercise of sharesave scheme options during the period was
\u00a3119.58 (2024: \u00a3100.41).
The expense or credit in respect of the share-based payments are recharged from the parent company to the subsidiary company in which the relevant
Options granted during the year
The fair value at grant date is independently determined using an adjusted form of the Black-Scholes model that takes into account the exercise price, the
term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, and the risk-free interest
rate for the term of the option. The key inputs used to derive the fair value of the options granted in the year were as follows:
Share price at grant date
As discussed in page 41 of the remuneration report the new remuneration policy, approved by the shareholders on 15 May 2025, introduced a Triennial
Share Award (TSA) which will potentially operate every third year - the first year of operation being the financial year ending 2026/27 subject to meeting a
number of financial performance metrics. If these performance threshold targets are met, shares could be awarded to the participants of the award. The
shares awarded could be up to the value of 300% of the CEO\u2019s salary and 200% for other executive directors.
At each reporting period from May 2025, the likelihood of achieving this award and therefore the value, will be estimated and spread over the remaining
performance period. This will be adjusted as appropriate at each reporting period. For the year ended 1 June 2025, no expense has been recorded given the
performance obligation was only entered into on 15 May 2025 (shareholder approval date), and therefore any expense recorded would be minimal.
The financial statements of Games Workshop Group PLC have been prepared in accordance with UK-adopted International Accounting Standards and with
the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
Goodwill arising on acquisition of subsidiaries represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net
identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is not amortised but is tested annually for impairment, or when an indicator
of impairment arises, and is carried at cost less accumulated impairment losses. Provision is made for any impairment by comparing the value in use to the
net carrying value. Goodwill is allocated to cash generating units for the purpose of impairment testing.
Costs incurred in respect of product design and development activities are recognised as intangible assets when they meet the criteria of IAS 38 \u2018Intangible
Assets\u2019 and are wholly attributable to specific projects. Product development costs recognised as intangible assets are either amortised on a reducing
balance basis, with rates ranging from 65% to 80%, or are fully amortised in the month of the relevant product release. The selected amortisation method is
chosen to match the expenditure incurred to the expected revenue generated from the subsequent product release.
Acquired computer software licences and related development expenditure are capitalised on the basis of the costs incurred to acquire and bring into use
the specific software. Where software is acquired under a cloud computing arrangement, only those costs incurred in developing a separate identifiable
asset owned and controlled by the Group, such as an interface between the Group\u2019s systems, are capitalised. Computer software licences are held at cost
and amortised on a straight line basis over the expected useful lives of the assets. Costs associated with maintaining computer software programmes are
recognised as an expense as incurred. Software development costs that are directly attributable to the design and testing of identifiable and unique
products controlled by the Group are recognised as intangible assets when they meet the criteria of IAS 38 \u2018Intangible Assets\u2019. Other development
expenditure that does not meet these criteria is recognised as an expense as incurred.
The principal annual amortisation rates are:
Core business systems computer software
Web store computer software
Intellectual property licences are capitalised on the basis of the costs incurred to acquire. Licences are amortised on a straight line basis over the licence
Depreciation is calculated over the expected useful economic lives of the assets concerned to write down to the assets\u2019 residual value and commences from
the date the asset is available for use. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The principal annual
Straight line %
Reducing balance %
of cost
of net book value
Plant and equipment and vehicles
Moulding tools - product specific
Moulding tools - non-product specific
Leasehold improvements are depreciated over the shorter of the useful economic life of the asset or the period of the lease. These assets are included
within fixtures and fittings. Freehold land is not depreciated.
Foreign currency translation
The consolidated financial statements are presented in sterling, which is the Company\u2019s functional and presentation currency. Items included in the financial
statements of each of the group entities are measured using the currency of the primary economic environment in which the entity operates (the functional
currency). Monetary assets and liabilities expressed in currencies that are not the functional currency are translated into the functional currency at rates of
exchange ruling at the balance sheet date. The financial statements of overseas subsidiary companies prepared in functional currencies other than sterling
are translated into sterling as follows:
\u2022 assets and liabilities are translated at the closing rate at the date of the balance sheet;
\u2022 income and expenses are translated at the average rate for the period; and
\u2022 all resulting exchange differences are recognised as a separate component of equity.
