Company Registration No. 12109762 (England and Wales)
Aniara Ltd
Annual report and
group financial statements
for the year ended 31 December 2022
Aniara Ltd
Company information
Directors
Mr M Bolingbroke
Mr R Langford
(Appointed 25 January 2023)
Company number
12109762
Registered office
Abba Arena
1 Pudding Mill Lane
London
E15 2RU
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Aniara Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Group statement of changes in equity
11
Group statement of cash flows
12
Notes to the group financial statements
13 - 29
Parent company statement of financial position
30 - 31
Parent company statement of changes in equity
32
Notes to the parent company financial statements
33 - 38
Aniara Ltd
Strategic report
For the year ended 31 December 2022
Page 1
The directors present the strategic report for the year ended 31 December 2022.
Review of the business
During the period, the Group successfully completed the construction of the ABBA Arena at Queen Elizabeth Olympic Park in London, meeting the construction deadline. Additionally, the Group completed the stage production of the ABBA Voyage show ahead of the scheduled premiere date. The show opened to the public on May 27, 2022, receiving critical acclaim.
The Group incurred a gain of £2,629,187 (2021 - loss of £6,102,893) before tax, £5,464,429 (2021 - £0) after tax. At the year-end, the Group had net assets of £5,464,431, (2021 - £2).
Business Review
During the period, the Group transitioned its principal activities, which included constructing the ABBA Arena and producing the ABBA Voyage concert, to the operation of the concert and ongoing management of the arena.
From the opening date until December 31, 2022, the show completed 228 performances, attracting a total audience of 675,000 people, with an average occupancy rate of 98.7%
Principal risks and uncertainties
The Group's principal activities involve the production and management of a theatrical concert, as well as the operation and management of an arena in London, both of which inherently carry a degree of risk.
The primary uncertainty for the Group relates to public demand for the show, which may fluctuate over time and ultimately determine the production's longevity. Additionally, the COVID-19 pandemic and similar virus outbreaks pose potential risks to all live entertainment businesses and have had a significant financial impact on such events.
Coronavirus
While the disruptions caused by COVID-19 were less significant than in previous years, they still led to interruptions in supplies, increased material costs, staff shortages, and production delays. Despite these challenges, the Group successfully opened the show on schedule.
Going Concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the Group possesses adequate resources to continue its operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Aniara Ltd
Strategic report (continued)
For the year ended 31 December 2022
Page 2
Future Developments
There is substantial market demand for ABBA Voyage, and the Directors anticipate a continued high level of activity throughout 2023. The main uncertainties that could impact the Group relate to general economic developments and the potential for new COVID-19 outbreaks.
Mr M Bolingbroke
Director
20 September 2023
Aniara Ltd
Directors' report
For the year ended 31 December 2022
Page 3
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the group continued to be that of a stage production and production of a motion picture film.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr L M V Andersson
(Resigned 25 January 2023)
Mr P Sundin
(Resigned 25 January 2023)
Ms S Gisladottir
(Resigned 25 January 2023)
Mr M Bolingbroke
Mr R Langford
(Appointed 25 January 2023)
Auditor
Saffery LLP were appointed as auditor and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Disclosure of information to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Company is aware of that information.
On behalf of the board
Mr M Bolingbroke
Director
20 September 2023
Aniara Ltd
Directors' responsibilities statement
For the year ended 31 December 2022
Page 4
The directors are responsible for preparing the annual 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 group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom and have also chosen to prepare the parent company financial statements in accordance with Financial Reporting Standard (FRS) 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 the group financial statements, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
In preparing the parent company financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether FRS 101 Reduced Disclosure Framework has been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Aniara Ltd
Independent auditor's report
To the members of Aniara Ltd
Page 5
Opinion
We have audited the financial statements of Aniara Ltd (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion:
the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2022 and of the group's profit for the year then ended;
the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
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.
Aniara Ltd
Independent auditor's report (continued)
To the members of Aniara Ltd
Page 6
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Aniara Ltd
Independent auditor's report (continued)
To the members of Aniara Ltd
Page 7
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the group and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
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.
