GFINITY plc 
Annual Report & Financial Statements 
30 June 2015
GFINITY plc GFINITY plc
Annual Report & Financial Statements Annual Report & Financial Statements 
30 June 2015 30 June 2015 Gﬁ nity.net
a popular 
destination 
for gamers 
to compete, 
socialise and 
watch eSports
Gaming community 
created through 
Gﬁ nity website
GROWTH AREA
Gﬁ nity’s 
dedicated 
arena for 
gamers is UK’s 
ﬁ rst and only 
eSports venue
UK’s ﬁ rst 
gaming arena
GROWTH AREA
Gﬁ nity’s 
partnerships with 
the world’s leading 
games publishers
Market leading 
eSports broadcasts
GROWTH AREA Contents
Overview
Directors, Secretary and Advisers   4
Period Highlights     5
Business Review & Strategic Report
Chairman’s Statement    6
Chief Executive’s Report    7
Finance Director’s Report    9
Gﬁ nity Growth & Monetisation Opportunity  10
Growth in eSports Market & Audiences   12
Governance
Directors’ Biographies   14
Directors’ Report   16
Corporate Governance Report   18
Directors’ Remuneration Report   20
Financial Statements
Independent Auditors Report    24
Statement of Comprehensive Income   25
Statement of Financial Position   26
Statement of Changes in Equity   27
Statement of Cash Flows    28
Notes to the Financial Statements   29 4
Overview 
Directors, Secretary and Advisers
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The Board of 
Directors
T ony Collyer 
(Non-Executive Chairman)
Neville Upton 
(Chief Executive Ofﬁ cer)
Jonathan Hall 
(Finance Director) 
Ginette Jarman 
(Operations Director)
Paul Kent 
(Technology and eSports Director)
Philip Shuldham-Legh 
(Marketing Director)
David Yarnton 
(Non-Executive Director) 
Jonathan Varney 
(Non-Executive Director) 
Company Secretary
Jonathan Hall
Registered Ofﬁ ce
35 New Bridge Street
London EC4V 6BW
Nominated Adviser 
and Broker
Arden Partners plc
125 Old Broad Street
London EC2N 1AR
Independent 
Auditors
Rees Pollock
35 New Bridge Street
London EC4V 6BW
Legal Advisers – 
Corporate
Fladgates
16 Great Queen Street
London WC2B 5DG
Legal Advisers – 
Commercial
Onside Law
23 Elysium Gate
126-128 New Kings Road
London SW6 4LZ
Registrars
Capita Registrars Ltd
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Financial Public 
Relations
Luther Pendragon Ltd
3 Priory Court
Pilgrim Street
London EC4V 6DE
Registered Number 
08232509 5
Period Highlights
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  Annual Report & Financial Statements 2015
Operational highlights 
Corporate
■  Raised £3.5m, before expenses, from AIM ﬂ otation at 17p per share in December 2014
■  Entered into strategic collaboration with Vue Cinemas (“Vue”) and opened 
the Gﬁ nity Arena in London, the UK’s ﬁ rst dedicated eSports arena
■  Registered user base on Gﬁ nity.net increased from 43,000 as 
at 30 June 2014 to over 400,000 on 30 June 2015 
■  Exceeded target of 50 million online views for the 2015 Gﬁ nity Championships
Events
■   In August 2014, staged third Gﬁ nity branded event (G3) at the Copperbox in London’s 
Olympic Park. The largest eSports event ever staged in the UK – almost 4,000 spectators 
attended and 8.7 million online views from 25 countries over a single weekend
■     In February 2015, staged European Call of Duty Championships on behalf of 
game publisher Activision at iconic Royal Opera House in London 
■   From March until September, launched the 2015 Gﬁ nity Championships (a set of 23 weekly 
tournaments featuring the best players/teams in the world across 5 eSports titles)
■    In April 2015, launched Xbox sponsored FIFA tournament, with qualiﬁ ers 
organised through Gﬁ nity.net and live ﬁ nals at the Gﬁ nity Arena
Partnerships/sponsorship
■   Signed a two-year major sponsorship agreement with News Corporation for The Sun 
to become Gﬁ nity’s newspaper and online news partner in the UK and Ireland
■    Entered into a two-year sales and marketing contract with Pitch International (“Pitch”) for 
Pitch to package and sell sponsorship and broadcasting rights on the Company’s behalf
Financial highlights 
■  Revenues increased by 163% to £560,828 (2014: £213,450)*, resulting from a mix of 
sponsorship, fees from game publishers, premium subscriptions and ticket sales
■   Loss increased to £3.6m (2014: Loss of £0.9m)*, reﬂ ecting the planned 
investment made following listing in December 2014
■   Net cash as at 30 June 2015 amounted to £2.73m (31 December 
2014: £4.68m; 30 June 2014: £591,275)
*Prior year P&L comparatives represent full year to 30 June 2014, rather than the 6 month period shown in the previous statutory accounts Business Review & Strategic Report
Chairman’s Statement
GFINITY plc.  
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  Annual Report & Financial Statements 2015
I have great pleasure in presenting our 
maiden Annual Report and Accounts 
as a public company following our 
listing on AIM in December 2014. 
The year to 30 June 2015 has been a 
very successful one for the Company, 
during which we exceeded the 
strategic goals we set ourselves at the 
beginning of the year and established 
ourselves as one of the leading online 
and ofﬂ ine electronic sports - eSports 
- providers in the world.  Gﬁ nity has, 
in a short space of time, become a 
widely-recognised ‘‘destination’’ for 
gamers in the UK and internationally.
Landmark achievements
The Company reached a key milestone in 
the middle of the year with its admission 
on AIM on 22 December 2014, raising 
£3.5 million before expenses. In the 
six months since the IPO, with the 
monies raised, we have accelerated our 
growth strategy building on the solid 
foundations laid earlier in the year.  
At the beginning of the year, in August 
2014, we hosted G3, our third and largest 
to date, Gﬁ nity branded event at the 
Copperbox in London’s Olympic Park. 
The ﬁ rst half of the year also saw rapid 
growth in registrations for our website, 
Gﬁ nity.net, which had been relaunched 
just prior to the start of the period, with 
a brand new platform designed to 
create a seamless user experience with 
enhanced features. In December 2014, 
Gﬁ nity signed a two-year agreement with 
Pitch International who played a leading 
role in securing the partnership with 
Vue Cinemas. Gﬁ nity opened the UK’s 
ﬁ rst dedicated eSports arena, in Fulham 
Broadway, London in March 2015 and 
this arena has hosted the 2015 Gﬁ nity 
Championship Series. In April 2015 we 
were delighted to announce The Sun 
newspaper as the ﬁ rst major sponsorship 
partner, as part of a two year agreement.
Continuing growth of 
eSports phenomenon
The computer gaming industry and in 
particular the eSports segment within that 
are growing rapidly, as part of a long term 
shift in the way in which people consume 
their media.  The gaming industry is 
now bigger than both the music and 
ﬁ lm industries and industry specialists 
NewZoo report that it is expected to reach 
a value of over $100 billion by 2017.
Within that, eSports goes from strength 
to strength. In 2014, leading platform 
Twitch.TV announced that during 2014 
it had over 100 million unique visitors a 
month, more than double the total for the 
previous year. NewZoo estimated that at 
the end of 2014 there were 205 million 
eSports enthusiasts globally. By 2017 they 
estimate that this will grow to 335 million.  
The biggest events are already ﬁ lling 
arenas and drawing viewership levels 
that dwarf most traditional sports. The 
League of Legends Finals (2014) held 
at Sangam Arena, South Korea had 
40,000 spectators and 27 million viewers 
online. DotA “The International” in 
2015 meanwhile saw competitors from 
around the world compete in Seattle, 
USA for a prize pot of over $18 million.
Signiﬁ cant opportunity 
for monetisation 
and growth
To date Gﬁ nity’s strategy has been to 
build its reputation and following in the 
eSports sector, rather than pursuing short 
term revenues. Nonetheless, the Directors 
believe that having gained a large ﬁ rst 
mover advantage within this sector, the 
potential for monetisation is signiﬁ cant.
Gﬁ nity has already demonstrated a 
proven ability to attract viewership and 
registered users in a demographic that’s 
attractive to sponsors. Competition for 
content among broadcast platforms 
will drive value for content providers 
and there are multiple opportunities 
for additional revenues including; 
publisher partnerships, subscriptions, 
ticket sales and merchandise. 
Within three years Gﬁ nity expects to have 
sold out events with online viewership 
growing year on year. We also plan 
to have a premium pay per view or 
subscription service featuring enhanced 
content. Additionally the increase in the 
number of registered users of Gﬁ nity.
net will drive more paid subscribers.  
The Company will also continue to 
expand its network of sponsors and 
broadcasting deals around the world. 
In the short term additional resources are 
needed to fulﬁ l this potential and a further 
round of fund raising will start immediately 
following the release of these results.
Gﬁ nity have a strong and capable 
management team with breadth of 
eSports and business experience that is 
second to none and I have no doubt they 
will be able to capture this opportunity 
and deliver shareholder value.
Finally, I would like to thank our clients 
and partners for their continued support. 
Above all, I would like to thank all of 
our employees for their hard work and 
enthusiasm, which have enabled the 
great successes of 2014 and positioned 
Gﬁ nity for a strong 2015 and beyond.
6
 Tony Collyer
Non-Executive Chairman GFINITY plc.  
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  Annual Report & Financial Statements 2015
7
Chief Executive’s Review
This was a year in which Gﬁ nity 
ﬁ rmly established itself as one of the 
leading companies in the eSports 
industry.  We have quickly built a 
reputation for delivering high quality 
competitions; both on and off-line and 
producing some of the leading eSports 
broadcasts. Our knowledge of what 
is required to deliver all aspects of a 
successful eSports event, coupled with 
the relationship built with publishers 
and our following within the eSports 
community mean we have established 
a real ﬁ rst mover advantage, which 
will be difﬁ cult for others to replicate.
The company’s listing on AIM 
in December 2014 was a major 
milestone for the business, but it 
was only one part of what was a 
remarkable year that saw Gﬁ nity:
■  Exponentially increase its global 
following for both viewing and 
participating in events
■  Create ﬁ rm relationships 
with publishers, players and 
YouTube ambassadors
■  Build a physical arena, in 
conjunction with Vue Cinemas – ﬁ rst 
venue of its kind in the world
■  Achieve a strong online 
presence through its re-
launched website - Gﬁ nity.net
■  Become renowned within the 
industry for quality of delivery
The Company generated revenues 
totalling £560,828, up from £213,450 for 
the equivalent 12 month period to 30 June 
2014, reﬂ ecting the strong operational 
progress made during the period and 
marking a step-change in the Company’s 
development. This increase indicates 
the potential for monetisation within the 
eSports sector. Nonetheless, the focus of 
the Company over the period in question 
has remained on building its brand and 
delivering world-class online and ofﬂ ine 
eSports events to a global audience. 
Admission to AIM
Gﬁ nity successfully completed an IPO 
on the London Stock Exchange’s AIM 
market on 22 December 2015, raising 
£3.5 million before expenses. The listing 
on AIM certainly has enhanced the 
Company’s credibility and proﬁle and 
assisted the growth in its business. The 
proceeds have provided the Company 
with working capital to invest in the 
Gﬁ nity brand, launch the ﬁ rst dedicated 
eSports Arena and support the 2015 
Gﬁ nity Championships extensive event 
schedule. Coupled with earlier private 
fund-raising rounds, a total of £5.8 million 
(net of fees) was raised during the period.
UK’s ﬁ rst dedicated 
eSports Arena
In February 2015, Gﬁ nity entered into a 
strategic collaboration with Vue Cinemas 
to create the UK’s only dedicated eSports 
event arena at Fulham Broadway, 
London. The new arena is a key part 
of the Company’s long term growth 
strategy to organise and host major 
live eSports tournaments and also to 
stream events to a global audience 
of fans through its online platform.
Prior to the deal with Vue Cinemas we 
had staged our third Gﬁ nity branded 
event (G3) at the Copperbox in London’s 
Olympic Park. It was the largest eSports 
event ever staged in the UK. This 
event attracted nearly 4,000 paying 
spectators across two days and received 
8.7 million online views from over 25 
countries. By collaborating with Vue, 
however, the Company has been able to 
accelerate its plans to create a large and 
dedicated site in central London without 
incurring major upfront capital costs. 
The deal was done just in time to host 
the 2015 Gﬁ nity Championship series at 
the new venue. Commencing in March 
2015, by the time the series ended in 
September 2015, 23 live events had 
been held across a number of weekends 
and on selected weekday evenings. 
These matches were streamed live on 
internet TV channels including Twitch, 
Gﬁ nity.net and MLG.tv, broadcast in 10 
languages and viewed across more than 
25 countries.  
Games featured in the tournaments 
included some of the world’s most 
popular electronic games such as Call 
of Duty: Advanced Warfare; Counter 
Strike: Global Offensive; FIFA 15 and 
Starcraft II. The tournaments have drawn 
some of the most popular professional 
teams and players to the UK, including 
OpTic, Denial, Ninjas in Pyjamas, Fnatic 
and Team EnVyUs, competing for up to 
$100,000 in total prize money per event.
Overall, the tournaments were viewed 
by almost 60 million, which exceeded 
management expectations set at the 
time of Gﬁ nity’s admission to AIM. 
Creating an Online 
Community of Gamers
In June 2014, the Company’s website, 
Gﬁ nity.net was re-launched with a brand 
new platform designed to create a 
seamless user experience with enhanced 
features. The Company typically stages 
over 4,000 matches per week online 
and we are pleased to report that since 
the launch of the new platform there 
Neville Upton
Chief Executive Ofﬁ cer Chief Executive’s Review (continued)
GFINITY plc.  
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  Annual Report & Financial Statements 2015
has been a rapid increase in registered 
users from 43,000 as at 30 June 2014 
to over 400,000 as of 30 June 2015. 
In addition, over the same period 
the company’s Twitter and Facebook 
following has increased from 84,000 to 
134,000 and 5,000 to 91,000 respectively, 
increasing the number of positive 
advocates within the online community.  
 
