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Immersive Entertainments Limited

Registered Number
06476018
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

Immersive Entertainments Limited
Company Information
for the period from 1 September 2022 to 31 December 2023

Director

Edward Ben Salter

Company Secretary

Edward Ben Salter

Registered Address

4 Mason Court Gillan Way
Penrith 40 Business Park
Penrith
CA11 9GR

Registered Number

06476018 (England and Wales)
Immersive Entertainments Limited
Statement of Financial Position
31 December 2023

Notes

31 Dec 2023

31 Aug 2022

£

£

£

£

Fixed assets
Tangible assets491,50995,205
91,50995,205
Current assets
Debtors5834,973592,592
Cash at bank and on hand1,345,793561,796
2,180,7661,154,388
Creditors amounts falling due within one year6(382,283)(208,416)
Net current assets (liabilities)1,798,483945,972
Total assets less current liabilities1,889,9921,041,177
Creditors amounts falling due after one year7(12,675)(27,298)
Provisions for liabilities8(3,448)(8,401)
Net assets1,873,8691,005,478
Capital and reserves
Called up share capital1010
Profit and loss account1,873,8591,005,468
Shareholders' funds1,873,8691,005,478
The financial statements were approved and authorised for issue by the Director on 1 May 2025, and are signed on its behalf by:
Edward Ben Salter
Director
Registered Company No. 06476018
Immersive Entertainments Limited
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows: Computer equipment - 33% straight line Plant equipment - 20% straight line Fixtures & fittings - 20% straight line Motor vehicles - 15% straight line Office equipment - 20% straight line
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year24
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 September 227,138616,73513,86438,440676,177
Additions-34,000--34,000
At 31 December 237,138650,73513,86438,440710,177
Depreciation and impairment
At 01 September 226,893525,79113,86434,424580,972
Charge for year12435,070-2,50237,696
At 31 December 237,017560,86113,86436,926618,668
Net book value
At 31 December 2312189,874-1,51491,509
At 31 August 2224590,944-4,01695,205
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables578,690428,460
Amounts owed by associates and joint ventures / participating interests178,046130,408
Other debtors75,92126,519
Prepayments and accrued income-7,205
Total832,657592,592
6.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts10,20010,200
Amounts owed to related parties49,04239,501
Taxation and social security256,367110,972
Other creditors-3
Accrued liabilities and deferred income66,67447,740
Total382,283208,416
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts12,67527,298
Total12,67527,298
8.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2023

2022

££
Net deferred tax liability (asset)3,4488,401
Total3,4488,401
9.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £27,467 (2022 - £2,977) being the amount owed by the director. Net amounts advanced during the year were £24,490. These amounts were both repaid within nine months of the financial year. The loans were charged the official rate of interest were applicable and were repayable on demand.