Company Registration No. 12109762 (England and Wales)
Aniara Limited
Annual report and
group financial statements
for the year ended 31 December 2023
Aniara Limited
Company information
Directors
Mr M Bolingbroke
Mr R Langford
(Appointed 25 January 2023)
Company number
12109762
Registered office
Abba Arena
1 Pudding Mill Lane
London
E15 2RU
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Aniara Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 33
Aniara Limited
Strategic report
For the year ended 31 December 2023
1

The directors present the strategic report for the year ended 31 December 2023.

Review of business

The principal activities of the Group are the production and management of the ABBA Voyage concert and the operation of the ABBA Arena in Stratford, London. The Group’s long-term strategy is to continue the run of the show in London for as long as it remains commercially viable.

During the period, the Group successfully operated the ABBA Voyage show, building on the critical acclaim received following its launch in May 2022.

The Group recorded a pre-tax gain of £6,065,402 (2022: £2,990,757) and a post-tax gain of £8,060,924 (2022: £5,825,999). At the year-end, the Group had net assets of £13,886,925 (2022: £ 5,826,001).

Business review

Throughout the period, the Group continued its principal activities, primarily focusing on the operation of the concert and the ongoing management of the arena. Aniara Film continued to produce filmed content for the show.

During the 12-month period (2022: 7 months), the show completed 374 performances (2022: 228) and attracted 1,097,597 visitors (2022: 675,600), achieving an occupancy rate of 97.8% (2022: 98.7%).

Principal risks and uncertainties

The Group’s principal activities involve the production and management of a theatrical concert and the operation of an arena in London, both of which inherently carry a degree of risk.

The primary uncertainty for the Group relates to public demand for the show, which may fluctuate over time and ultimately determine the production's longevity. Additionally, the COVID-19 pandemic and similar outbreaks pose potential risks to all live entertainment businesses and have significantly impacted such events.

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Group possesses adequate resources to continue its operations for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Future Developments

There is substantial market demand for ABBA Voyage, and the Directors anticipate a continued high level of activity throughout 2024. The main uncertainties that could impact the Group relate to general economic developments and the potential for new COVID-19 outbreaks.

Key performance indicators

The leadership team of Aniara drives business performance through clearly defined budget and performance targets. The Group considers its key performance indicators to be:

Section 172 Statement

Introduction

The Directors of Aniara Ltd are committed to promoting the long-term success of the company while considering the interests of our stakeholders, including employees, customers, suppliers, and the wider community. In making decisions, the Board of Directors takes into account the matters set out in Section 172(1)(a) to (f) of the Companies Act 2006.

Aniara Limited
Strategic report (continued)
For the year ended 31 December 2023
2

Decision-Making Process

During the past financial year, the Directors engaged in a structured decision-making process to ensure compliance with s172 duties. This includes regular Executive and Senior Leadership team meetings, strategic reviews, and stakeholder engagement sessions.

 

Key Considerations

Long-Term Consequences:
In addition to the internal management reviews conducted within Aniara, the Board of the parent company Goldonder AB meets regularly to discuss and make decisions on matters of strategic importance to the business, promoting the long-term success of the company and considering the likely long-term impact of any such decisions.

Employee Interests:
The company has several initiatives in place for employee development and growth, offering continuous goal setting, professional development, and training opportunities. Regular employee satisfaction surveys address concerns and improve workplace culture, with employee representatives reporting directly to the executive leadership team.

Business Relationships:
The company works diligently to establish and maintain strong relationships with its suppliers, partners, and customers. A recent initiative includes the launch of a membership programme to enhance customer service and build long-term loyalty.

Community and Environmental Impact:
The Group engages in regular community programmes, including educational programmes for local schools, local charity support, and volunteering opportunities for employees. Annual social impact studies assess the ongoing social value of our presence within the local community, the wider London area, and across the UK. Environmental impact assessments are conducted regularly to ensure compliance with regulatory standards and mitigate negative effects.

Maintaining a Reputation for High Standards of Business Conduct:
The company adheres to ethical business practices and corporate governance standards, complying with all relevant legislation, including those aimed at preventing discrimination and ensuring health and safety at work.