Aniara Ltd
Independent auditor's report (continued)
To the members of Aniara Ltd
Page 8
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 auditor's 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.
Moses Nyachae (Senior Statutory Auditor)
For and on behalf of Saffery LLP
21 September 2023
Chartered Accountants
Statutory Auditor
71 Queen Victoria Street
London
EC4V 4BE
Aniara Ltd
Group statement of comprehensive income
For the year ended 31 December 2022
Page 9
2022
2021
Notes
£
£
Revenue
3
96,720,980
70,123,261
Cost of sales
(93,689,558)
(75,913,963)
Gross profit/(loss)
3,031,422
(5,790,702)
Other operating income
254
Administrative expenses
(412,221)
(279,530)
Operating profit/(loss)
4
2,619,455
(6,070,232)
Investment revenues
9
46,263
704
Finance costs
8
(36,531)
(33,365)
Profit/(loss) before taxation
2,629,187
(6,102,893)
Income tax income
10
2,835,242
6,102,893
Profit and total comprehensive income for the year
5,464,429
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Aniara Ltd
Group statement of financial position
As at 31 December 2022
Page 10
2022
2021
Notes
£
£
Non-current assets
Property, plant and equipment
11
912,429
1,254,590
Current assets
Trade and other receivables
13
9,591,660
16,250,147
Current tax recoverable
2,835,660
6,102,892
Cash and cash equivalents
53,516,761
31,012,544
65,944,081
53,365,583
Current liabilities
Trade and other payables
15
40,089,609
27,138,461
Lease liabilities
16
356,124
377,650
Deferred revenue
18
20,239,088
26,040,679
60,684,821
53,556,790
Net current assets/(liabilities)
5,259,260
(191,207)
Non-current liabilities
Lease liabilities
16
707,258
1,063,381
Net assets
5,464,431
2
Equity
Called up share capital
19
2
2
Retained earnings
5,464,429
Total equity
5,464,431
2
The financial statements were approved by the board of directors and authorised for issue on 20 September 2023 and are signed on its behalf by:
Mr M Bolingbroke
Director
Company Registration No. 12109762 (England and Wales)
Aniara Ltd
Group statement of changes in equity
For the year ended 31 December 2022
Page 11
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2021
2
2
Year ended 31 December 2021:
Balance at 31 December 2021
2
2
Year ended 31 December 2022:
Profit and total comprehensive income
-
5,464,429
5,464,429
Balance at 31 December 2022
2
5,464,429
5,464,431
Aniara Ltd
Group statement of cash flows
For the year ended 31 December 2022
Page 12
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
16,769,660
24,753,825
Interest paid
(36,531)
(33,365)
Income taxes refunded
6,102,474
3,586,793
Net cash inflow from operating activities
22,835,603
28,307,253
Investing activities
Purchase of property, plant and equipment
(1,511,211)
Interest received
46,263
704
Net cash generated from/(used in) investing activities
46,263
(1,510,507)
Financing activities
Payment of lease liabilities
(377,649)
1,441,031
Net cash (used in)/generated from financing activities
(377,649)
1,441,031
Net increase in cash and cash equivalents
22,504,217
28,237,777
Cash and cash equivalents at beginning of year
31,012,544
2,774,767
Cash and cash equivalents at end of year
53,516,761
31,012,544
Aniara Ltd
Notes to the group financial statements
For the year ended 31 December 2022
Page 13
1
Accounting policies
Company information
Aniara Ltd (“the company”) is a private limited company incorporated in England and Wales. The registered office is Abba Arena, 1 Pudding Mill Lane, London, E15 2RU.
The group consists of Aniara Ltd and all of its subsidiaries.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for the revaluation of . The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
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 ; and
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairment of Assets.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 14
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Aniara Ltd 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 2022. 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.
1.4
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup 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.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 15
1.5
Revenue
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 revenue from the following major sources:
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Right of use asset
Straight-line over the life of the lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.7
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the parent company. 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 group holds a long-term interest and 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.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 16
1.8
Impairment of tangible and intangible assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash and cash equivalents
Cash and cash equivalents 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.
