Company registration number 07816345 (England and Wales)
INGENIOUS PROJECT FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
INGENIOUS PROJECT FINANCE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
INGENIOUS PROJECT FINANCE LIMITED
COMPANY INFORMATION
Director
Mr D M Reid
Secretary
Ms S Cruickshank
Company number
07816345
Registered office
Parcels Building
14 Bird Street
London
United Kingdom
W1U 1BU
Auditor
Moore Kingston Smith LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
Bankers
Barclays Bank Plc
1 Churchill Place
Canary Wharf
London
United Kingdom
E14 1QE
INGENIOUS PROJECT FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
8,813,270
12,393,210
Current assets
Debtors
6
10,992,870
14,437,721
Cash at bank and in hand
1,448,844
1,972,707
12,441,714
16,410,428
Creditors: amounts falling due within one year
7
(3,573,630)
(4,258,136)
Net current assets
8,868,084
12,152,292
Net assets
17,681,354
24,545,502
Capital and reserves
Called up share capital
8
1,942,066
2,363,774
Share premium account
9
18,164,930
22,097,777
Profit and loss reserves
10
(2,425,642)
83,951
Total equity
17,681,354
24,545,502

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 September 2025 and are signed on its behalf by:
Mr D M Reid
Director
Company registration number 07816345 (England and Wales)
INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Ingenious Project Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parcels Building, 14 Bird Street, London, United Kingdom, W1U 1BU.

The principal activity of the company continued to be that of generating returns for its shareholder through the issue of commercial loans and credit services to borrowers for the purpose of funding the development, production and exploitation of television programmes, films and other media projects.

In assessing which counterparties to issue commercial loans to, the Company benefits from its relationship with Ingenious Capital Management Limited to facilitate the sourcing of suitable opportunities.

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 a mounts 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

We draw attention to the current economic true outlook over the coming months. The directors have considered the cash balance held by the company, and the projected administrative and other costs for the forthcoming 12 months from the date of signing of the financial statements, and consider there to be adequate resources in place. On this basis, the company is considered to be a going concern.

1.3
Turnover

Arrangement fee income and interest income, on financial assets that are classified as trade loans, is determined using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income over the expected like of the asset or liability. The effective interest rate is a rate that exactly discounts the estimated future cash flows to the instrument's initial carrying amount. Calculation of the effective interest rate takes into account fees receivable, that are an integral part of the instrument yield and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.

1.4
Fixed asset investments

Investments in limited liability partnerships in which capital is held 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.

1.5
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.

INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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 and cash and bank balances, 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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 paymen ts 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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
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.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
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.

INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11

Loans

Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active market are classified as loans. Loans are initially recognised at fair value of the consideration received plus directly related transaction costs. They are subsequently measured at amortised cost using the effective interest method. Arrangement fees and interest payable on financial liabilities that are classified as loans, are charged to the profit and loss accounts.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest payable over the expected life of the liability. The effective interest rate is the rate that exactly discounts estimated future cashflows to the instrument's initial carrying amount. Calculation of the effective interest rate takes into account fees payable, that are an integral part of the instrument yield and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.

A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled or expires.

1.12

Other income

Other income relates to share of profits from Ingenious Media LLP. The trading profit or loss of an accounting period are shared in proportion to contributions of capital.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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. No significant judgements and estimates have ben made in the year.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

A key judgement is made by management in assessing whether receivable balances are impaired and accordingly recognising impairment provisions where appropriate.

Impairment of loan receivables

Loans receivables held are subject to impairment review when indicators of impairment are identified. Management undertakes an impairment review annually or more frequently if events or changes in circumstances indicate that the carrying amount of any receivables balance may not be recoverable and then makes certain judgements in order to assess recoverable value, recognising impairment losses accordingly where impairments exist.

INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,700
11,700
4
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
8,813,270
12,393,210
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
12,393,210
Additions
3,065,795
Disposals
(6,645,735)
At 31 December 2024
8,813,270
Carrying amount
At 31 December 2024
8,813,270
At 31 December 2023
12,393,210
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,579,927
9,747,051
Amounts owed by group undertakings
6,800,000
-
0
Other debtors
612,943
4,690,670
10,992,870
14,437,721
INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Debtors
(Continued)
- 7 -

Contained within other debtors is a balance of £0 (2023 : £258,019 other debtors) in relation to foreign exchange contracts held at fair value. During the year, included in administrative expenses is a debit of £258,019 in respect of fair value movements on derivatives (2023 : £297,651 credited).

7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
3,573,630
4,258,136

Included within other creditors consists of a loan to Higrowth Films Limited of £3,069,230 (2023: £3,069,230) which is unsecured and repayable on demand.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
19,420,661
23,637,747
1,942,066
2,363,774

On 29 August 2024, the company cancelled and extinguished 4,217,086 Ordinary shares of 10 p each totalling £421,709.

9
Share premium account
2024
2023
£
£
At the beginning of the year
22,097,777
28,719,410
Issue of new shares
-
0
65,868
Share capital reduction
(3,932,847)
(6,687,501)
At the end of the year
18,164,930
22,097,777

The Share Premium reserve records the amount above the nominal value received for shares issued.

On 29 August 2024, the share premium reduced by £3,932,847.

10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
83,951
1,916,371
Loss for the year
(2,222,190)
(1,515,307)
Dividends declared and paid in the year
(287,403)
(317,113)
At the end of the year
(2,425,642)
83,951
INGENIOUS PROJECT FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Profit and loss reserves
(Continued)
- 8 -

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Joseph Kinton
Statutory Auditor:
Moore Kingston Smith LLP
12
Related party transactions

The Company is managed by Ingenious Capital Management Limited which is a wholly-owned subsidiary of Ingenious Capital Management Holdings Limited, a company registered in England and Wales.

During the year Mr D M Reid and Mr P Touche were also directors of Ingenious Capital Management Limited. Ingenious Capital Management Limited charged fees of £326,006 (202 3: £603,77 6). At the year end, the balance owed to Ingenious Capital Management Limited was £53,023 (202 3: £147,64 7).

13
Parent company

During the year, the company became a wholly-owned subsidiary of Ingenious Estate Planning Limited, registered at Parcels Building, 14 Bird Street, London, W1U 1BU.

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