Acting Fairly Between Members:
The company and Board ensure that shareholders receive fair treatment and that their interests are considered in all major decisions. Transparent and timely information is provided to shareholders to facilitate informed decision-making.

Specific Actions and Outcomes

Conclusion

The Directors believe that considering the factors outlined in Section 172 has been instrumental in achieving sustainable growth and creating value for all stakeholders. We remain committed to these principles and will continue to engage with our stakeholders to ensure the company's ongoing success and positive impact.

Aniara Limited
Strategic report (continued)
For the year ended 31 December 2023
3

On behalf of the board

Mr M Bolingbroke
Director
24 September 2024
Aniara Limited
Directors' report
For the year ended 31 December 2023
4

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr L M V Andersson
(Resigned 25 January 2023)
Mr P Sundin
(Resigned 25 January 2023)
Ms S Gisladottir
(Resigned 25 January 2023)
Mr M Bolingbroke
Mr R Langford
(Appointed 25 January 2023)
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

Aniara Ltd is committed to transparent reporting on its environmental impact, including its energy usage and associated carbon emissions. This report is prepared in accordance with the UK Streamlined Energy and Carbon Reporting (SECR) framework and covers the financial year ending 31 December 2023.

 

Scope and Boundaries

Aniara Ltd is a Large Unquoted Company. The data presented includes direct (Scope 1 & 2) energy consumption and carbon emissions from our UK operations, based principally at the ABBA Arena, London.

 

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
3,262,321
2,419,157
- Fuel consumed for transport
14,390
21,800
3,276,711
2,440,957
Aniara Limited
Directors' report (continued)
For the year ended 31 December 2023
5
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
1.31
5.02
1.31
5.02
Scope 2 - indirect emissions
- Electricity purchased
-
-
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
1.31
5.02
Intensity ratio
grams of CO2e per visitor
1.20
1.63
Methodologies used in calculation of disclosures

This report is prepared using the GHG Reporting Protocol - Corporate Standard. All calculations made in accordance with the UK government’s published conversion factors for 2023

(https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting) and the EAUC UCCCfS unit convertor tool https://www.eauc.org.uk/file_uploads/ucccfs_unit_converter_v1_3_1.xlsx

Intensity measurement

Aniara Ltd matured 1,097,597 tickets between 1 January 2023 and 31 December 2023. This represents the total number of visitors to the ABBA Arena during this calendar year, which shall serve as a quantifiable factor associated with the company’s activities for this disclosure.

 

The ABBA Arena opened on 27 May 2022. Between 27 May 2022 and 31 December 2022, 675,600 visitors attended, with 1,100,000 grams of carbon dioxide equivalent emissions.

Information about energy efficiency action taken in the organisation's financial year

Aniara Ltd has taken several measures in order to help reduce CO2 emissions and to enact further improvements for 2024 and beyond. These measures include:

 

Aniara Ltd remains dedicated to reducing our environmental impact and will continue to invest in energy efficiency and carbon reduction measures. We believe that these efforts are critical to achieving our sustainability goals and maintaining our commitment to responsible business practices.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Aniara Limited
Directors' report (continued)
For the year ended 31 December 2023
6
On behalf of the board
Mr M Bolingbroke
Director
24 September 2024
Aniara Limited
Directors' responsibilities statement
For the year ended 31 December 2023
7

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Aniara Limited
Independent auditor's report
To the members of Aniara Limited
8
Opinion

We have audited the financial statements of Aniara Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Aniara Limited
Independent auditor's report (continued)
To the members of Aniara Limited
9

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Aniara Limited
Independent auditor's report (continued)
To the members of Aniara Limited
10

