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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
COMPANY INFORMATION
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HAMMERHEAD INTERACTIVE LIMITED
CONTENTS
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HAMMERHEAD INTERACTIVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
This strategic report provides an overview of Hammerhead Interactive Limited's performance, strategy, and the key factors influencing its operations for the year ended 31 December 2024. The report is intended to offer insight into how the company creates value for its stakeholders and prepares for future challenges and opportunities. Prepared in accordance with FRS 101, it highlights our strategic objectives, recent achievements, and the broader economic environment shaping our decisions.
The film and television, and technology industry were significantly impacted during the year ended 31 December 2024 due to the continued unprecedented negative impact of the SAG AFTRA and Writers’ Guild strikes (’the Strikes’). These events negatively affected the film and television sectors in the UK and globally throughout the second half of the 2023 and throughout the 2024 calendar year. As a result, the company experienced an increase in operating losses in the twelve months ended 31 December 2024 in comparison to prior results, for the six month period ended 31 December 2023.
Despite these industry-wide challenges, continued demand for our virtual production services enabled us to deliver £11.9 million in revenue while maintaining a gross profit margin of 64%. However, the net loss for the year in 2024 was £14.1m as compared to the six months to 31 December 2023 of £2.5m primarily due to higher costs operating expenses for the twelve months of £17.8m in 2024 along with impairments and interest costs of £4.1m as compared to a net loss of £2.5m for the six months period to 31 December 2023 which included operating expenses of £5.1m along with impairments and interest costs of £0.9m. For 2025, we have restructured our operations to align more closely with the forecasted revenue for the year, and launched targeted offerings in Live events, and we therefore expect to achieve significantly improved results. Whilst this financial period was largely impacted by the industry wide strikes noted above highlighting the longevity and exposure to global macroeconomic risks associated with film and television production it also underscores the challenges faced by the industry and the overall negative financial impact caused by a global pause in film production.
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HAMMERHEAD INTERACTIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's principal risk flows from the trading performance. This performance in turn relies on the general levels of demand from the business. In order to minimise the risk, the business closely manages the rates that it charges in order to maximise turnover, whilst at the same time closely controlling costs.
The Company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. Financial instruments The Company's principal financial instruments comprise, bank balances, trade and other debtors and trade and other creditors. The main purpose of these instruments is to raise funds for the Company’s operations and to finance the Company’s operations. Pricing risk Contracts are generally short to medium term in nature and the Company ensures these are carefully priced to deliver expected margin and contribution to the business while also being competitive with industry peers. Credit Risk The Company's customers are generally large, creditworthy entities. Senior management closely monitors the Company's accounts receivables to avoid significant credit exposure. Liquidity and cash flow risk The Company maintains budgets and detailed cash forecasts to ensure adequate cash resources are available and to protect against the potential variability inherent in their operations. The access to capital is key to financing the next stage of the Company's growth. Interest rate risk The Company has fixed interest in its loan commitments and therefore has limited exposure to interest rate risk. Foreign exchange risk The Company does not presently have a strategy to mitigate the impact of foreign exchange risk, which exists in relation to sales with the US and other international territories. This is prevalent due to the weakening of the Pound Sterling. The Company is currently exploring future solutions to reduce this risk.
Given the straightforward nature of the Company's operations, the directors are of the opinion that an analysis using key performance indicators is not necessary for the understanding of the development, performance and position of the business.
This report was approved by the board and signed on its behalf.
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HAMMERHEAD INTERACTIVE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments 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 loss for the year, after taxation, amounted to £14,110,656 (31 December 2023 - loss £2,512,356).
The directors have not proposed a dividend for the year ending 31 December 2024 (31 December 2023 - £Nil)
The directors who served during the year were:
The Company will seek to minimise adverse impacts on the environment from its activities where possible, whilst continuing to address health, safety and economic issues. The Company has complied with all application legislation and regulations.
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HAMMERHEAD INTERACTIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The SAG AFTRA and Writers’ Guild strikes through the second half of calendar year 2023 and into 2024 proved extremely challenging for much of the Film & TV production industry. Hammerhead was not impervious to the wider industry impact and a number of productions were delayed through the periods and beyond. However, the Directors still consider the adoption of Virtual Production as a filmmaking and content creation technique to be accelerating globally as real time rendering, AI, volumetric and mixed reality technologies mature, studios and directors, brands and rights holders are increasingly receptive to the creative solutions and efficiency they offer.
Virtual Production, as a storytelling tool, now touches every part of Hammerheads’ business, be it in Film & TV, Live events and location-based experiences across Music, Fashion, Sport and Brand activations whether utilizing Virtual Production and real-time content creation services, Onset management services, Virtual Human creation and emerging Generative-AI pipelines. To support growth across Hammerhead’s core markets in Media and Entertainment, the business launched Dimension LIVE in Q1 2025, bringing the state-of-the-art in virtual production to live events, and Dimension FUTURES, which is focused on delivering commercial innovation projects using emerging next-gen technologies and Generative-AI for filmmaking and storytelling. Given the challenges encountered during the 31 December 2024 calendar year, the Directors are forecasting tempered growth for the year end 31 December 2025 and beyond. However, the Directors are optimistic about a rebound and anticipate stabilized growth in the 2025 calendar year as film and television productions continue to recover from the impact of the strikes and the wider world of entertainment continues to adopt virtual production and real time technologies for content creation.
