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Registration number: 13395153

Immersive Fox Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 May 2024

Immersive Fox Ltd

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 7

Immersive Fox Ltd

Company Information

Director | Mrs Alisa Patotskaya

Registered office | 6 St Albans Terrace London W6 8HL

Accountants | Re:Accounts Limited Chartered Accountants12 Stanmore Road Stevenage SG1 3QF

Immersive Fox Ltd

(Registration number: 13395153)
Balance Sheet as at 31 May 2024

| Note | 31 May 2024 £ | 31 May 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 3,761 | 5,816
Current assets |  |  |
Debtors | 5 | 26,756 | 29,262
Cash at bank and in hand |  | 2,117,713 | 2,556,643
|  | 2,144,469 | 2,585,905
Creditors: Amounts falling due within one year | 6 | (2,378,515) | (2,174,057)
Net current (liabilities)/assets |  | (234,046) | 411,848
Net (liabilities)/assets |  | (230,285) | 417,664
Capital and reserves |  |  |
Called up share capital | 7 | 122 | 122
Share premium reserve |  | 888,078 | 888,078
Retained earnings |  | (1,118,485) | (470,536)
Shareholders' (deficit)/funds |  | (230,285) | 417,664

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

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 May 2025

......................................... Mrs Alisa Patotskaya Director

Immersive Fox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
6 St Albans Terrace
London
W6 8HL
United Kingdom

These financial statements were authorised for issue by the director on 24 May 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis despite the continued losses. This is because the company has invested into writing and marketing an AI video platform. The director believes that the company will become profitable in the future and has large investment to build and develop the software whilst still remaining solvent.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the subscription to the Immersive Fox software in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Immersive Fox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2 | Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Immersive Fox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2 | Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 5).

Immersive Fox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 June 2023 | 9,739 | 9,739
Additions | 417 | 417
At 31 May 2024 | 10,156 | 10,156
Depreciation
At 1 June 2023 | 3,923 | 3,923
Charge for the year | 2,472 | 2,472
At 31 May 2024 | 6,395 | 6,395
Carrying amount
At 31 May 2024 | 3,761 | 3,761
At 31 May 2023 | 5,816 | 5,816

5 | Debtors

Current | 31 May 2024 £ | 31 May 2023 £
Other debtors | 26,756 | 29,262
| 26,756 | 29,262

6 | Creditors

Creditors: amounts falling due within one year

| 31 May 2024 £ | 31 May 2023 £
Due within one year |  |
Taxation and social security | 2,147 | -
Other creditors | 2,376,368 | 2,174,057
| 2,378,515 | 2,174,057

Immersive Fox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7 | Share capital

Allotted, called up and fully paid shares

| 31 May 2024 | 31 May 2023
| No. | £ | No. | £
Ordinary of £0.00 each | 1,219,518 | 122 | 1,219,518 | 122

8 | Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £2,354,713 (2023 - £2,152,483). The company has issued a Simple Agreement for Future Equity (SAFE) to investors. The amount included within relates to the amount received but not converted to equity. The SAFE willl convert to equity as senior preference shares on 31 December 2024
The SAFE has a a valuation cap of £14,500,000