Company Registration No. 06832057 (England and Wales)
Imaginarium Productions Limited
Annual report and unaudited financial statements
for the year ended 31 March 2024
Imaginarium Productions Limited
Company information
Directors
Andrew Serkis
Jonathan Cavendish
Philip Robertson
Company number
06832057
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Imaginarium Productions Limited
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Notes to the financial statements
4 - 10
Imaginarium Productions Limited
Directors' report
For the year ended 31 March 2024
1

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company was that of film production and development.

Directors

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

Andrew Serkis
Jonathan Cavendish
Philip Robertson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Philip Robertson
Director
26 March 2025
Imaginarium Productions Limited
Statement of comprehensive income
For the year ended 31 March 2024
2
2024
2023
£
£
Turnover
842,558
3,687,988
Cost of sales
(788,772)
(1,195,762)
Gross profit
53,786
2,492,226
Administrative expenses
(657,196)
(724,392)
Operating (loss)/profit
(603,410)
1,767,834
Interest receivable and similar income
11,749
-
0
Other gains and losses
(244,284)
-
(Loss)/profit before taxation
(835,945)
1,767,834
Taxation
-
0
-
0
(Loss)/profit for the financial year
(835,945)
1,767,834
Total comprehensive income for the year
(835,945)
1,767,834

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Imaginarium Productions Limited
Statement of financial position
As at 31 March 2024
3
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,566
2,659
Investments
6
187
187
4,753
2,846
Current assets
Debtors
8
733,816
561,006
Investments
9
432,962
-
0
Cash at bank and in hand
889,602
2,496,174
2,056,380
3,057,180
Creditors: amounts falling due within one year
10
(425,357)
(588,305)
Net current assets
1,631,023
2,468,875
Net assets
1,635,776
2,471,721
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
1,635,774
2,471,719
Total equity
1,635,776
2,471,721

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared 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 26 March 2025 and are signed on its behalf by:
Philip Robertson
Director
Company Registration No. 06832057
Imaginarium Productions Limited
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Company information

Imaginarium Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Imaginarium Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 statement of financial position 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, 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.

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.

 

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.

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.

Imaginarium Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
1.9
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.

1.10
Retirement benefits

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

1.11
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 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.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was 8 (2023: 8)

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
393,377
374,394
Social security costs
42,184
44,804
Pension costs
10,415
10,213
445,976
429,411
4
Directors' remuneration

During the year, the company incurred costs for the production consultancy services of Jonathan Cavendish and Philip Robertson, directors of the company, totalling £107,474 (2023: £91,667).

Imaginarium Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
5
Tangible fixed assets
Fixtures, Fittings and Equipment
£
Cost
At 1 April 2023
5,858
Additions
3,874
At 31 March 2024
9,732
Depreciation and impairment
At 1 April 2023
3,199
Depreciation charged in the year
1,967
At 31 March 2024
5,166
Carrying amount
At 31 March 2024
4,566
At 31 March 2023
2,659
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
187
187
7
Subsidiaries

Under the provision of section 399 of the Companies Act 2006 the company is exempt from preparing consolidated financial statements and has not done so, therefore the financial statements show information about the company as an individual entity.

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Animal Farm Films Limited
United Kingdom
Film production
Ordinary
100.00
0
Breathe Films Limited
United Kingdom
Film production
Ordinary
100.00
0
Scary Goat Limited
United Kingdom
Film production
Ordinary
100.00
0
Two Spirits Inc.
Hawaii
Film production
Ordinary
100.00
0
Spells Trouble Limited
United Kingdom
TV production
Ordinary
100.00
0
NOGOA Limited
United Kingdom
TV production
Ordinary
100.00
0
Paper Rose Productions Limited
United Kingdom
Film production
Ordinary
100.00
0
Imaginarium Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
Subsidiaries (continued)
8
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Animal Farm Films Limited
(72,400)
(145,668)
Breathe Films Limited
-
0
-
0
Scary Goat Limited
-
0
-
0
Two Spirits Inc.
-
0
100
Spells Trouble Limited
-
0
100
NOGOA Limited
-
0
18,009
Paper Rose Productions Limited
(760)
(1,239)

The investments in subsidiaries are all stated at cost.

The company holds a 50% indirect interest in Animal Farm Productions Limited, a joint venture between Animal Farm Films Limited and Aniventure Awesome Limited.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,593
74,048
Amounts owed by group undertakings
408,308
446,493
Other debtors
253,915
40,465
733,816
561,006
9
Current asset investments
2024
2023
£
£
Other investments
432,962
-
0

Current asset investments relate to deposits held in 6-month fixed term accounts.

Imaginarium Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,560
79,815
Amounts owed to group undertakings
317,561
212,379
Taxation and social security
-
0
28,655
Other creditors
59,236
267,456
425,357
588,305
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
12
Operating lease commitments

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

2024
2023
£
£
Within one year
49,500
49,500
49,500
49,500
Imaginarium Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
13
Related party transactions

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

 

Included within other creditors is £1,068 (2023: £1,068) owing to New Dawns (London 2017) Limited, a company with a common director, relating to expenses incurred on behalf of Imaginarium Productions Limited in prior years.

 

During the year, the company incurred costs for the producing services of Jonathan Cavendish, a director of the company, totalling £31,345 (2023: £nil), of which £31,345 was settled in the year (2023: £nil). The balance outstanding at the year is £nil (2023: £nil).

 

During the year the company incurred consultancy costs from Filmosophy Limited, a company with a common director, totalling £76,129 (2023: £91,667) of which a total of £76,129 was settled in the year. The balance outstanding at the year end is £nil (2023: £8,334).

 

During the year, the company received income of £55,494 from Animal Farm Productions Limited, a joint venture between the company and a production partner. The balance outstanding at the year end is £55,494 and is included within trade debtors.

14
Control

The parent undertaking at the year end date was Imaginarium Holdings Limited, a company registered in England and Wales.

 

At the year end, Jonathan Cavendish and Andrew Serkis are considered to be the ultimate controlling party, by virtue of their shareholding in the ultimate parent company, Jessop Avenue (No.18) Limited.

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