Throughout the year, Gﬁ nity has staged 
a number of highly popular online 
tournaments, in addition to the leagues, 
ladders and cups that run throughout the 
year. These have included the PewDiePie 
Cup in September 2014, an event run 
in conjunction with the world’s most 
viewed YouTuber – a Swedish gaming 
enthusiast – which saw 10,833 games 
of Speed Runners played as well as the 
KSI Cup in November 2014; an event 
which saw over 4,000 games of FIFA 
15 played across a single weekend.
In the longer term there is a large 
opportunity through its eSports events 
and widening audiences to draw in 
sponsors, advertisers and broadcasters 
who want access to a highly deﬁ ned 
and targeted demographic of 18-
34 year olds, predominantly male, 
that play and watch eSports.    
Sponsorship and 
Marketing
On 11 December 2014, Gﬁ nity entered 
into a two-year sales and marketing 
contract with Pitch International for Pitch 
to package and sell sponsorship and 
broadcasting rights on the Company’s 
behalf. Pitch is a leading sports 
marketing agency and distributor of 
sports media rights worldwide. 
In April 2015, through Pitch International 
we had a major breakthrough when we 
signed a major sponsorship agreement 
for The Sun to become Gﬁ nity’s ofﬁ cial 
newspaper and online news partner 
in the UK and Ireland. The backing of 
such a large organisation is not only 
great news for us but also a huge boost 
to the UK’s growing eSports sector.
The two-year commercial partnership is 
the ﬁ rst such major agreement signed 
by Gﬁ nity and will contribute signiﬁ cantly 
towards the Company achieving its 
revenue targets this year and in 2016. 
Outlook
The Company has generated relatively 
low sales to date and this is not expected 
to change materially in the short-term 
although the Company does expect to 
see revenues increasing through 2016. 
The Company’s focus is to continue 
to maximise growth of its user base 
and consolidate its reputation for 
delivering the highest quality eSports 
events and expanding the size of the 
online community. The success of the 
2015 Gﬁ nity eSports Championship 
demonstrated Gﬁ nity’s ability to provide 
sponsors and broadcasters with a level 
of regular top level eSports content 
that has not been available in the UK 
before. The Company’s partnership 
with Pitch international, means that 
Gﬁ nity now has both a product which 
it believes will be of value to sponsors 
and broadcasters as well as a greatly 
enhanced capability to sell to such 
groups. Additionally, Gﬁ nity expects to 
launch its online retail offering in the ﬁ nal 
quarter of 2015, while increasing the 
focus on monetising the viewership of 
the 2016 Gﬁ nity Championship series.
The Company is in dialogue with 
several potential partners and expects 
to sign other sponsorship deals next 
year. As a result, the Board is conﬁ dent 
of continuing to grow and deliver 
shareholder value in the mid-to-long term.
Nonetheless, achieving this additional 
value will require further investment.  
As a result, immediately following 
the publication of these results, the 
company intends to announce a further 
fundraise, to ensure it has sufﬁ cient 
funds available to continue its growth.
8
Business Review & Strategic Report 9
GFINITY plc.  
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  Annual Report & Financial Statements 2015
In the year to 30 June 2015 Gﬁ nity 
invested heavily in establishing its 
reputation as one of the leading 
eSports companies in the world. The 
results presented in these ﬁ nancial 
statements, which are wholly in line 
with directors expectations for the 
period, reﬂ ect that investment.
Revenue increased to £560,828 up 
from £213,450 for the equivalent 12 
month period to 30 June 2014. Of these 
ﬁ gures, £415,427 of the revenue came 
during the second half of the year, 
following the Company’s admission to 
AIM. While the focus of the Company to 
date has not been on short term revenue 
generation, this does indicate the long 
term monetisation potential of eSports.
This increase in revenue resulted from a 
mix of: sponsorship, including the signing 
of an agreement with News Corp UK & 
Ireland Limited in April 2015; fees from 
game publishers for delivery of events 
using their titles; premium subscriptions, 
and ticket sales. The income from the 
ﬁ rst half of the year primarily related to 
ticket sales and sponsorship in respect 
of the G3 event in August 2014.
Moving on into the year to 2015/16, 
Gﬁ nity expects to launch its online 
retail offering in the ﬁ nal quarter of 
2015, while increasing the focus on 
monetising the viewership of the 
2016 Gﬁ nity Championship series.
As expected, administrative expenses, 
including staff costs, marketing and 
web development, increased to a run 
rate of approximately £230,000 per 
month for the six months of the year 
following admission to AIM and totalled 
£2,142,745 for the full year.  The primary 
reasons for this were the launch of 
the Gﬁ nity Arena, increases in stafﬁ ng 
required to grow the business, taking on 
Pitch International to lead commercial 
sales, further investments in sales 
and marketing and developments 
to the Gﬁ nity.net web offering.
Furthermore, cost of sales, which 
totalled, £2,001,820 for the full year, 
increased to £1,210,817 in the latter 
half of the year, primarily driven by 
the costs of staging the ﬁ rst part of 
the Gﬁ nity Championship series, 
including prize money, talent, travel 
accommodation and event production. 
Across the full year, the loss of £3.6 
million (2014: loss of £0.9 million) 
reﬂ ects the signiﬁ cant investment that 
the Company made following its listing 
in building its proﬁ le and following 
within the eSports community. The 
Company has cash, cash equivalents 
and deposits totalling £2.73 million as 
of 30 June 2015 (2014: £0.59 million),
and immediately following the 
announcement of these results 
will commence a further round of 
fundraising to ensure that it has 
sufﬁ cient capital available to continue 
its growth into 2016 and beyond.
Finance Director’s Report
Jonathan Hall
Finance Director 10
Business Overview & Strategic Report 
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Gﬁ nity Growth & Monetisation Opportunity
June 2014
June 2015
43k
400k
› Registered users of Gﬁ nity.net
› Matches organised on Gﬁ nity.net :
› Social media growth:
›  Relationships with 
Game Publishers 
& Games
2014 2015 2014 2015
per year
x 183k
84k
5k
91k
134k
Twitter Facebook
£568K
› Total prize money 11
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  Annual Report & Financial Statements 2015
Audience
Target demographic is a key component 
of any sponsorship property. When it 
comes to targeting the golden bracket 
of young males eSports is miles ahead.
3.6%
5.4%
5.9%
7.7%
9.9%
12.3%
92%
%
 of audience males 16-34
Sports Properties
100
70
40
90
60
30
80
50
20
10
0
25-34
males
22%
18-24
males
70%
Sponsorship 
& Advertising
› Major partners
› Brand Activation
› Advertising
Broadcast
› Pay per view
› CPM
› Rights fees
Others
› Venue Hire
› Merchandise
› Pay to play 
Ticketing
› Sales of tickets  
to off-line events
£
Publisher 
Events
› Promotional events
› White label 
tournaments
Subscription
› Monthly &  
annual subs
› Access to premium 
content and 
competitions
Gﬁ nity Growth & Monetisation Opportunity Business Overview & Strategic Report 
12
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  Annual Report & Financial Statements 2015
Growth in eSports Market & Audiences
Global eSports audience (Newzoo* estimate)
* Newzoo is a global market research and predictive analytics ﬁ rm with a primary focus on games
unique visitors
100m
watching minutes per month
16b
INDIRECT (81%)
Corporate Sponsorship
$111.1m
DIRECT (19%)
Prize pool contributions
$11.8m
Merchandise
$11m
Ticket sales
$4.5m
Indirect and direct revenue generated from eSports enthusiasts, 2015E: NORTH AMERCIA
$143m
North America
205m
2014
2017
335m
twitch.tv (2014) twitch.tv (2014) 13
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  Annual Report & Financial Statements 2015
eSports beneﬁ ts from highly engaged fans from a demographic that’s attractive to sponsors
*Newzoo, Global Sports Media Consumption Report
x 19
› The average eSports viewer watches content:
per
month
2.2hrs
› The average session lasts:
41.8hrs
31 hrs
› Total viewing time per month:
eSports viewer
Fans of traditional sport*
10.8 hrs
less per month 14
Governance 
Directors’ Biographies
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  Annual Report & Financial Statements 2015
 