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Moses Nyachae (Senior Statutory Auditor)
For and on behalf of Saffery LLP
26 September 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Aniara Limited
Group statement of comprehensive income
For the year ended 31 December 2023
11
2023
2022
as restated
Notes
£
£
Turnover
3
103,665,597
97,118,038
Cost of sales
(99,124,886)
(94,103,738)
Gross profit
4,540,711
3,014,300
Administrative expenses
(106,835)
(70,060)
Other operating income
-
254
Operating profit
4
4,433,876
2,944,494
Interest receivable and similar income
8
1,631,526
46,263
Profit before taxation
6,065,402
2,990,757
Tax on profit
9
1,995,522
2,835,242
Profit for the financial year
17
8,060,924
5,825,999
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Aniara Limited
Group statement of financial position
As at 31 December 2023
31 December 2023
12
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
12
17,722,913
12,427,320
Cash at bank and in hand
47,454,109
53,516,761
65,177,022
65,944,081
Creditors: amounts falling due within one year
13
(51,290,097)
(60,118,080)
Net current assets
13,886,925
5,826,001
Capital and reserves
Called up share capital
16
2
2
Profit and loss reserves
17
13,886,923
5,825,999
Total equity
13,886,925
5,826,001
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr  M Bolingbroke
Director
Company Registration No. 12109762 (England and Wales)
Aniara Limited
Company statement of financial position
As at 31 December 2023
31 December 2023
13
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
10
1
1
Current assets
Debtors
12
10,941,311
9,571,305
Cash at bank and in hand
47,412,576
53,496,517
58,353,887
63,067,822
Creditors: amounts falling due within one year
13
(45,542,038)
(57,603,392)
Net current assets
12,811,849
5,464,430
Net assets
12,811,850
5,464,431
Capital and reserves
Called up share capital
16
2
2
Profit and loss reserves
17
12,811,848
5,464,429
Total equity
12,811,850
5,464,431

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £7,347,419 (2022 - £5,464,429 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr  M Bolingbroke
Director
Company Registration No. 12109762 (England and Wales)
Aniara Limited
Group statement of changes in equity
For the year ended 31 December 2023
14
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
2
-
0
2
Year ended 31 December 2022:
Profit and total comprehensive income
-
5,825,999
5,825,999
Balance at 31 December 2022
2
5,825,999
5,826,001
Year ended 31 December 2023:
Profit and total comprehensive income
-
8,060,924
8,060,924
Balance at 31 December 2023
2
13,886,923
13,886,925
Aniara Limited
Company statement of changes in equity
For the year ended 31 December 2023
15
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
2
-
0
2
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
5,464,429
5,464,429
Balance at 31 December 2022
2
5,464,429
5,464,431
Year ended 31 December 2023:
Profit and total comprehensive income
-
7,347,419
7,347,419
Balance at 31 December 2023
2
12,811,848
12,811,850
Aniara Limited
Group statement of cash flows
For the year ended 31 December 2023
16
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(10,529,839)
16,355,480
Income taxes refunded
2,835,661
6,102,474
Net cash (outflow)/inflow from operating activities
(7,694,178)
22,457,954
Investing activities
Interest received
1,631,526
46,263
Net cash generated from investing activities
1,631,526
46,263
Net (decrease)/increase in cash and cash equivalents
(6,062,652)
22,504,217
Cash and cash equivalents at beginning of year
53,516,761
31,012,544
Cash and cash equivalents at end of year
47,454,109
53,516,761
Aniara Limited
Company statement of cash flows
For the year ended 31 December 2023
17
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(7,715,467)
22,487,723
Income taxes paid
-
0
(418)
Net cash (outflow)/inflow from operating activities
(7,715,467)
22,487,305
Investing activities
Interest received
1,631,526
46,263
Net cash generated from investing activities
1,631,526
46,263
Net (decrease)/increase in cash and cash equivalents
(6,083,941)
22,533,568
Cash and cash equivalents at beginning of year
53,496,517
30,962,949
Cash and cash equivalents at end of year
47,412,576
53,496,517
Aniara Limited
Notes to the group financial statements
For the year ended 31 December 2023
18
1
Accounting policies
Company information

Aniara Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is .

 

The group consists of Aniara Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

These group and company financial statements for the year ended 31 December 2023 are the first financial statements of Aniara Limited and the group prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2022. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 25.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Aniara Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
19

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for on-going services is determined by reference to the stage of completion.

 

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented in stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recoverable.