1.10
Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 17
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.11
Financial liabilities
The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of repurchasing it in the near term, or
on initial recognition it is part of a portfolio of identified financial instruments that managed together and has a recent actual pattern of short-term profit taking, or
it is a derivative that is not designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 18
1.12
Equity instruments
Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.
1.13
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 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
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group 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.
1.14
Employee benefits
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 inventories or non-current 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 19
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered the service entitling them to the contributions.
1.16
Leases
At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 20
1.17
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.
2
Critical accounting estimates and judgements
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.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 21
3
Revenue
2022
2021
£
£
Revenue analysed by class of business
Sale of film rights
15,028,111
33,681,027
Sale of stage rights
22,862,896
36,442,234
Show sales
58,829,973
-
96,720,980
70,123,261
2022
2021
£
£
Revenue analysed by geographical market
Sweden
37,891,007
70,123,261
United Kingdom
58,829,973
-
96,720,980
70,123,261
2022
2021
£
£
Other income
Interest income
46,263
704
4
Operating profit
2022
2021
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
29,500
509
Fees payable to the company's auditor for the audit of the company's financial statements
29,500
19,900
Depreciation of property, plant and equipment
342,161
256,621
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 22
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,500
13,000
Audit of the financial statements of the company's subsidiaries
10,000
11,900
29,500
24,900
For other services
Other services pursuant to legislation
-
1,000
Tax services
5,500
3,650
Other services
49,096
87,457
Total non-audit fees
54,596
92,107
6
Employees
The average monthly number of persons (including directors) employed by the group during the year was:
2022
2021
Number
Number
Production Staff
64
10
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,509,856
513,338
Social security costs
189,166
39,937
Pension costs
71,560
6,831
2,770,582
560,106
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 23
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
727,540
462,694
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
327,540
309,194
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2021 - 0).
8
Finance costs
2022
2021
£
£
Interest on lease liabilities
36,531
33,365
9
Investment income
2022
2021
£
£
Interest income
Financial instruments measured at amortised cost:
Interest on bank deposits
46,263
704
Total interest income for financial assets that are not held at fair value through profit or loss is £46,263 (2021 - £704).
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 24
10
Income tax expense
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(2,835,242)
(6,102,893)
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
2022
2021
£
£
Loss before taxation
2,629,187
(6,102,893)
Expected tax charge/(credit) based on a corporation tax rate of 19.00% (2021: 19.00%)
499,546
(1,159,550)
Enhanced losses arising from the film tax credit
(2,207,765)
(4,716,035)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
(680,559)
(1,464,694)
Losses carried forward
591,439
1,237,386
Group relief
(1,037,903)
-
Taxation credit for the year
(2,835,242)
(6,102,893)
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 25
11
Property, plant and equipment
Right of use asset
£
Cost
At 1 January 2022
1,511,211
At 31 December 2022
1,511,211
Accumulated depreciation and impairment
At 1 January 2022
256,621
Charge for the year
342,161
At 31 December 2022
598,782
Carrying amount
At 31 December 2022
912,429
At 31 December 2021
1,254,590
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Principal activities
Class of
shares held
% Held
Direct
Aniara Film Ltd
United Kingdom
Film Production
Ordinary
100.00
13
Trade and other receivables
2022
2021
£
£
Trade receivables
4,234,506
62,737
VAT recoverable
-
1,168,773
Amounts owed by fellow group undertakings
164,998
Other receivables
424,530
300,000
Prepayments
4,767,626
14,718,637
9,591,660
16,250,147
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
13
Trade and other receivables (continued)
Page 26
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
14
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables differs from fair value as follows:
Carrying value
Fair value
2022
2021
2022
2021
£
£
£
£
Trade receivables net of allowances
4,234,506
62,737
-
Other debtors
424,530
300,000
-
Prepayments
4,767,626
14,718,637
-
9,426,662
15,081,374
No significant receivable balances are impaired at the reporting end date.