Tony 
Collyer
Non-Executive Chairman
Tony is a Chartered 
Accountant with broad 
commercial experience and 
has been ﬁ nance director 
of three public companies, 
Allders plc and New Look 
Group plc, both of which 
listed on the main market 
during his tenure, and The 
Corporate Services Group 
plc. He is also chairman of 
Adeevo Limited, an internet 
recruitment aggregator and 
a director of the North Devon 
Biosphere Foundation. 
Tony has sat on the Finance 
Committee of King’s College 
London for the last ﬁ ve 
years. Additionally he has 
acted as transaction director 
for a number of signiﬁ cant 
corporate transactions 
including the sale of The 
Listening Company Limited 
to Serco plc and the sale of 
OB10 Limited to Tungsten 
Corporation Plc. Tony joined 
the Board in January 2014. 
He also chairs the Audit and 
Remuneration Committees.   
 
Jonathan 
Hall
Finance Director
Jon qualiﬁ ed as a Chartered 
Accountant with Arthur 
Andersen followed by a 
period of 6 years specialising 
in organisation and business 
process design with PA 
Consulting, a leading 
London based management 
consultancy ﬁ rm. He 
subsequently spent 5 years 
as a ﬁ nance director of 
Saracens Ltd and the wider 
Premier Team Holdings 
Group, before joining Gﬁ nity 
in August 2014. As Finance 
Director Jon has responsibility 
for all aspects of ﬁ nance 
and accounting, including 
ﬁ nancial planning, reporting 
and accessing capital in order 
to fund growth. Jon is also 
responsible for all matters of 
corporate governance and for 
maintaining an appropriate 
internal controls environment 
within the Company.
 
Neville 
Upton
Chief Executive Ofﬁ cer
After graduating at the 
London school of Economics, 
Neville joined Coopers & 
Lybrand where he qualiﬁ ed 
as a Chartered Accountant. 
Neville’s formative years 
were at Euromoney where 
he gained experience in 
Finance, M&A and various 
commercial projects. 
After a brief spell at The 
Decisions Group as ﬁ nance 
and operations director, 
in 1998 he established a 
call centre business, The 
Listening Company, which 
specialized in multichannel 
communication applications 
and high quality customer 
service solutions. The 
business was sold in 2011 
to Serco for a sum in excess 
of £60 million at which 
time it had a turnover of 
£82 million and employed 
4,000 people. Neville co-
founded the Company in 
2012 and is the largest 
shareholder in the Company.
 
Ginette 
Jarman
Operations Director
Ginette worked with Neville 
Upton at the Listening 
Company.  She has strong 
organisational and project 
management skills and 
became a key member of the 
management team, managing 
special projects on behalf of 
the executive group, including 
the sale of the business to 
Serco. She has responsibility 
for the operational delivery 
of Gﬁ nity events and 
management of special 
projects. She was the founding 
director of the Company and 
thus has been closely involved 
in the early development of 
the business since inception.
Chief Executive Ofﬁ cer 15
GFINITY plc.  
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  Annual Report & Financial Statements 2015
 
Paul 
Kent
Technology & eSports Director
Paul has been involved in 
eSports since 1996, as both 
a top level gamer and team 
owner. He established the 
Warped Gaming League in 
2009, which grew within 3 
years to be the UK’s largest 
Xbox Live online league with 
over 13 million page visits. 
Prior to joining Gﬁ nity, Paul 
spent 10 years as a software 
engineer with Creative Labs, 
focused primarily on chip 
design and ARM architecture. 
He has responsibility for web 
and production technology 
and also for setting the rules 
and tournament structures 
for all Gﬁ nity competitions.
 
David 
Yarnton
Non-Executive Director
David has over 20 years 
experience in the Games 
industry ﬁ rst in Australia 
followed by 9 years as 
Managing Director of Nintendo 
UK & Ireland. Currently he is 
a Director of Equinox Talent 
and Eyes on Athletes both 
companies involved with sport 
in the digital space and is Co-
Chairman of the eSports Sub 
Group of the UK Interactive 
Entertainment Association 
an organisation on which he 
was a Board Member and 
Vice Chairman for 7 years.
In addition to that he has 
been a Board Member of GfK 
Charttrack, the Edinburgh 
Interactive Festival of which he 
was also Chairman for 2 years. 
He is Founder and Chairman 
of the British Inspiration 
Awards which celebrates 
diverse British Creative 
Achievements today whilst 
inspiring them for tomorrow.
 