The group recognises turnover from the following major sources:

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
20

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
21
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
22
Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
23
1.13
Leases

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

1.14
Foreign exchange

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

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Key sources of estimation uncertainty

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

 

Tax credit estimate

 

The key accounting estimate within the financial statements for this Company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

 

In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of film rights
1,188,421
15,389,681
Sale of stage rights
899,416
22,828,506
Show sales
101,577,760
58,899,851
103,665,597
97,118,038
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
3
Turnover and other revenue (continued)
24
2023
2022
£
£
Turnover analysed by geographical market
Sweden
2,087,837
38,218,187
United Kingdom
101,577,760
58,899,851
103,665,597
97,118,038
2023
2022
£
£
Other revenue
Interest income
1,631,526
46,263
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
77,835
29,500
Operating lease charges
414,180
414,180
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
26,650
19,500
Audit of the financial statements of the company's subsidiaries
11,010
10,000
37,660
29,500
For other services
Taxation services
6,000
5,500
Other services
55,472
49,096
61,472
54,596
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
25
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production Staff
113
64
113
62

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,047,672
2,509,856
4,047,672
2,444,092
Social security costs
416,201
189,166
416,201
181,717
Pension costs
191,485
71,560
191,485
70,175
4,655,358
2,770,582
4,655,358
2,695,984
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
929,290
727,540

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2022 - 0).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
771,375
327,540
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,631,526
46,263
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
8
Interest receivable and similar income (continued)
26
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,631,526
46,263
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(1,995,522)
(2,835,242)

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

2023
2022
£
£
Profit before taxation
6,065,402
2,990,757
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,426,583
568,244
Tax effect of expenses that are not deductible in determining taxable profit
-
0
65,011
Tax effect of income not taxable in determining taxable profit
-
0
(65,011)
Unutilised tax losses carried forward
-
0
(511,646)
Group relief
(1,728,113)
(282,744)
Research and development tax credit
-
0
(243,513)
Enhanced losses arising from the film tax credit
(2,045,130)
(2,276,463)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
(118,135)
(680,559)
Losses utilised
469,273
591,439
Taxation credit
(1,995,522)
(2,835,242)
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
1
1
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
10
Fixed asset investments (continued)
27
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Aniara Film Limited
Abba Arena, 1 Pudding Mill Lane, London, E15 2RU
Ordinary
100.00
12
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,302,040
4,234,506
5,302,040
4,214,214
Corporation tax recoverable
1,995,521
2,835,660
-
0
-
0
Amount owed by parent undertaking
-
110,777
-
110,777
Other debtors
2,317,371
478,751
2,317,306
478,688
Prepayments and accrued income
8,107,981
4,767,626
3,321,965
4,767,626
17,722,913
12,427,320
10,941,311
9,571,305
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
28
13
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
2,066,828
908,500
1,584,700
908,500
Amount owed to parent undertaking
12,432,802
-
0
12,432,802
-
0
Amount owed to subsidiary undertaking
-
0
-
4,436,029
1,958,497
Other taxation and social security
2,382,293
1,125,835
2,865,861
1,128,312
Deferred income
14
21,370,026
20,239,088
21,370,026
20,239,088
Other creditors
10,411,937
36,544,021
245,409
32,085,609
Accruals and deferred income
2,626,211
1,300,636
2,607,211
1,283,386
51,290,097
60,118,080
45,542,038
57,603,392
14
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
21,370,026
20,239,088
21,370,026
20,239,088
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
191,485
71,560

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

16
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
29
17
Profit and loss reserves
Group
Company
2023
2022
2023
2022
as restated
as restated
£
£
£
£
At the beginning of the year
5,464,429
-
5,464,429
-
Effect of transition to FRS 102
-
-
0
(361,570)
-
0
Prior year adjustment
361,570
-
361,570
-
As restated
5,825,999
-
5,464,429
-
Profit for the year
8,060,924
5,825,999
7,347,419
5,464,429
At the end of the year
13,886,923
5,825,999
12,811,848
5,464,429
18
Operating lease commitments

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
414,180
414,180
414,180
414,180
Between two and five years
276,120
690,300
276,120
690,300
690,300
1,104,480
690,300
1,104,480
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
30
19
Related party transactions
Transactions with related parties

In the year ended 31 December 2023, a management fee of £72,000 (2022: £191,270) was charged by Pophouse Entertainment Group and net costs of £98,242 (2022: £nil) were recharged to Pophouse Entertainment Group, these transactions were at arms length. At the year end £24,229 (2022 - £28,288 due from) was due to the Group.