The Group operates a number of equity-settled employee schemes. The fair value of the employee services received, measured at grant date in exchange for
the grant of the awards, is recognised as an expense in the income statement, with the corresponding credit being recorded in retained earnings within
equity over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the awards granted.
At each balance sheet date, the Group revises its estimates of the number of awards that are expected to vest. The Group recognises the impact of the
revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity, in periods in which the estimates are revised. The
proceeds received net of any directly attributable transaction costs are credited to share capital and share premium when the options are exercised.
Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the
conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge is
treated as a cash-settled transaction. For cash-settled awards, the fair value of the liability is determined at each balance sheet date and the cost is
recognised in the income statement over the vesting period.
Deferred taxation is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying
amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred
tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference
arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither
the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at
the rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or credited in the income statement, except where it relates
to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
As Games Workshop is a vertically integrated business, management assesses the performance of sales channels and manufacturing and distribution
channels separately. Share-based payment charges and Group Profit Share scheme charges to employees have all been included in core operating expenses.
At 1 June 2025 Games Workshop has two segments, core and licensing:
\u2022 Core: the core segment includes all revenue and expenditure relating to the design, manufacture and sales of our fantasy miniatures and related
products. It also includes the revenue and expenditure related to Warhammer+; and
\u2022 Licensing: the licensing segment includes all revenue and expenditure relating to licences granted to external partners.
We provide further information on revenue within the core segment below. The core segment has been divided into channels as follows:
\u2022 Trade: this sales channel sells globally to independent retailers, agents and distributors. It also includes the Group\u2019s magazine newsstand business
and the distributor sales by the Group\u2019s publishing business (Black Library);
\u2022 Retail: this includes sales through the Group\u2019s retail stores, the Group\u2019s visitor centre in Nottingham and global events;
\u2022 Online: this includes sales through the Group\u2019s global web stores, our online subscription service (Warhammer+) and digital sales through external
\u2022 Design, manufacturing, logistics and operations, which includes costs for:
- the Warhammer Studio (that creates all of the IP and the associated miniatures, artwork, games and publications);
- the production facilities;
- the warehouses and logistics costs;
- charges for inventory provisions. This includes adjustments for the profit in stock arising from inter-segment sales;
- support services (marketing, IT, accounting, payroll, personnel, procurement, legal, health and safety, customer services and credit control)
provided to activities across the Group; and
\u2022 Group: this includes the Company\u2019s overheads.
The chief operating decision-maker, identified as the executive directors, assesses the performance of each segment based on segmental operating profit.
This has been reconciled to the Group\u2019s total profit before taxation below.
Design, manufacturing, logistics and operations
Share-based payment charge
Group Profit Share Scheme
Revenue from external parties reported to the executive directors is measured in a manner consistent with that in the income statement. Sales regions
analysed within the segments reported to the executive directors differ from the analysis of sales by customer geography, due to the categorisation of some
European and Asian customers. For information, core external revenue is analysed further below:
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
UK and Continental Europe
Australia and New Zealand
Australia and New Zealand
Australia and New Zealand
Total Online (excluding digital)
Total external core revenue
External core revenue analysed by customer geographical location is as follows:
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
Australia and New Zealand
The Group is not reliant on any one individual customer.
The Group does not report licensing revenue by customer geographical location as this is not representative of the location of end users.
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
Total Group Profit Share payments of \u00a320.0m (2024: \u00a318.4m) are included within operating expenses. \u00a312.6m (2024: \u00a311.4m) has been charged to
administrative expenses and \u00a37.4m (\u00a37.0m) is included within selling costs.
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
- On cash and cash equivalents
52 weeks ended
53 weeks ended
1 June 2025
2 June 2024
\u00a3m
\u00a3m
- Interest expense on lease liabilities
- - Owned property, plant and equipment
- - Owned computer software
- Other intangible assets
2025
2024
Group
\u00a3m
\u00a3m
Cost at beginning and end of period
Accumulated amortisation at beginning and end of period
Net book value at beginning and end of period
The Company had no goodwill at either period end.