Philip
Shuldham-Legh
Marketing Director
Philip has held a number of 
Sales & Marketing positions 
for large BPO businesses and 
Direct Marketing agencies 
including SITEL (1993-1998) 
and WWAV Rapp Collins 
(1998-2004) until joining 
Neville Upton at The Listening 
Company as Managing 
Director of Consulting in 2004. 
Over the next few years, he 
took over responsibility for 
new business, marketing and 
product development and was 
Group Sales and Marketing 
Director when Serco acquired 
the business in March 2011. 
He was retained by Serco 
and moved to Business 
Development Director until he 
joined Gﬁ nity as Marketing 
Director in January 2013. 
Phillip divides his time between 
this role and being Strategy 
Director at Voice Marketing 
Ltd, which has recently been 
acquired by Capita plc (April 
2015). In all his roles, Philip 
has had responsibility for 
brand, marketing comms 
and revenue growth.
 
Jonathan
Varney
Non-Executive Director
Jonathan (“Jon”) Varney is 
a Founder Partner of Pitch 
International Commercial 
LLP (“Pitch”) and has been 
involved with the Company 
since Pitch were appointed to 
sell commercial rights on the 
Company’s behalf in December 
2014. As part of Pitch, Jon 
is responsible for building 
commercial partnerships 
between brands and rights 
holders. Pitch’s portfolio of 
rights includes International 
Football and Cricket 
Federations and Broadcast 
Sponsorship of all Pitch 
programming. Prior to Pitch, 
Jon Varney was commercial 
director of Premiership 
Rugby, the umbrella 
organisation responsible 
for the development of elite 
professional club rugby in 
England. Previous roles prior 
to 2003 all revolved around 
the sports media sector 
including Octagon UK, Movie 
and Media Sports, Coca-
Cola Football and the RFU. 16
GFINITY plc.  
|
  Annual Report & Financial Statements 2015
The Directors present their 
annual report on the affairs of the 
Company, together with the ﬁ nancial 
statements and auditor’s report, 
for the year ended 30 June 2015.
Principal activities
Gﬁ nity is the leading UK-based 
eSports company serving the rapidly-
growing community of competitive 
gamers worldwide. We were founded 
in September 2012 and since then 
have established a popular online 
brand, Gﬁ nity.net, where gamers can 
compete, socialise and enjoy a wide 
range of content relating to electronic 
games. Gﬁ nity is the operator of 
the UK’s ﬁ rst and only dedicated 
eSports arena in Fulham, London. 
Business and 
strategic review
The information that fulﬁ ls the 
requirements of the business review, 
including details of the results for the 
year ended 30 June 2015, principal 
risks and uncertainties and the 
outlook for future years, are set out in 
the Chairman’s and Chief Executive 
Ofﬁ cer’s Statements and the Business 
and Financial Review, on pages 6-13.
Admission to AIM
Gﬁ nity was admitted to trading on 
the AIM market of the London Stock 
Exchange on 22 December 2014, at 
which time 21,635,150 new Ordinary 
Shares (including fee shares) were 
placed to raise gross proceeds of 
approximately £3.5 million. Further 
information relating to movements on 
share capital is set out in Note 12 to 
the ﬁ nancial statements on page 37.
Future developments
Our development objectives for 
2015–16 are disclosed in the 
Overview on pages 6-13.
Capital structure
The capital structure is intended to 
ensure and maintain strong credit ratings 
and healthy capital ratios in order to 
support the Company’s business and 
maximise shareholder value. It includes 
the monitoring of cash balances, 
available bank facilities and cash 
ﬂ ows. No changes were made to these 
objectives, policies or processes during 
the year ended 30 June 2015.
Results and dividends
The Comprehensive Income 
Statement is set out on page 25.
The Company’s loss after taxation 
amounted to £3.58m (2014: £0.35m).
The Directors do not recommend the 
payment of a dividend for the year ended 
30 June 2015.
During the year ended 30 June 2015, 
the Company made political donations 
of £nil (2014: £nil) and charitable 
donations of £nil (2014: £nil).
Directors
The following Directors held ofﬁ ce as 
indicated below for the year ended 
30 June 2015 and up to the date 
of signing the ﬁ nancial statements 
except where otherwise shown.
Tony Collyer - Non-Executive Chairman 
(22 December 2014 - present)
Neville Upton - Chief Executive Ofﬁ cer
Jonathan Hall - Finance Director 
(1 September 2014 – present)
Ginette Jarman - Operations Director
Paul Kent - Technology 
and eSports Director
Philip Shuldham-Legh - 
Marketing Director
David Yarnton - Non-Executive Director
(1 September 2014 – present)
Jonathan Varney - Non-Executive
Director (1 September 2014 – present)
Directors’ indemnities
The Company has made qualifying 
third party indemnity provisions for 
the beneﬁ t of its Directors, which were 
made during the year and remain 
in force at the date of this report.
Statement of Directors’ responsibilities 
in respect of the Directors’ report 
and the ﬁ nancial statements
The Directors are responsible for 
preparing the annual report and the 
ﬁ nancial statements in accordance 
with applicable law and regulations. 
Company law requires the Directors 
to prepare ﬁ nancial statements for 
each ﬁ nancial year. Under that law 
the Directors have elected to prepare 
Company ﬁ nancial statements in 
accordance with International Financial 
Reporting Standards (“IFRSs”) as 
adopted by the European Union.
Governance 
Directors’ Report 17
GFINITY plc.  
|
  Annual Report & Financial Statements 2015
Under Company law the Directors must 
not approve the ﬁ nancial statements 
unless they are satisﬁ ed that they 
give a true and fair view of the state 
of affairs of the Company and the 
parent company and of the proﬁ t or 
loss of the Company and the parent 
company for the period. The Directors 
are also required to prepare ﬁ nancial 
statements in accordance with the 
rules of the London Stock Exchange 
for companies trading securities on 
the AIM. In preparing these ﬁ nancial 
statements, the Directors are required to:
■  present fairly the ﬁ nancial position, 
ﬁ nancial performance and 
cashﬂ ows of the Company;
■  select suitable accounting 
policies in accordance with IAS 8 
Accounting Policies, Changes in 
Accounting Estimates and Errors 
and then apply them consistently;
■  make judgements and estimates 
that are reasonable and prudent;
■  state whether applicable IFRSs have 
been followed, subject to any material 
departures disclosed and explained 
in the ﬁ nancial statements; and
■  prepare the ﬁ nancial 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 sufﬁ cient to show and explain 
the Company’s transactions and 
disclose with reasonable accuracy at 
any time the ﬁ nancial position of the 
Company and enable them to ensure 
that the ﬁ nancial 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.
The Directors conﬁ rm that:
■  so far as each Director is 
aware, there is no relevant audit 
information of which the Company’s 
auditors are not aware; and
■  the Directors have taken all steps 
that they ought to have taken to make 
themselves aware of any relevant audit 
information and to establish that the 
auditors are aware of that information.
The Directors are responsible for 
ensuring the annual report and 
the ﬁ nancial statements are made 
available on the corporate website. 
Financial statements are published 
on the Company’s website in 
accordance with legislation in the 
United Kingdom governing the 
preparation and dissemination of 
ﬁ nancial statements, which may vary 
from legislation in other jurisdictions. 
The Directors are responsible for 
the maintenance and integrity of the 
corporate and ﬁ nancial information 
included on the Company’s website.
Auditors
Each of the persons who is a 
Director at the date of approval of 
this annual report conﬁ rms that:
■  so far as the Director is aware, 
there is no relevant audit 
information of which the Company’s 
auditors are unaware; and
■  the Director has taken all the steps 
that he/she ought to have taken as 
a Director in order to make himself/
herself aware of any relevant 
audit information and to establish 
that the Company’s auditors are 
aware of that information.
This conﬁ rmation is given and 
should be interpreted in accordance 
with the provisions of Section 418 
of the Companies Act 2006.
Rees Pollock have expressed their 
willingness to continue in ofﬁ ce as 
auditors and a resolution to reappoint 
them will be proposed at the 
forthcoming Annual General Meeting. Governance 
GFINITY plc.  
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  Annual Report & Financial Statements 2015
As an AIM listed company, Gﬁ nity plc 
is not obliged to comply with the UK 
Corporate Governance Code published 
in September 2012 (the “Code”). 
However, the Board follows, as far as 
practicable, the recommendations on 
corporate governance of the Quoted 
Companies Alliance for companies 
with shares traded on AIM. 
The Board
The Board normally meets at least 
12 times per year in person. Its 
direct responsibilities include setting 
annual budgets, reviewing trading 
performance, approving signiﬁ cant 
capital expenditure, ensuring adequate 
funding, setting and monitoring 
strategy and reporting to shareholders. 
The Non-Executive Directors have 
a particular responsibility to ensure 
that the strategies proposed by the 
Executive Directors are fully considered. 
The Board has established an Audit 
Committee and a Remuneration 
Committee, with formally delegated 
duties and responsibilities 
as described below.
Audit Committee
The Company’s Audit Committee 
currently comprises Tony Collyer 
(Chairman) and David Yarnton (non-
executive director). The committee 
meets at least twice a year.
The Audit Committee is responsible 
for reviewing the half-year and 
annual ﬁ nancial statements, interim 
management statements, preliminary 
results announcements and any other 
formal announcement or presentation 
relating to the Company’s ﬁ nancial 
performance. The Audit Committee 
also reviews signiﬁ cant ﬁ nancial 
returns to regulators and any ﬁ nancial 
information covered in certain other 
documents such as announcements 
of a price sensitive nature.
The Audit Committee advises the Board 
on the appointment of external auditors 
and on their remuneration (both for audit 
and non-audit work) and discusses the 
nature, scope and results of the audit 
with the auditors. The Audit Committee 
reviews the extent of the non-audit 
services provided by the auditors and 
reviews with them their independence 
and objectivity. The Chairman of the Audit 
Committee reports the outcome of Audit 
Committee meetings to the Board and the 
Board receives minutes of the meetings.
Remuneration 
Committee
The Company’s Remuneration Committee 
currently comprises Tony Collyer 
(Chairman) and David Yarnton (non-
executive director). The committee is 
responsible for making recommendations 
to the Board, within agreed terms of 
reference, on the Company’s framework 
of executive remuneration and its 
cost. The committee determines the 
contract terms, remuneration and other 
beneﬁ ts for each of the Executive 
Directors, including performance 
related bonus schemes and pension 
rights. Further details of the Company’s 
policies on remuneration and service 
contracts are given in the Directors’ 
remuneration report on page 20.
Relations with 
shareholders
Communication with shareholders is 
given high priority. There is regular 
dialogue with major and institutional 
shareholders including presentations 
after the Group’s announcements of 
the half-year and full-year results. 
The Board uses both the annual report 
and ﬁ nancial statements and the Annual 
General Meeting to communicate directly 
with private and institutional investors 
and welcomes their participation.
The Chairman aims to ensure that the 
Chairs of the Audit and Remuneration 
Committees are available at the Annual 
General Meeting to answer questions.
Internal control
The Board is responsible for establishing 
and maintaining the Company’s system 
of internal control and for reviewing its 
effectiveness. The system is designed 
to manage rather than eliminate the 
risk of failure to achieve the Company’s 
strategic objectives and can only provide 
reasonable and not absolute assurance 
against material misstatement or loss. 
As an AIM listed company, the Company 
does not need to comply with Code 
provision C2.1 regarding the Directors 
giving a summary of the process 
applied by the Board in reviewing the 
effectiveness of the system of internal 
control. Instead, the Directors have set 
out below some of the key aspects of the 
Company’s internal control procedures.
Corporate Governance Report
18 GFINITY plc.  
|
  Annual Report & Financial Statements 2015
An ongoing process has been 
established for identifying, evaluating 
and managing the signiﬁ cant risks 
faced by the Company. The process 
has been in place for the full year under 
review and up to the date of approval 
of the annual report and ﬁ nancial 
statements. The Board regularly reviews 
this process as part of its review of 
such risks within its meetings. Where 
any weaknesses are identiﬁ ed, an 
action plan is prepared to address 
the issues and is then implemented.
Each year the Board approves the annual 
budget. Key risk areas are identiﬁ ed, 
reviewed and monitored. Performance is 
monitored against budget, relevant action 
is taken throughout the year and updated 
forecasts are prepared as appropriate.
Capital and development expenditure is 
regulated by a budgetary process and 
authorisation levels. For expenditure 
beyond speciﬁ ed levels, detailed written 
proposals have to be submitted to the 
Board for approval. Reviews are carried 
out after the purchase is complete. 
The Board requires management to 
explain any major deviations from 
authorised capital proposals and to 
seek further sanction from the Board.
The Board has reviewed the need 
for an internal audit function and 
concluded that this is not currently 
necessary in view of the small size of 
the Company and the close supervision 
by the senior leadership team of its 
day-to-day operations. The Board will 
continue to keep this under review.
Going concern
As at 30 June 2015, the Group had cash 
and cash equivalents of £2.73m (2014: 
£0.59m) as set out in the Statement 
of Financial Position. The Directors 
have prepared detailed forecasts of 
the Group’s ﬁ nancial performance 
over the next 2 years. As a result 
of this review, which incorporated 
sensitivities and risk analysis, the 
Directors believe that the Group has 
sufﬁ cient resources and working capital 
to meet their present obligations. 
Accordingly, they continue to adopt 
the going concern basis in preparing 
the Company ﬁ nancial statements.
19 20
GFINITY plc.  
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  Annual Report & Financial Statements 2015
As the Group is AIM listed, the Directors 
are not required, under Section 420(1) 
of the Companies Act 2006, to prepare 
a Directors’ remuneration report for each 
ﬁ nancial year of the Group and so Gﬁ nity 
plc makes the following disclosures 
voluntarily, which are not intended to, 
and indeed do not, comply with the 
requirements of the Companies Act 2006.
The Remuneration Committee is 
responsible for recommending the 
remuneration and other terms of 
employment for the Executive Directors of 
Gﬁ nity plc. In determining remuneration 
for the year, the committee has given 
consideration to the requirements of 
the UK Corporate Governance Code.
Remuneration policy
The remuneration of Executive Directors 
is determined by the committee and the 
remuneration of Non-Executive Directors 
is approved by the full Board of Directors. 
The remuneration of the Chairman is 
determined by the Independent Non-
Executive Directors, in conjunction with 
the Chief Executive and Finance Director.
The remuneration packages of Executive 
Directors comprise the following elements:
Basic salary and beneﬁ ts 
Basic salaries for Executive Directors 
are reviewed annually having regard 
to individual performance, market 
practice and the ﬁ nancial position of the 
company. In most cases salaries paid to 
Executive Directors are currently towards 
the low end of the market rate for their 
respective roles.  No Executive Directors 
currently receive beneﬁ ts such as health 
insurance or contributions to pension 
schemes. The Company’s staging date 
for auto-enrolment is 1st July 2017.
Annual bonus
No annual bonuses have been awarded to 
Executive Directors, as the Board felt that 
this would be inappropriate at the current 
stage of Gﬁ nity’s development.
Share options
The Group believes that share 
ownership by Executive Directors and 
employees strengthens the link between 
their personal interests and those of 
the Group and the shareholders. 
The Group has an executive share 
option scheme, which is designed to 
promote long-term improvement in the 
performance of the Group, sustained 
increase in shareholder value and clear 
linkage between executive reward 
and the Group’s performance.
All directors hold either shares or 
share options in the company.
Governance 
Directors Remuneration Report
Directors’ emoluments
Emoluments of the Directors for the year ended 30 June 2015 are shown below.
 Salary and Fees Beneﬁ ts Total Remuneration
 
