Cranium Ventures Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11465178

Cranium Ventures Limited

Filleted Unaudited Financial Statements

31 December 2024

Cranium Ventures Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Cranium Ventures Limited

Balance Sheet

31 December 2024

	2024		2023
Note	$	$	$	$

Fixed assets

Tangible fixed assets	4	1	1
Fixed asset investments	5	151	151
		----	----
		152	152

Current assets

Debtors	6	18,294,654	18,222,828
Cash at bank and in hand		261	1,323
		-------------	-------------
		18,294,915	18,224,151

Creditors: amounts falling due within one year	7	10,618,064		10,663,221
		-------------		-------------
Net current assets			7,676,851		7,560,930
			------------		------------
Total assets less current liabilities			7,677,003		7,561,082
			------------		------------
Net assets			7,677,003		7,561,082
			------------		------------

Cranium Ventures Limited

Balance Sheet (continued)

31 December 2024

	2024		2023
Note	$	$	$	$

Capital and reserves

Called up share capital	32,470,280	32,470,280
Convertible loan equity reserve	4,863	–
Profit and loss account	( 24,798,140)	( 24,909,198)
	-------------	-------------
Shareholders funds	7,677,003	7,561,082
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

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

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr A Dimitri

Director

Company registration number: 11465178

Cranium Ventures Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in US dollars, which is the functional currency of the entity. The exchange rate at the company's year end was 1 US dollar to 0.7898 (2023: 0.7854) British pounds.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	3 years straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Current asset investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

4. Tangible fixed assets

	Fixtures and fittings
	$
Cost
At 1 January 2024 and 31 December 2024	3,168
	-------
Depreciation
At 1 January 2024 and 31 December 2024	3,167
	-------
Carrying amount
At 31 December 2024	1
	-------
At 31 December 2023	1
	-------

5. Fixed asset investments

	Shares in group undertakings
	$
Cost
At 1 January 2024 and 31 December 2024	151
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	151
	----
At 31 December 2023	151
	----

6. Debtors

	2024	2023
	$	$
Amounts owed by group undertakings and undertakings in which the company has a participating interest	18,294,654	18,088,424
Other debtors	–	134,404
	-------------	-------------
	18,294,654	18,222,828
	-------------	-------------

7. Creditors: amounts falling due within one year

	2024	2023
	$	$
Trade creditors	25,801	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	8,719
Other creditors	10,592,263	10,654,502
	-------------	-------------
	10,618,064	10,663,221
	-------------	-------------

8. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	$	$

Financial liabilities measured at amortised cost

Debt component of convertible loans measured at amortised cost	125,007	–
	---------	----

9. Directors' advances, credits and guarantees

At the end of the year, the company owed $3,225,965 (2023: $3,245,968) to its directors. The loans are 100% interest bearing and repayable on demand. The company has accrued $3,241,102 (2023: $3,236,116) interest payable to directors based on their outstanding loans. During the year the company entered into transactions with entities that the directors control or have interests in. In 2019 the company acquired $28,110,664 of intellectual property from a company that a director controls. This was transferred to a subsidiary company during the year ended 2023. In 2019 the company acquired $2,565,570 in assets and equivalent liabilities from a company the directors have an interest in. Cranium Ventures Limited owed $0 (2023:owed $8,719) to this company at the year end.

10. Related party transactions

During the year the company entered into transactions with subsidiaries that it controls. Intangible assets were transferred at a value of $0 (2023: $16,145,430) to a subsidiary company. At the end of the year, the company was owed $18,294,655 (2023: $18,088,425) by its subsidiaries. The loans are interest free and repayable on demand. Bad debt provision includes credit $15,725 (2023: debit $17,084) relating to subsidiaries.