 

In the year ended 31 December 2023, costs of £nil (2022: £60,460) were recharged to Pophouse Sweden AB, these transactions were at arms length. At the year end £nil (2022: £54,211) was due to the Group.

 

In the year ended 31 December 2023, costs of £16,968 (2022: £nil) were recharged to Pophouse IPR Advisor AB, these transactions were at arms length. At the year end £20,361 (2022: £nil) was due to the Group.

 

In the year ended 31 December 2023, fees related to services provided by the Company Directors of £929,290 (2022: £727,540), These transactions were at arms length. At the year end £nil (2022: £25,040) was outstanding.

 

In the year ended 31 December 2023, funding was provided by Goldonder AB, a company within the Pophouse Entertainment Group, of £12,500,753 (2022: £45,103,313). Rights of £2,087,837 (2022 as restated: £38,182,699) were sold to Goldonder AB. A license fee of £6,435,121 (2022: £4,262,927) was charged by Goldonder AB. These transactions were all at arms length. At the year end £8,968,552 (2022 as restated: £36,402,097) was due to Goldonder AB.

Other information

The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

20
Controlling party

The company's immediate and ultimate parent undertaking is Goldonder Investors AB.

 

Copies of its group financial statements, which include the company, are available from the company's website.

 

The company does not have an ultimate controlling party.

Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
31
21
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
8,060,924
5,825,999
Adjustments for:
Taxation credited
(1,995,522)
(2,835,242)
Investment income
(1,631,526)
(46,263)
Movements in working capital:
(Increase)/decrease in debtors
(6,135,732)
6,658,487
(Decrease)/increase in creditors
(9,958,921)
12,554,090
Increase/(decrease) in deferred income
1,130,938
(5,801,591)
Cash (absorbed by)/generated from operations
(10,529,839)
16,355,480
22
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
7,347,419
5,464,429
Adjustments for:
Taxation charged
-
0
418
Investment income
(1,631,526)
(46,263)
Movements in working capital:
Increase in debtors
(1,370,006)
(6,479,427)
(Decrease)/increase in creditors
(13,192,292)
29,350,157
Increase/(decrease) in deferred income
1,130,938
(5,801,591)
Cash (absorbed by)/generated from operations
(7,715,467)
22,487,723
23
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
53,516,761
(6,062,652)
47,454,109
24
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
53,496,517
(6,083,941)
47,412,576
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
32
25
Reconciliations on adoption of FRS 102
Reconciliation of equity - group
1 January
31 December
2022
2022
£
£
Equity as reported under IFRS and under FRS 102
2
5,464,431
Adjustments to prior year (note 26)
-
361,570
As restated
2
5,826,001
Reconciliation of group profit for the financial period
2022
£
Profit as reported under IFRS and under FRS 102
5,464,429
Adjustments to prior year (note 26)
361,570
As restated
5,825,999
Reconciliation of equity - company
1 January
31 December
2022
2022
£
£
Equity as reported under IFRS and under FRS 102
2
5,464,431
Reconciliation of company profit for the financial period
2022
£
Profit as reported under IFRS and under FRS 102
5,464,429
Aniara Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
33
26
Prior period adjustment

The prior period adjustment relates to the incorrect recognition of a liability in relation to the beneficiary of the film tax credit.

Changes to the statement of financial position - group
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Creditors due within one year
Other creditors
(38,963,774)
361,570
(38,602,204)
Capital and reserves
Profit and loss reserves
5,464,429
361,570
5,825,999
Changes to the income statement - group
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
96,720,980
361,570
97,082,550
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
5,464,429
Profit as adjusted before transition adjustments
5,464,429
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