The Company is committed to providing equality of opportunity to all employees without discrimination and applied fair and equitable employment policies which ensure entry and progression within the Company. Appointments are determined solely by application of job criteria and competency.
In February 2024, all trade ceased between Hammerhead and InCamera Limited ("the JV"), a 50% Joint Venture via a fellow subsidiary. In May 2025 the remaining 50% of the JV was acquired.
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HAMMERHEAD INTERACTIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED
We have audited the financial statements of Hammerhead Interactive Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED (CONTINUED)
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting is appropriate. Our evaluation of the directors' assessment of the Company’s ability to continue as a going involved the following procedures:
Reviewing cash flow forecasts, challenging key assumptions, and performing stress testing on potential downside scenarios. We found that management's assumptions were reasonable and appropriately considered market and regulatory risks. We reviewed management’s cash flow forecasts, challenged key assumptions, assessed the accuracy of underlying data, and performed sensitivity analysis on potential downside scenarios. Based on this work, we found management’s assumptions to be reasonable and appropriate. We also reviewed the arrangement with the major third-party creditor, as disclosed in note 2.3, including supporting documentation, correspondence, and evidence of the Company meeting its monthly obligations as they fell due. In addition, we obtained representations from the ultimate shareholder confirming that they do not have the current intention to call for, or require repayment of, intercompany loans owing to them for the next 12 months.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED (CONTINUED)
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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HAMMERHEAD INTERACTIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMMERHEAD INTERACTIVE LIMITED (CONTINUED)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent imitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: IFRS and the Companies Act 2006. • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
101 New Cavendish Street
1st Floor South
W1W 6XH
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HAMMERHEAD INTERACTIVE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
REGISTERED NUMBER: 08963806
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
REGISTERED NUMBER: 08963806
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 39 form part of these financial statements.
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HAMMERHEAD INTERACTIVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hammerhead Interactive Limited is a private company limited by shares incorporated in England and Wales, with registration number 08963806.
Its registered office and principal place of business address is Unit 35 Wimbledon Business Centre, Riverside Road, London, United Kingdom, SW17 0BA.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Dimension UK Holdco Limited as at 31st December 2024 and these financial statements may be obtained from Companies House.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
In 2024, the Group was loss-making as a result of the SAG AFTRA and Writer’s Guild strikes. As at 31 December 2024, the Group had significant overdue liabilities with a major third-party creditor and the Balance Sheet was in a net liability position. A payment arrangement was subsequently entered into with this creditor to settle the outstanding liability. As of the date of approval of these financial statements, all payments under the agreement have been made when they fell due and the Company is on track for full resolution of the overdue liability. Management has implemented a new strategic plan, launching new revenue offerings while significantly reducing headcount and implementing other cost-cutting measures. Management also remains confident of the continuance of support from shareholders. Based on cash flow forecasts prepared after implementing the strategic plan, management concluded that the Group will continue to meet its obligations as they fall due and is operating on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of support from the shareholders.
Functional and presentation currency
Transactions and balances
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
• Identification of the Contract: A contract must exist that creates enforceable rights and obligations between Dimension and the client. • Performance Obligations: Distinct performance obligations within the project contract must be identified. These can include milestones, deliverables, or phases of the project. • Transaction Price: The transaction price, which is the total amount of consideration expected to be received for the project, must be determined. • Allocation of Transaction Price: The transaction price should be allocated to the identified performance obligations based on their relative standalone selling prices. • Satisfaction of Performance Obligations: Revenue will be recognised when (or as) performance obligations are satisfied by transferring control of a good or service to the client. This can occur at specific milestones or upon completion of the project. This policy applies to all project-based activities conducted by Dimension, including contracts for services, deliverables, and other project-related revenue streams. Timing of Revenue Recognition Percentage of Completion Method: For long-term projects, revenue will generally be recognised using the percentage of completion method, reflecting the extent of progress toward completion based on costs incurred relative to total estimated costs. Completed Contract Method: For short-term projects completed within a month or where the outcome is uncertain, revenue may be recognised upon project completion.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill. Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.
An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:
• the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Debt instruments at amortised cost
Impairment of financial assets
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities
Fair value through profit or loss
At amortised cost
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company considers whether the investment in subsidiaries and all other investments should be impaired. At the reporting date, where an indication of impairment is identified the recoverable value is estimated. The estimate requires the estimation of future cash flows and also a selection of appropriate discount rates in order to calculate the net present value of those cash flows. During the year ended 30 June 2023, a hive up took place in respect of the Company's investment in two subsidiaries, this included the recognition of a business combination via goodwill within the Company's single entity accounts. Impairment of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic life. Impairment reviews are performed only if there is indication of impairment. The carrying amount of the intangible asset is therefore amended when neccessary to reflect the current estimate by the director of the higher of the asset's fair value in use less costs of disposal and its value in use. Where an indication of impairment to goodwill is identified, the estimation of the recoverable value requires estimation of the future cash flows from the relevant cash generating units and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. Fixed assets depreciation Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed anually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Revenue recognition Management continually assess the projected total costs of production. On the basis of these estimates, revenue is recognised. Where productions are in progress at the period end and where billing exceeds the value of the work done, the excess is classified as deferred income and is shown within creditors.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMMERHEAD INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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