Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
COMPANY INFORMATION
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HAMMERHEAD INTERACTIVE LIMITED
CONTENTS
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HAMMERHEAD INTERACTIVE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
This strategic report provides an overview of Hammerhead Interactive Limited's performance, strategy, and the key factors influencing its operations for the period ended 31 Decembert 2023. The report is intended to offer insight into how the company creates value for its stakeholders and prepares for future challenges and opportunities. Prepared in accordance with FRS 101, it highlights our strategic objectives, recent achievements, and the broader economic environment shaping our decisions.
The film and television, and technology industry were significantly impacted during the six months ended 31 December 2023 due to the unprecedented impact of the SAG-AFTRA and Writers’ Guild strikes (’the Strikes’). These events negatively affected the film and television sectors in the UK and globally throughout the second half of the 2023 calendar year. As a result, the company experienced a reduction in turnover in comparison to pre-acquisition prior results, for the six months ended 31 December 2023.
With the industry wide challenges experienced for the six months ended 31, December 2023, revenue declined, and gross profit decreased from £8.5m (full year ended 30 June 2023) to £4.2m (for the six months ended 31 December 2023 along with decreases in gross profit margins by 2% going from 66% to 64%, respectively. Whilst this financial period was largely impacted by the industry wide strikes noted above - highlighting the exposure to global macroeconomic risks associated with film and television production - it also underscores the challenges faced by the industry and the overall negative financial impact caused by a global pause in film production.
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HAMMERHEAD INTERACTIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Company's principal risk flows from the trading performance. This performance in turn relies on the general levels of demand from the business. In order to minimise the risk, the business closely manages the rates that it charges in order to maximise turnover, whilst at the same time closely controlling costs.
The Company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. Financial instruments The Company's principal financial instruments comprise, bank balances, trade and other debtors and trade and other creditors. The main purpose of these instruments is to raise funds for the Company’s operations and to finance the Company’s operations. Pricing risk Contracts are generally short to-medium term in nature and the Company ensures these are carefully priced to deliver expected margin and contribution to the business while also being competitive with industry peers. Credit Risk The Company's customers are generally large, creditworthy entities. Senior management closely monitors the Company's accounts receivables to avoid significant credit exposure. Liquidity and cash flow risk The Company maintains budgets and detailed cash forecasts to ensure adequate cash resources are available and to protect against the potential variability inherent in their operations. The access to capital is key to financing the next stage of the Company's growth. Interest rate risk The Company has fixed interest in its loan commitments and therefore has limited exposure to interest rate risk. Foreign exchange risk The Company does not presently have a strategy to mitigate the impact of foreign exchange risk, which exists in relation to sales with the US and other international territories. This is prevalent due to the weakening of the Pound Sterling. The Company is currently exploring future solutions to reduce this risk.
Given the straightforward nature of the Company's operations, the directors are of the opinion that an analysis using key performance indicators is not necessary for the understanding of the development, performance and position of the business.
This report was approved by the board and signed on its behalf.
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HAMMERHEAD INTERACTIVE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the period ended 31 December 2023.
The directors who served during the period were:
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The loss for the period, after taxation, amounted to £2,512,356 (June 2023 - loss £3,374,661).
The directors have not proposed a dividend for the period ending 31 December 2023 (June 2023 - £Nil)
The Company will seek to minimise adverse impacts on the environment from its activities where possible, whilst continuing to address health, safety and economic issues. The Company has complied with all application legislation and regulations.
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HAMMERHEAD INTERACTIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The SAG-AFTRA and Writers’ Guild strikes through the second half of calendar year 2023 proved extremely challenging for much of the Film & TV production industry. Hammerhead was not impervious to the wider industry impact and a number of productions were delayed through that period and beyond. However, the Directors still consider the adoption of Virtual Production as a film making technique to be accelerating globally as real-time rendering, volumetric and mixed reality technologies mature, studios and directors are increasingly receptive to the creative solutions and efficiency they offer. Now the strikes were concluded in the Q4 calendar year timeframe, the Directors expect operations to rebound from the Strikes through calendar year 2024.
Virtual Production, as a storytelling tool, now touches every part of Hammerheads’ business, be it in Film & TV, Fashion, FMCG marketing or Sport - whether utilising Virtual World content creation services, Onset management services, and/or Virtual Human creation whether as animatable avatars or photo-realistic volumetric captures. Prospective demand for Web3, artificial intelligence and blockchain-oriented services remains, albeit with certain concerns due to some of the sector and industry challenges encountered over the past year. Community engagement and digital merchandising remain a key agenda item as content creators and narrators look for new ways to engage with audiences and develop experiences. While this is a growing market, Web3 is not considered to be the sole fundamental source of new technology to Hammerhead Limited, and it is not expected to inhibit the Company from achieving its growth targets. Given the challenges encountered during the second half of the 2023 calendar year, the Directors are forecasting tempered growth for the year end 31 December 2024 and beyond. However, the Directors are optimistic about a rebound and anticipate stabilised growth in the 2025 calendar year as film and television productions recover from the impact of the strikes and the wider world of entertainment continues to adopt virtual production and real-time technologies for content creation.