Anthony Collyer  £12,000 £0  £12,000
Neville Upton  £66,667 £0  £66,667
Jonathan Hall (appointed 1 September 2014)
1
  £88,500 £0  £88,500
Ginette Jarman  £48,731 £0  £48,731
Paul Kent  £51,462 £0  £51,462
Philip Shuldham-Legh  £10,231 £0  £10,231
David Yarnton (appointed 1 September 2014)
2
  £20,734 £0  £20,734
 
  
 £298,324 £0 £298,324
 
1
 – In addition to the amounts stated above, Jonathan Hall also earned remuneration of £4,038 in the period prior to his appointment as a director
2
 – Fees in respect of David Yarnton fees invoiced via Equinox Talent Ltd 21
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Directors’ interests in shares
The interests of the Directors at 30 June 2015 in the shares of the Company were:
 Number of Ordinary Shares Percentage of issued share capital
 
Neville Upton 14,579,000 18.73
Ginette Jarman 1,622,000 2.08
Paul Kent 1,622,000 2.08
Tony Collyer   903,000 1.16
Philip Shuldham-Legh   278,000 0.36
Jonathan Hall – –
David Yarnton – –
 
Share Options
Directors’ interests in options over the ordinary shares in the company were as follows:
  As at 30   As at 30 
  June Options Options June 
  2014
1
 Granted
1
 Lapsed 2015 
 
Anthony Collyer  0 323,000 0 323,000 
Neville Upton  0 0 0 0 
Jonathan Hall  0 995,000 0 995,000 
Ginette Jarman  0 0 0 0 
Paul Kent  0 0 0 0 
Philip Shuldham-Legh  323,000 200,000 0 523,000 
David Yarnton
2
  0 199,000 0 199,000 
 
  323,000 1,717,000 0 2,040,000
 
1
 - Options held at the start of the year and those granted prior to 4th December 2014 have been restated to reﬂ ect the share split of 1,000 shares 
per ordinary share, which took place on that date, as directors believe that this provides the most meaningful basis of comparison.
2
 – Options held by Equinox Talent Ltd, a company wholly owned by David Yarnton.
All options held by directors, with the exception of those held by Mr Collyer and Mr Yarnton, are held under an HMRC approved EMI 
scheme adopted by the Company on 27 March 2014.
Service contracts
All directors entered into new service contracts with the Company on 16 December 2014, prior to the Company’s admission to AIM.
All directors appointments are subject to three months’ notice on either side, with the exception of Mr Upton, whose appointment is 
subject to 6 months’ notice on either side. 
All directors are subject to pre and post termination restrictive covenants with the Company, including those relating to non-
competition and non-solicitation of customers and staff. 
No compensation is payable for loss of ofﬁ ce and all appointments may be terminated immediately if, among other things, a director is 
found to be in material breach of the terms of the appointment. GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
22 GFINITY plc.  
|
  Annual Report & Financial Statements 2015
Report & Financial Statements  30 June 2015
23 24
Independent Auditors’ Report to the shareholders of Gfinity plc 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
We have audited the financial statements of Gfinity plc for the period ended 30 June 2014, set out on pages 25 to 42. The financial reporting 
framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted 
by the European Union.
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 
Auditors’ 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.
Respective responsibilities of directors and auditors
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. Our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to 
comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: 
whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately 
disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial 
statements. In addition, we read all the financial and non-financial information in the Strategic report and the Directors’ report to identify 
material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based 
on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent 
material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the company’s affairs as at 30 June 2015 and of its loss for the period then ended;
• have been properly prepared in accordance with IFRSs as adopted by the European Union; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 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.
 