Impairment tests for goodwill
In accordance with the requirements of IAS 36 \u2018Impairment of Assets\u2019 the Group completed a review of the carrying value of goodwill as at each period end.
The impairment review was performed to ensure that the carrying value of the Group\u2019s assets are stated at no more than their recoverable amount, being
the higher of fair value less costs of disposal and value in use. The key assumptions for the recoverable amount of the goodwill are the long-term growth
rate and the discount rate. The long-term growth rate used is purely for the impairment testing of goodwill under IAS 36 \u2018Impairment of Assets\u2019 and does not
reflect the long-term planning assumptions used by the Group for any other assessments. In determining the value in use, the calculations use cash flow
projections for a period no greater than three years based on plans approved by management and, for the Group\u2019s cash-generating unit concerned, assumes
a long-term growth rate no higher than 2% (2024: 2%). The estimated future cash flows expected to arise from the continuing use of the assets were
calculated using discount rates ranging from 0.0% to 2.3% (2024: 1.2% to 2.7%).
Management reviewed the planned sales growth and gross margin on the investment in future product releases and initiatives currently being undertaken,
to deliver the expected future performance. Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) for impairment testing. All of the current
goodwill arises in the product and supply segment. Sensitivity analysis has not been disclosed in these financial statements since management consider that
there is no reasonably possible change in the key assumptions that would cause the carrying value of goodwill to fall below its recoverable amount.
14. Other intangible assets
Computer
Development
Other intangible
software
costs
assets
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 28 May 2023 and 29 May 2023
At 2 June 2024 and 3 June 2024
At 28 May 2023 and 29 May 2023
At 2 June 2024 and 3 June 2024
Amortisation of \u00a314.5m (2024: \u00a311.3m) has been charged in cost of sales and \u00a30.1m (2024: \u00a31.4m) in operating expenses.
The net book value of internally generated intangible assets is \u00a317.9m (2024: \u00a317.1m) and acquired intangible assets is \u00a35.7m (2024: \u00a35.7m). The net book
value of internally generated development costs is \u00a317.9m (2024: \u00a317.1m). \u00a317.2m (2024: \u00a316.6m) is capitalised salary costs.
Salary costs of \u00a39.7m (2024: \u00a39.4m) were capitalised as part of development costs during the period.
Assets in the course of development, and not amortised, amount to \u00a3nil (2024: \u00a30.6m) with the prior period amount being included within computer
An impairment loss of \u00a31.2m (2024: \u00a30.9m) has been recognised in relation to animation development costs. This has been charged to cost of sales.
In the prior year an impairment loss of \u00a31.7m was recognised in relation to alterations required to previously capitalised elements of software. This was
charged to operating expenses. No such impairment occurred in the current year.
There were no other intangible assets capitalised during the period (2024: \u00a31.2m in respect of intellectual property licenses from third parties).
The Company had no other intangible assets at either period end.
17. Investments in subsidiaries
2025
2024
Company
\u00a3m
\u00a3m
Shares in group undertakings - cost
Beginning of period and end of period
Investments in group undertakings are stated at cost less any provision for impairment. A list of subsidiary undertakings is given below.
Interests in group undertakings
Proportion of nominal
value of issued shares
held by:
Description of
Subsidiary
1
Name of undertaking
Registered address of undertaking
shares held
Company
company
Principal business activity
Willow Road, Lenton, Nottingham,
\u00a31 ordinary
100%
Manufacturer, distributor and
NG7 2WS, UK
retailer of games and miniatures
Games Workshop Retail Inc.
