Illium Limited
Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 09287068 (England and Wales)
Illium Limited
Company Information
Directors
D J Harris
(Appointed 10 July 2024)
J H N Ngo
(Appointed 10 July 2024)
M J Ward
(Appointed 10 July 2024)
Secretary
Woodside Secretaries Limited
Company number
09287068
Registered office
12 Conduit Street
London
England
W1S 2XH
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Illium Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Illium Limited
Balance Sheet
As at 30 June 2024
30 June 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
4
27,257,741
16,466,679
Cash at bank and in hand
5,518,224
11,543,500
32,775,965
28,010,179
Creditors: amounts falling due within one year
5
(2,017,994)
(2,272,789)
Net current assets
30,757,971
25,737,390
Capital and reserves
Called up share capital
6
4,217,785
3,391,047
Share premium account
46,834,000
37,165,991
Profit and loss reserves
(20,293,814)
(14,819,648)
Total equity
30,757,971
25,737,390

The notes on pages 2 to 8 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
J H N Ngo
Director
Company Registration No. 09287068
Illium Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 2
1
Accounting policies
Company information

Illium Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Conduit Street, London, England, W1S 2XH.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102 section 1A”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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.

1.2
Going concern

The company trueincurred a loss of £5,431,729 (2023 restated: loss of £15,485,118) for the year mainly due to a bad debt provision of £7,474,089 (2023 restated: £16,840,577). Despite this at the balance sheet date the net current assets and net assets amounted to £30,757,971 (2023 restated: £25,737,390) , and the cash balance was £5,518,224. The company has no debt and has been trading profitably since the balance sheet date. The trading loans outstanding as of the balance sheet date were £26,949,096, primarily comprising secured debt, most of which are scheduled for repayment in the year to 30 June 2025. The company has sufficient cash reserves to cover its operating costs for at least the next twelve months from the date of approval of these financial statements. This financial stability provides a solid foundation to continue to trade profitably and meet obligations as they fall due.

 

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

 

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of secured asset backed loans to media and entertainment companies.

 

Turnover comprises interest income and arrangement fee income earned on any loan finance provided during the period. Turnover is recognised in the period in which the interest and fees fall due in accordance with the loan agreements. Where the interest and arrangement fee revenue are spread over the life of the loan, this is measured under the effective interest rate method. During the current period, all amounts were recognised in accordance with the loan agreements.

1.4
Interest income
Bank interest income is recognised in profit or loss using the effective interest method.
1.5
Finance cost
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Illium Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 3
1.6
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.

1.7
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

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 company 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 company 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.

Illium Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
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.

1.10

Exceptional items

The company classifies certain one-off charges or credits that have a material impact on the company’s financial results as ‘exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company. Exceptional items represent costs in relation to bad debt provisions in respect of trade loans and accrued income that are not considered to be recoverable by the company.

2
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Bad Debt Provision

The company makes an estimate of the recoverable value of trade loans. When assessing recoverability of trade loans, the directors consider factors including the ageing profile of loans and historical experience of repayments. A provision is made when there is significant uncertainty over the timing or likelihood of the recovery of the loans.

 

 

3
Employees

The Company did not have any employees during the year (2023: nil).

Illium Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 5
4
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Corporation tax recoverable
306,766
-
0
Financial instruments
-
85,858
Other debtors
-
808
Trade loans
25,833,599
11,716,198
Prepayments and accrued income
1,879
125,733
26,142,244
11,928,597
2024
2023
as restated
Amounts falling due after more than one year:
£
£
Trade loans
1,115,497
4,538,082
Total debtors
27,257,741
16,466,679

Total debtors included trade loans of £26,949,096 (2023 restated: £16,254,280) are secured by way of fixed charges over film and programme assets including revenues due in respect of these assets.

 

Trade loans are stated after the provision of £7,474,089 (2023 restated: £16,840,577) for bad debts.

