Company Registration No. 10740074 (England and Wales)
Imaginarium Holdings Limited
Annual report and unaudited financial statements
for the year ended 31 March 2024
Imaginarium Holdings Limited
Company information
Directors
Jonathan Cavendish
Philip Robertson
Andrew Serkis
Company number
10740074
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Imaginarium Holdings Limited
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Notes to the financial statements
4 - 10
Imaginarium Holdings 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 is to act in a holding company capacity for a group of production companies.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Jonathan Cavendish
Philip Robertson
Andrew Serkis
Statement of directors' responsibilities
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 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 judgements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Going concern considerations
The directors have confirmed their intention to continue to provide financial support where required to enable the company and its subsidiaries to meet its obligations for the foreseeable future. Accordingly, the board of directors are satisfied that it is appropriate to prepare the accounts on a going concern basis.
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 Holdings Limited
Statement of comprehensive income
For the year ended 31 March 2024
2
2024
2023
£
£
Turnover
-
31,400
Cost of sales
(2,806)
Gross profit
-
28,594
Administrative expenses
(80,909)
(62,445)
Other operating income
23,307
Operating loss
(57,602)
(33,851)
Interest payable and similar expenses
(572)
Other gains and losses
292,083
-
Profit/(loss) before taxation
234,481
(34,423)
Tax on profit/(loss)
Profit/(loss) for the financial year
234,481
(34,423)
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
Imaginarium Holdings Limited
Statement of financial position
As at 31 March 2024
3
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1
1
Investments
6
6
6
7
7
Current assets
Debtors
9
330,542
305,045
Cash at bank and in hand
22,720
170,456
353,262
475,501
Creditors: amounts falling due within one year
10
(462,480)
(819,200)
Net current liabilities
(109,218)
(343,699)
Net liabilities
(109,211)
(343,692)
Capital and reserves
Called up share capital
667
667
Profit and loss reserves
(109,878)
(344,359)
Total equity
(109,211)
(343,692)
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 members have 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. 10740074
Imaginarium Holdings Limited
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Company information
Imaginarium Holdings 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have confirmed their intention to continue to provide financial support where required to enable the company to meet its obligations for the foreseeable future. Accordingly, the board of directors are satisfied that it is appropriate to prepare the accounts on a going concern basis. true
The directors are satisfied there are sufficient assets across the group to enable the company to continue trading.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Imaginarium Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Intellectual property
3 years
1.5
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 and fittings
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.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Imaginarium Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
1.8
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.
1.9
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.
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.
1.10
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.
1.11
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.
Imaginarium Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
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 0 (2023 - 0).
4
Directors' remuneration
The company did not pay emoluments to the directors in the year.
5
Intangible fixed assets
Intellectual property
£
Cost
At 1 April 2023 and 31 March 2024
1
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
6
6
Imaginarium Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
7
Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 April 2023 and 31 March 2024
3,600
Depreciation and impairment
At 1 April 2023 and 31 March 2024
3,600
Carrying amount
At 31 March 2024
At 31 March 2023
8
Subsidiaries
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 project development
Ordinary
-
100.00
Breathe Films Limited
United Kingdom
Film project development
Ordinary
-
100.00
Caveman Films Holdings Limited
United Kingdom
Film project development
Ordinary
100.00
-
Imaginarium TV Limited
United Kingdom
TV project development
Ordinary
100.00
-
Organ Grinder Productions Limited
United Kingdom
TV project development
Ordinary
-
100.00
Scary Goat Limited
United Kingdom
Film project development
Ordinary
-
100.00
Two Spirits Inc.
Hawaii
Film Development Project
Ordinary
-
100.00
Imaginarium Productions Limited
United Kingdom
Film project development
Ordinary
100.00
-
Spells Trouble Limited
United Kingdom
TV production
Ordinary
-
100.00
NOGOA Limited
United Kingdom
TV production
Ordinary
-
100.00
Paper Rose Productions Limited
United Kingdom
TV project development
Ordinary
-
100.00
Scribe Productions Limited
United Kingdom
Media development
Ordinary
100.00
-
Imaginarium Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
Subsidiaries (continued)
9
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
-
-
Caveman Films Holdings Limited
(216,799)
(38,299)
Imaginarium TV Limited
(260,585)
253,996
Organ Grinder Productions Limited
(42,149)
(52,290)
Scary Goat Limited
-
-
Two Spirits Inc.
-
100
Imaginarium Productions Limited
(835,945)
1,635,776
Spells Trouble Limited
-
100
NOGOA Limited
-
18,009
Paper Rose Productions Limited
(760)
(1,239)
Scribe Productions Limited
256,799
(126,276)
The investments in subsidiaries are all stated at cost.
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,786
Amounts owed by group undertakings
303,430
298,328
Other debtors
326
6,717
330,542
305,045
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,601
15,409
Amounts owed to group undertakings
232,500
590,412
Other creditors
214,379
213,379
462,480
819,200
Imaginarium Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
11
Directors' transactions
Andrew Serkis, a director of the company, has a loan outstanding with the company totalling £104,713 (2023: £104,713) and is included in other creditors. No interest or conditions are attached to this balance.
12
Ultimate controlling party
As at the year end, Jonathan Cavendish and Andrew Serkis are considered to be the ultimate controlling parties, by virtue of their shareholding in the ultimate parent company Jessop Avenue (No.18) Limited.
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