Jonathan Munday (Senior statutory auditor)
for and on behalf of
Rees Pollock, Statutory Auditor
30 October 2015 25
 
Statement of Comprehensive Income
for the year ended 30 June 2015
GFINITY plc.  
|
  Annual Report & Financial Statements 2015
  Notes 1 July 2014 to 1 January to
   30 June 2015 30 June 2014
     £  £
   
 
CONTINUING OPERATIONS
Revenue    560,828 197,147
Cost of sales  (2,001,820)  (193,302)
   
 
Gross profit/(loss)    (1,440,992) 3,845
Administrative expenses 3  (2,142,745) (349,032)
   
 
Operating loss    (3,583,737) (345,187)
Finance income 5   2,568  148
   
 
Loss on ordinary activities before tax    (3,581,169) (345,039)
Taxation 6 − −
   
 
Retained loss for the year    (3,581,169) (345,039)
   
 
Loss and total comprehensive income for the period    (3,581,169) (345,039)
   
 
Earnings per share 13 (0.06) (0.01)
   
  The notes on pages 29 to 41 form an integral part of these financial statements.
26
 
Statement of Financial Position
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
  Notes  30 June 2015 30 June 2014
      £ £  £
    
 
NON CURRENT ASSETS
Property, plant and equipment 7   219,848  14,730
CURRENT ASSETS
Inventories   3,218 – –
Trade and other receivables 8 570,350  140,802
Cash and cash equivalents 9 2,732,561   591,275
   
  
       3,306,129  732,077
    
 
TOTAL ASSETS   3,525,977  746,807
   
 
EQUITY AND LIABILITIES
Equity
Ordinary shares 12 77,845  32,367
Share premium account   4,679,536  1,330,263
Other reserves 14 62,447   8,014
Retained earnings   (1,896,101)   (1,064,932)
   
  
Total equity     2,923,727  305,712
Non-current liabilities
Borrowings 11 0   329,978
Current liabilities
Trade and other payables 10 602,250   111,117
   
  
Total liabilities     602,250  441,095
    
 
TOTAL EQUITY AND LIABILITIES     3,525,977  746,807
   
 
These financial statements were approved and authorised for issue by the Board of Directors on 30th October 2015 and were signed on  
its behalf by:
Neville Upton Jonathan Hall
Chief Executive Finance Director  27
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
|
  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
  Ordinary  Share  Share  Retained  Total
  shares premium option reserve earnings equity
  £ £ £ £ £
  
 
  
 
At 31 December 2013 24,861  662,249  –  (719,893)  (32,783)
Loss for the period –  –  –  (345,039)  (345,039)
Total comprehensive income 0 0  0  (3,581,169)  (3,581,169)
  
    
New shares issued 7,506  668,014  – –  675,520
Share options expensed -  –  8,014 –  8,014
Total transactions with owners, 
recognised directly in equity 7,506 668,014 8,014 0 683,534
  
    
At 30 June 2014 32,367  1,330,263  8,014  (1,064,932)  305,712
Loss for the period – – –  (3,581,169)  (3,581,169)
Total comprehensive income 0 0  0  (3,581,169)  (3,581,169)
  
    
Reduction in Capital –  (2,750,000)  –  2,750,000  –
Proceeds of Shares Issued 45,478  6,845,086  –  –  6,656,433
Share issue costs –  (745,813)  – –  (511,682)
Share options expensed –  –  54,433  –  54,433
Total transactions with owners, 
recognised directly in equity 45,478 3,349,273 54,433 2,750,000 6,199,184
  
    
At 30 June 2015 77,845  4,679,536  62,447  (1,896,101)  2,923,727
  
    
 
Statement of Changes in Equity 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
27 28
    Year ended 6 months ended
    30 June 2015 30 June 2014
    Notes  £ £  £
    
 
Cash flow used in operating activities
Net cash used in operating activities  17   (3,431,210) (371,602)
Cash flow from/(used in) investing activities
Interest received 5 2,568   148
Additions to property, plant and equipment  7 (244,845)   (12,402)
    
 
Net cash used in investing activities     (242,277) (12,254)
Cash flow from/(used in) financing activities
Issue of equity share capital   5,814,773   675,520
Cash inflow from director’s loan   –   –
    
 
Net cash from financing activities     5,814,773 675,520
Net increase in cash and cash equivalents     2,141,286 291,664
Opening cash and cash equivalents     591,275 299,611
     
Closing cash and cash equivalents      2,732,561 591,275
   
 
The notes on pages 29 to 41 form an integral part of these financial statements.
 
Statement of Cash Flows
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
28  
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
29
 
Notes to the Financial Statements 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
1. GENERAL INFORMATION
Gfinity plc (“the Company”) is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the 
registered office is given on page 4. The nature of the Company’s operations and its principal activities are set out in the Directors 
Report on page 16. The registered number of the company is 08232509. The functional and presentational currency is £ sterling.
The Company was admitted to trading on AIM of London Stock Exchange on 22nd December 2015.
Due to a change in accounting reference date, the prior period shown within these accounts relate to the 6 months to 30 June 2014.  
Therefore amounts presented in the financial statements are not entirely comparable.
2. ACCOUNTING POLICIES
 Basis of preparation
 The Company has prepared the accounts on the basis of all applicable International Financial Reporting Standards (IFRS), including 
all International Accounting Standards (IAS), Standing Interpretations Committee (SIC) and the International Financial Reporting 
Interpretations Committee (IFRIC) interpretations issued by the International Accounting Standards Board (IASB) with effective 
dates for accounting periods beginning on or after 1 July 2013, together with those parts of the Companies Act 2006 applicable to 
companies reporting under IFRS.
The accounts have been prepared on the historical cost basis. The principal accounting policies, which have been consistently 
applied throughout the period presented, are set out below.
The preparation of financial statements in conformity with IFRS requires the use of certain estimates. It also requires management 
to exercise its judgement in the process of applying the company’s accounting policies. Estimates and judgements are continually 
reviewed and are based on historical experience and other factors including expectations of future events that are believed to be 
reasonable under the circumstances. These financial statements are not subject to any matters involving critical judgements or 
estimates.
Going concern
At the end of the period the Company had cash and cash equivalents amounting to £2,732,561.  Immediately following the publication 
of these results the Company will announce its intention to undertake a further fundraising of £1 million via a placing of shares on 
AIM.  Directors are confident, in view of the growth of the eSports sector and the success of the Company to date in establishing a 
strong position within it, this fund raise will be successful.
 
Nonetheless, the directors have also given consideration to alternative scenarios including how the company would continue to 
trade were no new funds to be raised. In this unlikely scenario, given available cash reserves and the flexibility in the company’s cost 
base, the directors consider that, while a re-focusing of activities may be required, the company would be able to continue trading 
for more than 12 months from the date of signature of these accounts.
 