6211 East Holmes Road, Memphis,
$1 common
Distributor and retailer of games
Tennessee, 38141, USA
stock
and miniatures
Games Workshop (Queen
3251 Yonge Street, Toronto, Ontario,
Retailer of games and miniatures
Street) Limited
M4N 2L5, Canada
10, Rue Joseph Serlin, Lyon, 69001, France
Retailer of games and miniatures
Arag\u00f3n 208-210, Planta 4 Puerta 1 08011
Retailer of games and miniatures
Barcelona, Spain
Games Workshop Oz Pty Limited
Unit 1D, 186 Ingleburn Rd Leppington,
Distributor and retailer of games
New South Wales, Australia
and miniatures
Games Workshop Deutschland
Am Wehrhahn 32, 40211 D\u00fcsseldorf,
Retailer of games and miniatures
GmbH
Germany
80 Queen Street, Auckland, 1010,
Retailer of games and miniatures
New Zealand
Games Workshop Italia SRL
Viale Castro Pretorio 122, 00185 Rome,
Retailer of games and miniatures
Italy
Games Workshop International
Willow Road, Lenton, Nottingham,
Holding company for overseas
Limited
NG7 2WS, UK
subsidiary companies
Games Workshop US Limited
Willow Road, Lenton, Nottingham,
Holding company for US
NG7 2WS, UK
subsidiary companies
Games Workshop US (Holdings)
Willow Road, Lenton, Nottingham,
\u00a31 ordinary
Intermediary holding company
Limited
NG7 2WS, UK
for US subsidiary companies
Games Workshop Good Hobby
Room 405-406, 4th Floor, Building 1, N0
Distributor and retailer of games
(Shanghai) Commercial Co. Ltd
2966 Jinke Road, Shanghai Free Trade
and miniatures
Pilot Zone, China
Games Workshop Trustee
Willow Road, Lenton, Nottingham,
Limited
NG7 2WS, UK
Games Workshop Stockholm AB
Master Samuelsgatan 67, Stockholm
Retailer of games and miniatures
11121, Sweden
Games Workshop Hong Kong
3806 Central Plaza, 18 Harbour Road,
Distributor and retailer of games
Limited
Wanchai, Hong Kong
and miniatures
Games Workshop Hobby Pte.
Red House, #01-04, 63 East Coast Road,
Distributor and retailer of games
Limited
428776, Singapore
and miniatures
Games Workshop Malaysia Sdn.
Unit A-3-6, TTDI Plaza, 3 Jalan Wan Kadir,
Distributor and retailer of games
Bhd.
Taman Tun Dr Ismail, 60000 Kuala
and miniatures
Lumpur, Malaysia
Games Workshop Interactive
Willow Road, Lenton, Nottingham,
Limited
NG7 2WS, UK
Willow Road, Lenton, Nottingham,
NG7 2WS, UK
Citadel Miniatures Limited
Willow Road, Lenton, Nottingham,
NG7 2WS, UK
Games Workshop Step One
Willow Road, Lenton, Nottingham,
Production of motion picture,
Limited
NG7 2WS, UK
video and television
programmes
Games Workshop EU Espana,
Calle Aragon 208 210, Planta 4, Puerta 6,
Distributor of games and
SLU
08011, Barcelona, Spain
miniatures
*
Games Workshop Korea co. Ltd
701-9,8, Nonhyeon-ro 79-gil Gangnam-gu,
KRW 10,000
Distributor and retailer of games
Seoul, Republic of Korea
ordinary
and miniatures
Games Workshop Switzerland
C/o Grant Thornton AG, Claridenstrasse
Retailer of games and miniatures
*
GmbH
35, CH-8002 Zurich
Investments in subsidiaries as at both 2 June 2024 and 1 June 2025 except as identified above (*) which were established during the period ended 1 June 2025.
All of the above entities are included in the consolidated financial statements for the Group and 100% of the voting rights of all entities is held.
All of the above companies operate principally in their country of incorporation or registration.
The directors consider the value of the investments is supported by the underlying assets of the relevant subsidiary.
Prepayments and accrued income
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk), liquidity risk, capital risk and
credit risk. The Group\u2019s financial risk management objective is to understand the nature and impact of the financial risks and exposures facing the business.
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions as well as credit exposures to independent retailers.
The Group controls credit risk from a treasury perspective by only entering into transactions involving financial instruments with authorised counter-parties
with approved credit ratings, and by ensuring that such positions are monitored regularly. Credit risk on cash and short-term deposits is mitigated as the
counter-parties are banks with high credit ratings assigned by international credit rating agencies. Trade receivables are all considered to be the same risk
level excepting those trade receivables aged over three months past due which are fully provided for.
