2023-06-01 14094287 2024-05-31 14094287 2023-06-01 2024-05-31 14094287 2023-05-31 14094287 2022-05-09 2023-05-31 14094287 uk-core:WithinOneYear 2023-05-31 14094287 uk-core:WithinOneYear 2024-05-31 14094287 uk-core:ShareCapital 2024-05-31 14094287 uk-core:ShareCapital 2023-05-31 14094287 uk-core:SharePremium 2024-05-31 14094287 uk-core:SharePremium 2023-05-31 14094287 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 14094287 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 14094287 uk-bus:Director1 2023-06-01 2024-05-31 14094287 uk-core:PlantMachinery 2023-06-01 2024-05-31 14094287 uk-core:ComputerEquipment 2023-06-01 2024-05-31 14094287 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 14094287 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 14094287 uk-core:PlantMachinery 2024-05-31 14094287 uk-core:ComputerEquipment 2024-05-31 14094287 uk-core:BetweenTwoFiveYears 2024-05-31 iso4217:GBP xbrli:pure 14094287 uk-bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 14094287 uk-bus:FRS102 2023-06-01 2024-05-31 14094287 uk-bus:FilletedAccounts 2023-06-01 2024-05-31 14094287 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31
Ark Immersive Ltd
Registered Number:14094287
For the year ended 31 May 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 May 2024
Ark Immersive Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
14094287
As at 31 May 2024
Ark Immersive Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Intangible assets
18,667
-
2
Property, plant and equipment
26,515
-
3
45,182
-
Current assets
Trade and other receivables
11,724
32,904
4
25
Cash and cash equivalents
73,670
106,574
11,749
Trade and other payables: amounts falling due within one year
(7,159)
(6,343)
5
4,590
100,231
Net current assets
Total assets less current liabilities
145,413
4,590
145,413
Net assets
4,590
Capital and reserves
Called up share capital
2
2
Share premium account
162,500
-
Retained earnings
(17,089)
4,588
145,413
4,590
Shareholders' funds
For the year ended 31 May 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395 and
which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable
to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Matthew Stanley Howard Littler Director
These financial statements were approved and authorised for issue by the Board on 27 February 2025 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 May 2024
Ark Immersive Ltd
Notes to the Financial Statements
Statutory Information
Ark Immersive Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
14094287.
Registered address:
17 Ranelagh Drive South
Liverpool
Merseyside
L19 9DR
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard
102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Research and development
Expenditure on research is written off in the year in which it is incurred. Development expenditure is capitalised in accordance with FRS102 S 1A 'Intangible Assets other than Goodwill'. Initial capitalisation of costs are based on management's judgement that technical and economic feasibility of the project is confirmed; technical and financial resources are available; there is intention and ability to complete the intangible asset and use or sell it; the asset will generate probable future economic benefits; and the costs can be measured reliable. The amounts to be capitalised can be determined from the schedule of costs retained by management.
Intangible assets
Development costs are initially measured at cost. After initial recognition, development costs are measured at cost less any accumulated amortisation and any accumulated impairment losses.Development costs have been capitalised rather than expended, as the costs incurred on development are creating an immersive technology platform, which management intend to offer for sale via subscription. The asset will be marketed to the entertainmment, healthcare and enducational sectors.Development costs will be amortised over 5 years form the date the asset is available for use as intended by mangement, which is expected to be in the year ended 31st May 2025. The amortisation period of 5 years has been determined from the life expectancy of the current technology embeded in the platform's pragramming.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
25% Straight line
33.33% Straight line
Computer equipment
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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For the year ended 31 May 2024
Ark Immersive Ltd
Notes to the Financial Statements Continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and are expected to apply to the reversal of the timing difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will not be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the rates and laws that have been enacted or substantively enacted
by the Statement of Financial Position date.
Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an
impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and
compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its
recoverable amount and an impairment loss is recognised immediately in the profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its
recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised in
prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.
Basic financial instruments
Basic financial instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured
initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received
less impairment losses for bad and doubtful debts.
2. Intangible fixed assets
Development
costs / capitalise
Cost or valuation
£
Additions
18,667
At 31 May 2024
18,667
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For the year ended 31 May 2024
Ark Immersive Ltd
Notes to the Financial Statements Continued
3. Property, plant and equipment
Total
Computer
equipment
Plant and
machinery
£
£
£
Cost or valuation
30,180
3,516
26,664
Additions
At 31 May 2024
26,664
3,516
30,180
Provision for depreciation and impairment
Charge for year
3,665
587
3,078
At 31 May 2024
3,665
587
3,078
At 31 May 2024
Net book value
23,586
2,929
26,515
4. Trade and other receivables
2023
2024
£
£
Trade debtors
2,400
11,724
Prepayments and accrued income
3,748
-
Amounts owed by directors
7,905
-
Taxation and social security
1,428
-
Other debtors
17,423
-
11,724
32,904
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Trade creditors
995
3,725
Taxation and social security
1,848
1,079
Accruals and deferred income
3,500
720
Directors' loan accounts
-
1,635
6,343
7,159
6. Related party transactions
During the year the company loaned £17,423 to Analog Films Ltd, a company owned and conrtrolled by one of the directors. No
interest is being charged in respect of the loan, and the loan is repayable on demand. At the year end the company is owed
£17,423 (2023: £Nil).
During the year, the directors have purchased items on behalf of the company and withdrawn amounts from the company. At the
year end M Littler owes the company £5,405 (2023 was owed: £1,635), and J Littler owes the company £2,500 (2023: £Nil). No
interest is being charged in respect of these loans, and they are repayable on demand.
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For the year ended 31 May 2024
Ark Immersive Ltd
Notes to the Financial Statements Continued
7. Guarantees and other financial commitments
Lease commitments
At 31 May 2024 the company had annual commitments under non-cancellable operating leases as set out below:
2024
£
Operating leases which expire:
4,967
Within 1 year
8,792
Within 2 to 5 years
13,759
The above lease commitments are in relation to the lease of a company vehicle.
8. Average number of persons employed
During the year the average number of employees was 0
9. Transition to FRS 102
The Directors have decided to trasition the company accounts over to FRS102 S1A from FRS105 from the transition date of 9th
May 2022. On transition, there have been found to be no transitional adjustments that have material impact on the financial
statements.
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