Accordingly, these accounts have been prepared on a going concern basis.
Operating leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating 
leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement 
on a straight line basis over the period of the lease.
Revenue
Revenue comprises the fair value of the consideration received or receivable for the sale of services in the normal course of the 
Company’s activities. Revenue is shown net of value added tax.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic 
benefits will flow to the entity, the stage of completion of the transaction at the balance sheet date can be measured reliably and the 
The notes on pages 29 to 41 form an integral part of these financial statements. 30
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
The notes on pages 29 to 41 form an integral part of these financial statements.
costs incurred and the costs required to complete the services in respect of the revenue can be measured reliably. If the amounts 
have been invoiced in advanced for services, these amounts are deferred until the service is delivered to the client at which point 
the income is recognised. The Company bases its estimates on historical results, taking into consideration the type of customer, 
the type of transaction and the specifics of each arrangement.
Revenue comprises of:
•  Sponsorship revenues: Revenue is recognised on the date the relevant sponsored event takes place. In the event of long term 
sponsorship contracts, the revenue is released on a straight line basis across the contract.
•  Advertising revenues: Fees are earned each time a user clicks on one of the ads that are displayed on the website. Revenue is 
recognised on a pay-per-click basis.
•  Ticket sales: Revenue is recognised on the date the relevant event is delivered. 
•  Event hosting: Revenue is recognised on the date the relevant event is delivered. 
•  Website subscriptions: Revenue is invoiced in advance and deferred over the subscription period.
Foreign currencies
Transactions in foreign currencies are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance 
sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on 
the balance sheet date.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the 
income statement for the year.
Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax.
The charge for current tax is based on the results for the period as adjusted for items that are non-assessable or disallowed. It is 
calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax bases used in the computations of taxable profit, and is accounted for using 
the balance sheet liability method. 
Deferred tax liabilities are generally 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 any discount on acquisition) or from 
the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the 
tax profit nor the accounting profit.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax 
liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current 
tax assets and liabilities on a net basis.
Deferred tax assets and liabilities are not discounted.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment, if any. Historical cost 
includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the carrying 
amount of the asset or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits 
associated with the item will flow to the company and that the cost of the item can be measured reliably. The carrying amount of 
parts that are replaced is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in 
profit or loss as incurred. Cost also comprises the initial estimate of dismantling and removing the asset and restoring the site on 
which it is located for which the Company are obligated to incur when the asset is acquired, if applicable.
2. ACCOUNTING POLICIES (continued) 31
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
Depreciation is calculated using the straight-line method to allocate the cost or revalued amounts of tangible fixed assets to their 
residual values over their useful economic lives, as follows:
Office equipment – 1 year straight line
Computer equipment – 3 years straight line
Production equipment – 3 years straight line
Leasehold improvements – over the period of the lease
The residual values and useful economic lives of the assets are reviewed, and adjusted if appropriate, at each balance sheet date. 
The carrying amount of an asset is written down immediately to its recoverable amount if the carrying amount is greater than its 
estimated recoverable value. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount, 
and are recognised within other gains or losses in the income statement.
Share-based payments
The Company issues share options to its employees. The Company has applied the requirements of IFRS 2 Share-based Payments. 
The Company issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are 
measured at fair value at the date of grant.
The fair value determined at the grant date of the equity-settled, share-based payments is expensed on a straight-line basis over 
the vesting period, based on the Company’s estimate of shares that will eventually vest.
Fair value of the equity-settled share-based payments is measured by use of a Black-Scholes model.
Financial liabilities
Financial liabilities are obligations to pay cash or other financial instruments and are recognised when the company becomes a 
party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual 
arrangements entered into. All interest-related charges are recognised as an expense in the income statement.
Trade and other payables are not interest bearing and are recorded initially at fair value net of transactions costs and thereafter at 
amortised cost using the effective interest rate method.
Financial assets
Financial assets are recognised in the balance sheet when the Company becomes a party to the contractual provisions of the 
instrument and are recognised in the balance sheet at the lower of cost and net realisable value.
Provision is made for diminution in value where appropriate.
Income and expenditure arising on financial instruments is recognised on the accruals basis, and credited or charged to the 
statement of comprehensive income in the financial period to which it relates.
Trade receivables do not carry any interest and are initially recognised at fair value, subsequently reduced by appropriate allowances 
for estimated irrecoverable amounts. 
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments 
with original maturities of three months or less. These are readily convertible to a known amount of cash and are subject to an 
insignificant risk of changes in value.
Share capital 
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in 
equity as a deduction, net of value-added tax, from the proceeds.
2. ACCOUNTING POLICIES (continued) 32
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
The notes on pages 29 to 41 form an integral part of these financial statements.
Critical accounting judgments and estimates
Revenue Recognition:
Revenue is recognised when the work to which it relates is delivered. On long term sponsorship contracts, covering a range of 
activities, revenue is recognised evenly over the contract period.
Software development:
 Expenditure of development of the company’s website and device applications is expensed as incurred.
Deferred tax:
The Company has not recognised a deferred tax asset in respect of their losses given that there is no track record of taxable profits 
at this time. Deferred tax assets will be recognised when the Company has established a track record of expected future taxable 
profit.
Provisions
Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is 
probable that it will result in an outflow of economic benefit that can be reasonably estimated. Directors consider that no such 
provisions have been required in the calculation of the figures in these financial statements. 
3. OPERATING EXPENSES
Operating loss is stated after charging:
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
Depreciation of property, plant and equipment   39,727 2,436
Rentals under operating leases   231,849 66,580
Staff costs (see note 4)   769,227 130,592
Auditors’ remuneration for auditing the accounts of the company  15,000 5,000
Auditors’ remuneration for other non-audit services:
- Other services supplied pursuant to such legislation   2,500 –
- Other services related to taxation   750 750
- All other services   12,750 5,500
Net foreign exchange (gains)/ losses   10,037 201
    
 
In addition to amounts stated above the Auditors also received remuneration of £87,500 in respect of services provided in connection with 
the Company’s Initial Placement Offering and listing on AIM. In accordance with IAS 32 (paragraph 37), this amount has been written off 
against the share premium account and hence does not form part of the operating expenses figure within these financial statements.
2. ACCOUNTING POLICIES (continued)  
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
33
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
4.  PARTICULARS OF EMPLOYEES
Number of employees
The average number of people (including directors) employed by the company during the financial period was:
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
   18 8
    
 
The aggregate payroll costs of staff (including directors) were:
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
Wages and salaries   646,043 114,580
Social security costs   68,751 7,998
Equity settled transactions   54,433 8,014
    
 
   769,227 130,592
   
 
Full detail on Directors earnings can be found within the Directors’ Remuneration note, within the Governance section of this 
report, on pages 20 to 21.
5.  FINANCE INCOME
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
Interest income on bank deposits   2,568  148
   
  34
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
6. TAXATION 
 (a) Major components of taxation expense for the period ended 30 June 2015 are:
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
 Income statement
 Current tax
 Corporation tax   – –
    
 
 Total current tax   – –
 Deferred tax   
 Relating to origination and reversal of temporary differences  – –
    
 
 Taxation charge reported in the income statement   – –
    
 
 (b) Factors affecting tax charge for the period
A reconciliation of taxation expense applicable to accounting profit before taxation at the statutory tax rate of 20% (2014: 20%), to 
taxation expense at the Company’s effective tax rate for the period is as follows:
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
Loss on ordinary activities before taxation   (3,581,169) (345,039) 
   
 
At UK corporation tax rate of 20% (2013: 20%)   (716,234) (69,008)
Expenses not deductible for tax purposes   15,728 3,369
Capital allowances for period in excess of depreciation   (41,024) (1,993)
Unrelieved tax losses carried forward   741,529 67,632
    
 
Current tax charge for the period   – –
   
 
(c) Unrecognised deferred tax asset
The Company has deferred tax asset arising from trading losses carried forward of £953,371 (2014: £207,000) calculated at the 
substantively enacted Corporation tax rate at the balance sheet date of 20% (2014: 20%). These trading losses will reverse against 
future taxable trading profits and no asset has been recognised due to uncertainties over the timing and nature of such gains in 
accordance with IAS 12.
The notes on pages 29 to 41 form an integral part of these financial statements. 35
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
    Computer &
    Office  production  Leasehold  
   equipment equipment Improvement Total
   £ £ £ £
    
 
Cost
At 1 January 2014 –  5,863  –  5,863
Additions 3,603  8,799  –  12,402
    
 
At 30 June 2014 3,603  14,662 –  18,265
  
    
Depreciation
At 1 January 2014 –  1,099  –  1,099
Charge for the period 1,046  1,390  –  2,436
    
 
At 30 June 2014 1,046  2,489  –  3,535
  
    
Net book value
At 30 June 2014 2,557  12,173  –  14,730
  
    
At 31 December 2013 –  4,764  –  4,764
  
    
    Computer &
    Office  production  Leasehold  
   equipment equipment Improvement Total
   £ £ £ £
    
 
Cost
At 1 July 2014 3,603  14,662 – 18,265
Additions 876  133,479  110,490  244,845
    
 
At 30 June 2015 4,479 148,141 110,490 263,110
  
    
Depreciation
At 1 July 2014 1,046  2,489 – 3,535
Charge for the period 3,272  21,534  14,921  39,727
    
 
At 30 June 2015 4,318 24,023 14,921 43,262
  
    
Net book value
At 30 June 2015 161  124,118  95,569  219,848
  
    
At 30 June 2014 2,557  12,173  –  14,730
  
    
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
35
7.  PROPERTY PLANT AND EQUIPMENT 36
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
The notes on pages 29 to 41 form an integral part of these financial statements.
8. TRADE AND OTHER RECEIVABLES
    30 June 2015 30 June 2014
      £  £
    
 
Trade receivables   79,258  5,260
Other receivables   154,558  51,847
Prepayments and accrued income   336,534  83,695
    
 
     570,350  140,802
   
   
No allowance has been necessary for irrecoverable amounts. The directors consider that the carrying value of trade and other 
receivables equates to their fair value.
Included in other receivables is £33,800 (2013: £33,800) which is due in more than one year.
9. CASH AND CASH EQUIVALENTS
    30 June 2015 30 June 2014
      £  £
    