15
Trade and other payables
2022
2021
£
£
Trade payables
908,500
4,390,557
Amount owed to parent undertaking
36,641,002
19,895,405
Accruals
1,300,636
157,997
Social security and other taxation
1,125,835
2,694,502
Other payables
113,636
40,089,609
27,138,461
Amounts due to group are interest free and repayable on demand.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 27
16
Lease liabilities
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2022
2021
£
£
Current liabilities
356,124
377,650
Non-current liabilities
707,258
1,063,381
1,063,382
1,441,031
2022
2021
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
36,531
33,365
17
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,560
6,831
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
18
Deferred revenue
2022
2021
£
£
Arising from pre-order ticket sales
20,239,088
26,040,679
All deferred revenues are expected to be settled within 12 months from the reporting date.
2022
2021
£
£
Current liabilities
20,239,088
26,040,679
20,239,088
26,040,679
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 28
19
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Authorised
2 Ordinary shares of £1 each
2
2
2
2
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
20
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
There were no benefits or any other payments made to key management personnel other than the amounts received through wages and salaries.
Other transactions with related parties
In the year ended 31 December 2022, costs of £Nil (2021 - £294,859) were recharged to 1221 AB , a company within the Pophouse Entertainment Group, these transactions were at arms length. At the year end £Nil (2021 - £13,246) was outstanding.
In the year ended 31 December 2022, a management fee Group of £191,270 (2021 - £240,811) was charged by Pophouse Entertainment Group and costs of £nil (2021 - £33,241 recharged to) were recharged by Pophouse Entertainment Group, these transactions were at arms length. At the year end £28,288 (2021 - £3,841 due to) was due from the Group.
In the year ended 31 December 2022, costs of £60,460 (2021 - £Nil) were recharged to Pophouse Sweden AB, these transactions were at arms length. At the year end £54,211 (2021 - £Nil) was due to the Group.
In the year ended 31 December 2022, fees related to services provided by Michael Bolingbroke, Svana Gisladottir and Ludvig Andersson of £327,540 (2021 - £131,000), £275,000 (2021 - £22,500), and £125,000 (2021 - £Nil) as directors of the company, these transactions were at arms length. At the year end £25,040 (2021 - £14,595) was outstanding.
In the year ended 31 December 2022, funding of £57,865,126 (2021: £78,514,828) was provided by Goldonder AB, a company within the Pophouse Entertainment Group, these transactions were at arms length. At the year end £36,612,714 (2021: £19,894,405) was outstanding.
In the year ended 31 December 2022, recharges of £110,777 (2021: £Nil) were made to Goldonder Investor AB, a company within the Pophouse Entertainment Group, these transactions were at arms length. At the year end £110,777 (2021: £Nil) was outstanding.
Aniara Ltd
Notes to the group financial statements (continued)
For the year ended 31 December 2022
Page 29
21
Cash generated from operations
2022
2021
£
£
Profit/(loss) for the year before income tax
2,629,187
(6,102,893)
Adjustments for:
Finance costs
36,531
33,365
Investment income
(46,263)
(704)
Depreciation and impairment of property, plant and equipment
342,161
256,621
Movements in working capital:
Decrease/(increase) in trade and other receivables
6,658,487
(6,657,133)
Increase in trade and other payables
12,951,148
11,183,890
(Decrease)/increase in deferred revenue outstanding
(5,801,591)
26,040,679
Cash generated from operations
16,769,660
24,753,825
Aniara Ltd
Company statement of financial position
As at 31 December 2022
Page 30
2022
2021
Notes
£
£
Non-current assets
Property, plant and equipment
26
912,429
1,254,590
Investments
25
1
1
912,430
1,254,591
Current assets
Trade and other receivables
27
9,571,305
3,091,878
Cash and cash equivalents
53,496,517
30,962,949
63,067,822
34,054,827
Current liabilities
Trade and other payables
29
37,213,351
7,827,706
Lease liabilities
28
356,124
377,650
Deferred revenue
30
20,239,088
26,040,679
57,808,563
34,246,035
Net current assets/(liabilities)
5,259,259
(191,208)
Non-current liabilities
Lease liabilities
28
707,258
1,063,381
Net assets
5,464,431
2
Equity
Called up share capital
31
2
2
Retained earnings
5,464,429
Total equity
5,464,431
2
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £5,464,429 (2021 - £0 profit).