The Company is committed to providing equality of opportunity to all employees without discrimination and applied fair and equitable employment policies which ensure entry and progression within the Company. Appointments are determined solely by application of job criteria and competency.
In February 2024, a fellow subsidiary obtained control of a 50% Joint Venture (JV) resulting in all trade between Hammerhead Interactive Limited and the JV ceasing.
In 2024, promissory loan notes (Notes) were issued by a majority shareholder. The value of these Notes is split between a principal value of $13.6m (£10.8m) and accrued interest $327.9k (£260.1k). These Notes will be converted into equity in Q1 2025. If these Notes were reflected on a proforma basis as having been converted to equity effective 31, December 2024, the Notes liability would have been decreased and equity would have been increased by the corresponding amounts disclosed above.
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HAMMERHEAD INTERACTIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED
We have audited the financial statements of Hammerhead Interactive Limited (the 'Company') for the period ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙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; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent imitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: IFRS and the Companies Act 2006. • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
101 New Cavendish Street
1st Floor South
W1W 6XH
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HAMMERHEAD INTERACTIVE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
REGISTERED NUMBER: 08963806
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
REGISTERED NUMBER: 08963806
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 44 form part of these financial statements.
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HAMMERHEAD INTERACTIVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Hammerhead Interactive Limited is a private company limited by shares incorporated in England and Wales, with registration number 08963806.
Its registered office and principal place of business address is Unit 35 Wimbledon Business Centre, Riverside Road, London, United Kingdom, SW17 0BA.
2.Accounting policies
Information on the impact of first-time adoption of FRS 101 is given in note 29.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
First time application of FRS 100 and FRS 101
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Dimension UK Holdco Limited as at 31st December 2023 and these financial statements may be obtained from Companies House.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The financial statements have been prepared on the going concern basis which assumes that the Company will be able to continue in operation for the foreseeable future.
The management has performed a detailed assessment which included looking at the cash flow positions, financial projections, potential future regulatory changes etc. As a result of their assessment and also based on the Company's current liquidity position, the directors are satisified that the going concern basis of preparation is appropriate for the financial statements for the period ended 31 December 2023.
Functional and presentation currency
Transactions and balances
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
• Identification of the Contract: A contract must exist that creates enforceable rights and obligations between Dimension and the client. • Performance Obligations: Distinct performance obligations within the project contract must be identified. These can include milestones, deliverables, or phases of the project. • Transaction Price: The transaction price, which is the total amount of consideration expected to be received for the project, must be determined. • Allocation of Transaction Price: The transaction price should be allocated to the identified performance obligations based on their relative standalone selling prices. • Satisfaction of Performance Obligations: Revenue will be recognised when (or as) performance obligations are satisfied by transferring control of a good or service to the client. This can occur at specific milestones or upon completion of the project. This policy applies to all project-based activities conducted by Dimension, including contracts for services, deliverables, and other project-related revenue streams. Timing of Revenue Recognition Percentage of Completion Method: For long-term projects, revenue will generally be recognised using the percentage of completion method, reflecting the extent of progress toward completion based on costs incurred relative to total estimated costs. Completed Contract Method: For short-term projects completed within a month or where the outcome is uncertain, revenue may be recognised upon project completion.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill. Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:
• the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Company considers whether the investment in subsidiaries and all other investments should be impaired. At the reporting date, where an indication of impairment is identified the recoverable value is estimated. The estimate requires the estimation of future cash flows and also a selection of appropriate discount rates in order to calculate the net present value of those cash flows. During the prior period, a hive up took place in respect of the Company's investment in two subsidiaries, this included the recognition of a business combination via goodwill within the Company's single entity accounts. Impairment of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic life. Impairment reviews are performed only if there is indication of impairment. The carrying amount of the intangible asset is therefore amended when neccessary to reflect the current estimate by the director of the higher of the asset's fair value in use less costs of disposal and its value in use. Where an indication of impairment to goodwill is identified, the estimation of the recoverable value requires estimation of the future cash flows from the relevant cash generating units and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. Fixed assets depreciation Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed anually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Revenue recognition Management continually assess the projected total costs of production. On the basis of these estimates, revenue is recognised. Where productions are in progress at the period end and where billing exceeds the value of the work done, the excess is classified as deferred income and is shown within creditors.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
29.First time adoption of FRS 101 (continued)
Explanation of changes to previously reported profit and equity:
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