There is no significant concentration of credit risk with respect to trade receivables, as the Group has a large number of customers that are internationally
dispersed. Policies are also in place to ensure the wholesale sales of products are made to customers with an appropriate credit history and credit limits are
periodically reviewed. Amounts recoverable from customers are reviewed on an ongoing basis and appropriate provision made for bad and doubtful debts
(note 21). Provision requirements are determined with reference to ageing of invoices, credit history and other available information. Trade receivables are
written off when there is no reasonable expectation of recovery, such as when the customer has been declared insolvent.
Sales made through our own retail stores or our global web stores are made in cash, with major credit cards or via a reputable third party payment
Liquidity is managed by maintaining sufficient cash balances to meet working capital needs. Cash flow requirements are monitored by short- and long-term
rolling forecasts both within the local operating units and for the overall group. In addition, the Group\u2019s liquidity management policy involves projecting cash
flows in the major currencies and considers the level of liquid assets necessary to meet these, monitoring working capital levels and liquidity ratios.
The undiscounted contractual cash flows of the Group\u2019s financial liabilities, including interest charges where applicable, are shown below. All trade payables
are contractually due within 12 months and therefore the fair values do not differ from their carrying values.
Between
Between
More
Between
Between
More
Within
1 and 2
2 and 5
than
Within
1 and 2
2 and 5
than
1 year
years
years
5 years
1 year
years
years
5 years
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within
Within
1 year
1 year
2025
2024
Company
\u00a3m
\u00a3m
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00/2025-06-02T00:00:00"
}
},
"fact-338": {
"value": "Financial instruments by category
Group
Company
Financial assets at
Financial assets at
amortised cost
amortised cost
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets as per balance sheet
Receivables from group companies
Cash and cash equivalents
An intra-group loan of \u00a320.0m in place at the prior period end has been repaid to the Company.
Group
Company
Financial liabilities at
Financial liabilities at
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities as per balance sheet
Loans from group companies
An intra-group loan of \u00a320.0m in place at the prior period end has been repaid by the Company.
Prepayments, deferred income balances and other taxes and social security payables have been excluded from the above as they are not financial assets or
Total called up
share capital
Called up
Share
and share
share capital
premium
premium
\u00a3m
\u00a3m
\u00a3m
Shares issued under employee sharesave scheme
Shares issued under employee sharesave scheme
During the period 19,854 ordinary shares were issued (2024: 37,902). The total authorised number of shares is 42,000,000 shares (2024: 42,000,000 shares)
with a par value of 5p per share (2024: 5p per share). All issued shares are fully paid.
Capital
Capital
redemption
Translation
Other
redemption
Translation
Other
reserve
reserve
reserve
Total
reserve
reserve
reserve
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Exchange differences on translation of foreign operations
The other reserve relates to a bonus issue to the previous holders of the Company\u2019s ordinary shares created on flotation.
As at 1 June 2025, the Company\u2019s capital redemption reserve was \u00a30.1m (2024: \u00a30.1m).
34. Related party transactions
During the period the Company provided management and similar services to Games Workshop Limited, a subsidiary undertaking.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation for the Group.
Transactions between the Company and its subsidiaries are shown below:
2025
2024
Nature of transaction
\u00a3m
\u00a3m
Recharges received by Company
Dividend received by the Company
Interest received by the Company
Interest paid by the Company
Games Workshop International Limited
Dividend received by the Company
Games Workshop Retail Inc.
Interest received by the Company
Receivables outstanding between the Company and its subsidiaries are shown below:
2025
2024
Subsidiary
\u00a3m
\u00a3m
Games Workshop Retail Inc.
Games Workshop Good Hobby (Shanghai) Commercial Co. Ltd
Amounts payable by the Company to its subsidiaries were less than \u00a30.1m at both period ends.
Loans outstanding between the Company and its subsidiaries are shown below:
Amount owed by subsidiaries
Amount owed to subsidiaries
2025
2024
2025
2024
Subsidiary
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Games Workshop Retail Inc.
Games Workshop Interactive Limited
Less provision for impairment
During the year a subsidiary of the Company entered into a licensing agreement for the publishing of video games with Devolver Digital Inc. Kate Marsh
serves as the non-executive chair of Devolver Digital Inc., and hence they are identified as a related party. Negotiations were conducted on an arm\u2019s length
basis and did not involve Kate Marsh. No transactions have occurred in the current period and no balances were outstanding at the period end.