 
Cash at bank and in hand   732,561  591,275
Short term deposits   1,250,000  –
Restricted cash   750,000  –
    
 
    2,732,561 591,275
  
   
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. The fair value of cash and cash 
equivalents does not differ from the carrying value.
Amount on short term deposit include £500,000 maturing on 10th August 2015 and £750,000 maturing on 12th August 2015. 
Restricted cash relates to a balance placed on a 12 month deposit, maturing on 12th February 2016.
10. TRADE AND OTHER PAYABLES
Amounts falling due within one period
 The carrying amount of these payables approximates their fair value
    30 June 2015 30 June 2014
      £  £
    
 
Trade payables   249,084  58,206
Other taxation and social security   27,527  6,374
Accrued expenditure and deferred revenue   325,639  46,537
    
 
    602,250  111,117
  
   
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The directors consider 
that the carrying amount of trade payables approximates to their fair value. 37
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
11. BORROWINGS
    30 June 2015 30 June 2014
      £  £
    
 
Director’s loan   0 329,978
  
   
On 28 November 2014, Neville Upton, a director and shareholder, converted a loan of £329,978 due to him from the company into 
ordinary share capital. This conversion took place at the prevailing market rate at the date of conversion of £153.53 per share, prior 
to the share split of 1,000 ordinary shares for 1 ordinary share on 4 December 2014.
12. ISSUED CAPITAL
The issued share capital of the Company, including all changes during the year, can be summarised as followed:
 Issued and fully paid   Number £
    
 
As at 1 January 2014   24,861 24,861
Issued on 14 January 2014 at £90 per share   7,506 7,506
    
 
As at 1 July 2014   32,367 32,367
Issued on 11th August 2014 at £92.69 per share   7,364 7,364
Issued on 24th November 2014 at £153.53 per share   12,246 12,246
    
 
   51,977 51,977
Sub-division of each ordinary share of £1 into 1,000 ordinary shares of £0.001  51,977,000 51,977
    
 
Issued on 7th December 2014 at £0.15353   325,000 325
Issued on 11th December 2014 at £0.15353   3,908,000 3,908
Issued on 22nd December 2014 at £0.17   21,635,150 21,635
    
 
As at 30 June 2015   77,845,150 77,845
  
    38
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
The notes on pages 29 to 41 form an integral part of these financial statements.
13. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the loss attributable to shareholders by the weighted average number of ordinary 
shares in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings 
per share, or increase the loss per share. For a loss making company with outstanding share options, net loss per share would 
be decreased by the exercise of options and therefore the effect of options has been disregarded in the calculation of diluted EPS.
    Year ended 6 months ended
    30 June 2015 30 June 2014
      £  £
    
 
Profit/ (Loss) attributable to shareholders    (3,581,169) (345,039)
    Number Number
      000’s  000’s
    
 
Weighted average number of ordinary shares    59,895  31,786
     £  £
    
 
Loss per ordinary share    (0.06) (0.01)
    
 
On 4 December 2014, the Company’s shareholders passed a special resolution to subdivide each ordinary share of £1 into 1,000 
ordinary shares of £0.001 each. Prior period comparative figures have been adjusted to reflect this subdivision. 
14. SHARE BASED PAYMENTS
Equity-settled share option plans
Options and warrants
The Board has authority to grant share options over up to 10% of the number of shares in issue.
The table below summarises the exercise terms of the various options over Ordinary shares of 0.001p each which had been granted, 
and were still outstanding, as at 30 June 2015. 3,911,000 new options were granted in the year. No options were exercised during 
the year, while 48,000 options lapsed due to a member of staff leaving. The total number of outstanding options in issue at 30 June 
2015 is 4,539,000 (2014: 676,000). 
Of the options outstanding 2,040,000 are held by directors. Full details of all options held by directors are contained within the 
directors remuneration report.
The principal assumptions input into the Black Scholes model to calculate the value of options issued for compliance with IFRS 2 
“Share Based Payments” are included below, where applicable.
    Year ended 6 months ended
    30 June 2015 30 June 2014
    
 
Weighted average exercise price   £0.1351 £0.09
Average expected life   1.5 years 1 year
Expected volatility   56.4% 30%
Risk free rate   2.43% 2.76%
Expected dividend yield   0% 0%
    
  39
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
All options were granted at an exercise price equivalent to the market price at the date of grant. The weighted average exercise price 
of options outstanding at 30 June 2015 was £0.1351. The weighted average fair value of options issued during the period was £0.1423.
The average expected life is based on directors’ best estimate taking into account the vesting conditions of the options.
Expected volatility has been calculated with reference to the actual volatility of the share price since the company’s admission to 
AIM in December 2014.
Options may only vest at the discretion of the board of directors. No options have vested during the year.
15. RELATED PARTY TRANSACTIONS
On 28 November 2014, Neville Upton, a director and shareholder, converted a loan of £329,978 due to him from the company into 
ordinary share capital. This conversion took place at the prevailing market rate at the date of conversion of £153.53 per share, prior 
to the share split of 1,000 ordinary shares for 1 ordinary share on 4 December 2014.
On 5th March, the company purchased IT and production equipment amounting to £5,000 from Paul Kent, a director and shareholder 
in the company. This reflected the market value of equipment at the time.
The Directors Remuneration Report provides details of share options issued to certain directors in the period.
16. COMMITMENTS UNDER NON-CANCELLABLE OPERATING LEASES
The company has the following total commitments under non-cancellable operating leases expiring as follows:
 Land and buildings
    30 June 2015 30 June 2014
      £  £
    
 
Less than one year   188,667 46,000
1-2 years   38,333  –
2-5 years   – –
  
   
17. NOTES TO THE CASH FLOW STATEMENT
    30 June 2015 30 June 2014
      £  £
    
 
Cash flows from operating activities
Loss before taxation   (3,581,169) (345,187)
Depreciation   39,727 2,436
Interest received   (2,568) –
Share based payments   54,433 8,014
(Increase) in Inventories   (3,218)
(Increase) in trade and other receivables   (429,548) (84,542)
Increase in trade and other payables   491,133 47,677
    
 
Cash used by operating activities   (3,431,210) (371,602)
Interest paid   –  –
    
 
Net cash used by operating activities   (3,431,210) (371,602)
  
   
14. SHARE BASED PAYMENTS (continued) 40
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
Financial Statements
The notes on pages 29 to 41 form an integral part of these financial statements.
18. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The company uses a limited number of financial instruments, comprising cash, short-term deposits, and various items such as 
trade receivables and payables, which arise directly from operations. The Company does not trade in financial instruments. 
The Company’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit 
risk and liquidity risk.  
Credit risk
The Company’s principal financial assets are bank balances and cash, trade and other receivables.
Bank balances and cash are held by banks with high credit ratings assigned by independent credit rating agencies. Management is 
of the opinion that cash balances do not represent a significant credit risk.
As the Company does not hold security against trade and other receivables, its credit risk exposure is as follows:
    30 June 2015 30 June 2014
      £  £
    
 
   570,350 140,802
  
   
The trade receivables balance represents amounts due from third parties. At the balance sheet date, the Company’s trade 
receivables totalled £79,258 (2013: £5,260).
There are no significant overdue but not impaired trade receivables at the balance sheet date.
Liquidity risk 
All trade and other payables are due for settlement within one year of the balance sheet date.
The use of instant access deposits ensures sufficient working capital is available at all times.
Foreign exchange risk 
The Company operates in overseas markets by selling directly from the UK. It is therefore subject to currency exposures on 
transactions.
Financial instruments held by the Company and their carrying values were as follows:
 At 30 June At 31 December 
 2015 2013
  USD EUR USD
  $ € $
  
  
Trade and other receivables  22,500 11,700 9,000
Cash  78,872 – 820
Trade and other payables  62,250 10,836 –
  
  
Net current assets/(liabilities)  163,622 22,536 9,820
  
  
Financial liabilities included in the balance sheet relate to the IAS 39 category of other financial liabilities held at amortised cost.
Assets relate to loans and receivables with the exception of other receivables and prepayments which are classified as non-financial 
assets. 41
 
Notes to the Financial Statements (continued) 
for the year ended 30 June 2015
GFINITY plc.  
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  Annual Report & Financial Statements 2015
The notes on pages 29 to 41 form an integral part of these financial statements.
Fair value estimation
The aggregate fair values of all financial assets and liabilities are consistent with their carrying values due to the relatively short 
term maturity of these financial instruments.
As cash is held at floating interest rates, its carrying value approximates to fair value. 
Although non-interest bearing, there was not deemed to be a significant difference between the fair value and carrying amount of 
the director’s loan at 30 June 2014.
Capital management
The Group is funded entirely through shareholders’ funds.
If financing is required the Board will consider whether debt or equity financing is more appropriate and proceed accordingly. The 
Group is not subject to any externally imposed capital requirements.
18. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 35 New Bridge Street
London 
EC4V 6BW