The directors present the strategic report for the year ended 31 December 2024.
Operationally, the focus in 2024 remained on optimising the show’s performance in London. The arena completed 374 performances, maintaining an average occupancy rate of over 90%, upholding its position as one of London’s most in demand live entertainment concerts.
The principal risks facing the Group continue to relate to:
- Fluctuations in public demand and audience preferences;
- Macroeconomic pressures affecting discretionary spending;
- Health and safety concerns or global disruptions (e.g., pandemics);
Risk mitigation strategies, including dynamic pricing models, diversified marketing campaigns, and robust health and safety protocols, remain in place.
The Directors have assessed the Group’s financial position and performance and have a reasonable expectation that it will continue to operate and meet its obligations for the foreseeable future. The going concern basis of accounting is therefore adopted.
There is still a substantial market demand for ABBA Voyage, and the Directors anticipate a continued high level of activity throughout 2025 and 2026.
Advance booking figures
Average ticket prices
Revenues derived from secondary incomes
Expenditure compared to budget
Occupancy rate and repeat visitation metrics
Introduction
The Directors of Aniara Ltd are committed to promoting the long-term success of the company while considering the interests of our stakeholders, including employees, customers, suppliers, and the wider community. In making decisions, the Board of Directors takes into account the matters set out in Section 172(1)(a) to (f) of the Companies Act 2006.
Key Considerations
Long-Term Consequences:
In addition to the internal management reviews conducted within Aniara, the Board of the parent company Goldonder AB meets regularly to discuss and make decisions on matters of strategic importance to the business, promoting the long-term success of the company and considering the likely long-term impact of any such decisions.
Employee Interests:
The company has several initiatives in place for employee development and growth, offering continuous goal setting, professional development, and training opportunities. Regular employee satisfaction surveys address concerns and improve workplace culture, with employee representatives reporting directly to the executive leadership team.
Business Relationships:
The company works diligently to establish and maintain strong relationships with its suppliers, partners, and customers. A recent initiative includes the launch of a membership programme to enhance customer service and build long-term loyalty.
Community and Environmental Impact:
The Group engages in regular community programmes, including educational programmes for local schools, local charity support, and volunteering opportunities for employees.
ABBA Voyage is committed to supporting inclusive growth in our local London boroughs of Hackney, Newham, Tower Hamlets and Waltham Forest. In the first three years, ABBA Voyage generated £388.7 million total impact in the local area, with £210.7million in GVA (gross value added)
Across London as a whole this figure increases to £1.51 billion total impact, with a GVA of £833.1 million
Environmental impact assessments are conducted regularly to ensure compliance with regulatory standards and mitigate negative effects.
Maintaining a Reputation for High Standards of Business Conduct:
The company adheres to ethical business practices and corporate governance standards, complying with all relevant legislation, including those aimed at preventing discrimination and ensuring health and safety at work.
Acting Fairly Between Members:
The company and Board ensure that shareholders receive fair treatment and that their interests are considered in all major decisions. Transparent and timely information is provided to shareholders to facilitate informed decision-making.
Specific Actions and Outcomes
Sustainability: All electricity at the ABBA Arena is provided by 100% renewable sources.
Education: A series of workshops over two days provided young people in East London with insights into future careers from world-leading businesses.
Charitable Initiatives: Charitable donations of £600,831 were made in 2024, to charities including The Red Cross, Save the Children, and the local charities East London Out Project and the Great Get Together.
Employee Wellbeing Initiative: Access to our Employee Assistance Programme (EAP) is provided to promote mental health and wellbeing among all staff.
Conclusion
The Directors believe that considering the factors outlined in Section 172 has been instrumental in achieving sustainable growth and creating value for all stakeholders. We remain committed to these principles and will continue to engage with our stakeholders to ensure the company's ongoing success and positive impact.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £10,000,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.
Introduction
Aniara Ltd is committed to transparent reporting on its environmental impact, including its energy usage and associated carbon emissions. This report is prepared in accordance with the UK Streamlined Energy and Carbon Reporting (SECR) framework and covers the financial year ending 31 December 2024.
Scope and Boundaries
Aniara Ltd is a Large Unquoted Company. The data presented includes direct (Scope 1 & 2) energy consumption and carbon emissions from our UK operations, based principally at the ABBA Arena, London.
This report is prepared using the GHG Reporting Protocol - Corporate Standard. All calculations made in accordance with the UK government’s published conversion factors for 2023
(https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting), using a market-based emissions calculation, and the EAUC UCCCfS unit convertor tool https://www.eauc.org.uk/file_uploads/ucccfs_unit_converter_v1_3_1.xlsx
Aniara Ltd has taken several measures in order to help reduce CO2 emissions and to enact further improvements for 2024 and beyond. These measures include:
Commitment to auditable tracking and reporting on energy consumption
All electricity at the ABBA Arena provided by 100% renewable electricity sources
No natural gas used at the ABBA Arena, including in the preparation of food for catering outlets
Organisation was awarded accreditation from A Greener Future for its commitment to responsible environmental practices in live events.
Intensity Ratio
Aniara Ltd matured 1,055,038 tickets between 1 January 2024 and 31 December 2024. This represents the total number of visitors to the ABBA Arena during this calendar year, which shall serve as a quantifiable factor associated with the company’s activities for this disclosure.
Our intensity ratio metric is 1.24 grams of CO2e per visitor
The ABBA Arena opened on 27 May 2022. Between 27 May 2022 and 31 December 2022, 675,600 visitors attended, with 1,100,000 grams of carbon dioxide equivalent emissions. The comparable figure for 2022 is therefore 1.63 grams of CO2e per visitor. Aniara Ltd matured 1,096,525 ticket between 1 January 2023 and 31 December 2023, with 1,313,000 grams of carbon dioxide equivalent emissions. The comparable figure for 2023 is therefore 1.20 grams of CO2e per visitor.
We have audited the financial statements of Aniara Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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 group's and parent 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
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.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £7,303,082 (2023 - £7,347,419 profit).
Aniara Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is .
The group consists of Aniara Limited and all of its subsidiaries.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Aniara Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for on-going services is determined by reference to the stage of completion.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented in stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recoverable.
The group recognises turnover from the following major sources:
Production of stage show
Production of motion picture film
Ticket sales
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors, 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its 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 payments 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. Amounts 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
In the application of the company’s accounting policies, the directors are 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, 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Tax credit estimate
The key accounting estimate within the financial statements for this Company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.
In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 0).
The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
In the year ended 31 December 2024, a management fee of £48,000 (2023: £72,000) was charged by Pophouse Entertainment Group and net costs of £26,766 (2023: £98,242) were recharged to Pophouse Entertainment Group, these transactions were at arms length. At the year end £11,042 (2023 - £24,229) was due to the Group.
In the year ended 31 December 2024, costs of £26,078 (2023: £16,698) were recharged to Pophouse IPR Advisor AB, these transactions were at arms length. At the year end £4,836 (2023: £20,361) was due to the Group.
In the year ended 31 December 2024, fees related to services provided by the Company Directors of £1,029,134 (2023: £929,290), These transactions were at arms length. At the year end £nil (2023: £nil) was outstanding.
In the year ended 31 December 2024, funding was provided by Goldonder AB, a company within the Pophouse Entertainment Group, of £4,072,912 (2023: £12,500,753). Rights of £4,706,927 (2023: £2,087,837) were sold to Goldonder AB. A license fee of £5,852,821 (2023: £6,435,121) was charged by Goldonder AB. These transactions were all at arms length. At the year end £3,915,292 (2023: £8,968,552) was due to Goldonder AB.
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.