5
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
359
99,471
Deferred income
1,948,144
1,265,874
Other creditors
14,213
47,493
Accruals
55,278
859,951
2,017,994
2,272,789

 

Illium Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
42,177,853
33,910,467
4,217,785
3,391,047

During the year the following shares were issued:

 

2,717,907 Ordinary shares of 10p each were issued at a premium of £1.1541 per share

4,831,278 Ordinary shares of 10p each were issued at a premium of £1.1669 per share

1,230,503 Ordinary shares of 10p each were issued at a premium of £1.1784 per share

 

During the year 512,302 Ordinary shares of 10p each were cancelled.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Amar Shah
Statutory Auditor:
Moore Kingston Smith LLP
8
Financial commitments, guarantees and contingent liabilities

The company had committed to providing trade loans amounting to £1,904,344 which had not been drawn down as at the balance sheet date. This has subsequently been drawn down.

 

9
Events after the reporting date

Since the year end, the Company's management company Great Point Investments Limited went into administration due to unforeseen circumstances. Since 10 July 2024, Calculus Media Limited has been appointed as the Advisor to the Company to help with its business operations.

Illium Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 7
10
Related party transactions

During the year, the Company made loans amounting to £7,653,970 (2023: £20,143,742) to entities which key personnel of Great Point Investment Limited, the Company’s previous manager, either had beneficial interests or exercised significant control over. Key management personnel include the Directors and senior management team. Repayments of £5,184,883 (2023: £8,755,107) were received during the year from these loans. Income amounting to £655,848 (2023 restated: £1,406,000) has been recognised on these loans. At the balance sheet date, deferred income in relation to these loans totalled £11,084 (2023 restated: £254,808).

 

The Company has recognised bad debt provisions of £7,474,089 (2023 restated: £16,840,577) in relation to commercial loans made to the entities with common key management personnel.

 

At the balance sheet date, the balance outstanding on these loans amounted to £24,861,701 (2023 restated: £22,148,890).

 

At the balance sheet date, the balance of outstanding loans for which there is security amounted to £12,982,575 (2023 restated: £10,269,764).

 

Great Point Investments Limited charged annual administration fees of 1% +VAT of Net Asset Value of the Company. The administrative fees were calculated and paid on a quarterly basis.

 

Great Point Investments Limited also charged annual management fees of 1% +VAT of the Net Asset Value of the Company, subject to the annual increase of 3% of the Net Asset Value after the administration fees.

 

Great Point Investments Limited also recharged Woodside Nominees’ annual custodian fees of 0.125% +VAT of Net Asset Value of the Company. The custodian fees were calculated and paid on a quarterly basis.

 

The following administration, management and custodian fees were charged by Great Point Investments Limited:

            

Administration fees: £508,315 (2023: £355,086)

Management fees: £nil (2023: £704,696)

Custodian fees: £71,449 (2023: £56,848)

 

At the balance sheet date an amount of Nil (2023: £127,578) of administration fees were accrued and subsequently paid to Great Point Investments Limited after the year end.

 

At the balance sheet date an amount of Nil (2023: £704,696) of management fees were accrued and subsequently paid to Great Point Investments Limited after the year end.

 

At the balance sheet date an amount of Nil (2023: £17,475) of custodian fees were accrued and subsequently paid to Great Point Investments Limited after the year end.

 

Illium Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 8
11
Prior period adjustment

In the prior year, the company did not recognise bad debt provisions amounting to £16,840,577 in relation to trade loans however these were disclosed as post balance sheet event in the prior year's financial statements. Also, the accrued income in relation to interest receivable on the trade loans was overstated by £141,267 and the corporation tax charge was overstated by £306,766. Prior year adjustments have been made to correct these errors, reducing the net profit and net assets by £16,675,078.

 

Trade loans amounting to £4,538,082 due after more than one year were incorrectly treated as non-current assets in the prior year. A prior year adjustment has been made to correct this, reducing the net current assets and increasing the current assets by the same amount. This adjustment did not have an impact on the profit for the year.

 

 

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Non-current assets
Debtors: amounts falling due after more than one year
4,538,082
(4,538,082)
-
Current assets
Debtors due after one year
-
4,538,082
4,538,082
Debtors due within one year
29,159,671
(17,231,074)
11,928,597
Creditors due within one year
Taxation
(306,766)
306,766
-
0
Deferred income
(1,509,792)
243,918
(1,265,874)
Accruals
(865,263)
5,312
(859,951)
Net assets
42,412,468
(16,675,078)
25,737,390
Capital and reserves
Profit and loss reserves
1,855,430
(16,675,078)
(14,819,648)
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