Aniara Ltd
Company statement of financial position (continued)
As at 31 December 2022
Page 31
The financial statements were approved by the board of directors and authorised for issue on 20 September 2023 and are signed on its behalf by:
Mr M Bolingbroke
Director
Company Registration No. 12109762
Aniara Ltd
Company statement of changes in equity
For the year ended 31 December 2022
Page 32
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2021
2
2
Year ended 31 December 2021:
Balance at 31 December 2021
2
2
Year ended 31 December 2022:
Profit and total comprehensive income
-
5,464,429
5,464,429
Balance at 31 December 2022
2
5,464,429
5,464,431
Aniara Ltd
Notes to the company financial statements
For the year ended 31 December 2022
Page 33
22
Accounting policies
Company information
Aniara Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Abba Arena, 1 Pudding Mill Lane, London, E15 2RU.
The company was incorporated on 18 July 2019 and commenced trading on this date.
22.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
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 company applies accounting policies consistent with those applied by the group. To the extent that an accounting policy is relevant to both group and parent company financial statements, please refer to the group financial statements for disclosure of the relevant accounting policy.
22.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
23
Critical accounting estimates and judgements
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.
Aniara Ltd
Notes to the company financial statements (continued)
For the year ended 31 December 2022
Page 34
24
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2022
2021
Number
Number
Production Staff
62
8
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,444,092
432,238
Social security costs
181,717
30,732
Pension costs
70,175
5,072
2,695,984
468,042
25
Investments
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Investments in subsidiaries
1
1
The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.
Investment in subsidiary undertakings
Details of the company's principal operating subsidiaries are included in note 12.
Aniara Ltd
Notes to the company financial statements (continued)
For the year ended 31 December 2022
25
Investments (continued)
Page 35
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 & 31 December 2022
1
Carrying amount
At 31 December 2022
1
At 31 December 2021
1
Aniara Ltd
Notes to the company financial statements (continued)
For the year ended 31 December 2022
Page 36
26
Property, plant and equipment
Right of use asset
£
Cost
At 1 January 2022
1,511,211
At 31 December 2022
1,511,211
Accumulated depreciation and impairment
At 1 January 2022
256,621
Charge for the year
342,161
At 31 December 2022
598,782
Carrying amount
At 31 December 2022
912,429
At 31 December 2021
1,254,590
27
Trade and other receivables
2022
2021
£
£
Trade receivables
4,214,214
33,241
Amounts owed by fellow group undertakings
164,998
Other receivables
424,467
300,000
Prepayments
4,767,626
2,758,637
9,571,305
3,091,878
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
Aniara Ltd
Notes to the company financial statements (continued)
For the year ended 31 December 2022
Page 37
28
Lease liabilities
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2022
2021
£
£
Current liabilities
356,124
377,650
Non-current liabilities
707,258
1,063,381
1,063,382
1,441,031
The fair value of the company's lease obligations is approximately equal to their carrying amount.
29
Trade and other payables
2022
2021
£
£
Trade payables
908,500
647,158
Amount owed to parent undertaking
31,797,532
4,394,171
Amounts owed to fellow group undertakings
1,981,985
-
Accruals
1,283,386
96,277
Social security and other taxation
1,128,312
2,690,100
Other payables
113,636
37,213,351
7,827,706
Amounts due to group are interest free and payable on demand.
30
Deferred revenue
2022
2021
£
£
Arising from pre-order ticket sales
20,239,088
26,040,679
All deferred revenues are expected to be settled within 12 months from the reporting date.
31
Share capital
Refer to note 19 of the group financial statements.
Aniara Ltd
Notes to the company financial statements (continued)
For the year ended 31 December 2022
Page 38
32
Controlling party
The company's immediate parent undertaking is Goldonder Investors AB.
The ultimate parent undertaking is Pophouse Entertainment Group AB. Pophouse Entertainment Group AB is the parent undertaking of the smallest and largest group to consolidate these financial statements at 31 December 2022. Copies of its group financial statements, which include the company, are available from the company's website.
The ultimate controlling parties at the balance sheet date is Pophouse Entertainment Group AB, by virtue of shareholding.
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