Company Registration No. 12397425 (England and Wales)
Aniara Film Limited
Annual report and financial statements
for the year ended 31 December 2022
Aniara Film Limited
Company information
Directors
Mr M Bolingbroke
Mr R Langford
(Appointed 25 January 2023)
Company number
12397425
Registered office
Abba Arena
1 Pudding Mill Lane
London
E15 2RU
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Aniara Film Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
Aniara Film Limited
Strategic report
For the year ended 31 December 2022
Page 1
The directors present the strategic report for the year ended 31 December 2022.
Fair review of the business
During the year the company was involved in production of film. The company incurred a loss before tax of £2,835,660 (2021: £6,102,893) during the year, and at the year end had net assets of £1 (2021: £1).
The directors consider the company's key financial performance indicator to be whether the production of the film is completed in line with the agreed budgets. The final cost of the film was in line with the agreed budgets.
The directors consider the company's key non-financial performance indicator to be whether the film produced by the company are certified as British. The film has obtained a final certification as British.
The directors do not anticipate any significant future developments in the company.
Mr M Bolingbroke
Director
12 September 2023
Aniara Film Limited
Directors' report
For the year ended 31 December 2022
Page 2
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company was that of the production of motion picture film.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final 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)
Mr M Bolingbroke
Ms S Gisladottir
(Resigned 25 January 2023)
Mr R Langford
(Appointed 25 January 2023)
Auditor
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have 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 Film Limited
Directors' report (continued)
For the year ended 31 December 2022
Page 3
Statement of disclosure 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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr M Bolingbroke
Director
12 September 2023
Aniara Film Limited
Independent auditor's report
To the member of Aniara Film Limited
Page 4
Opinion
We have audited the financial statements of Aniara Film Limited (the 'company') for the year ended 31 December 2022 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 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 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 Film Limited
Independent auditor's report (continued)
To the member of Aniara Film Limited
Page 5
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 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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 company or to cease operations, or have no realistic alternative but to do so.
Aniara Film Limited
Independent auditor's report (continued)
To the member of Aniara Film Limited
Page 6
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation, specifically legislation relating to creative industry tax credits.
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 financial statement disclosures. We reviewed the 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 company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management’s assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.
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.
Aniara Film Limited
Independent auditor's report (continued)
To the member of Aniara Film Limited
Page 7
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.
This report is made solely to the company’s member 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 member, those matters we are required to state to the member 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 member, 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
18 September 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Aniara Film Limited
Income statement
For the year ended 31 December 2022
Page 8
2022
2021
Notes
£
£
Revenue
3
19,291,038
33,681,027
Cost of sales
(22,109,448)
(39,771,520)
Gross loss
(2,818,410)
(6,090,493)
Administrative expenses
(17,250)
(12,400)
Loss before taxation
4
(2,835,660)
(6,102,893)
Tax on loss
7
2,835,660
6,102,893
Profit and total comprehensive income for the financial year
The income statement has been prepared on the basis that all operations are continuing operations.
Aniara Film Limited
Statement of financial position
As at 31 December 2022
Page 9
2022
2021
Notes
£
£
Current assets
Trade and other receivables
8
1,981,329
13,158,269
Current tax recoverable
2,835,660
6,102,892
Cash and cash equivalents
20,244
49,595
4,837,233
19,310,756
Current liabilities
Trade and other payables
9
4,837,232
19,306,353
Taxation and social security
4,402
4,837,232
19,310,755
Net current assets
1
1
Total assets less current liabilities
1
1
Net assets
1
1
Equity
Called up share capital
11
1
1
The financial statements were approved by the board of directors and authorised for issue on 12 September 2023 and are signed on its behalf by:
Mr M Bolingbroke
Director
Company Registration No. 12397425
Aniara Film Limited
Statement of changes in equity
For the year ended 31 December 2022
Page 10
Share capital
£
Balance at 1 January 2021
1
Period ended 31 December 2021:
Balance at 31 December 2021
1
Year ended 31 December 2022:
Balance at 31 December 2022
1
Aniara Film Limited
Notes to the financial statements
For the year ended 31 December 2022
Page 11
1
Accounting policies
Company information
Aniara Film Limited 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.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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 on the historical cost basis. 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.
Aniara Film Limited is a wholly owned subsidiary of Aniara Limited and the results of Aniara Film Limited are included in the consolidated financial statements of Aniara Limited.
Where required, equivalent disclosures are given in the group accounts of Aniara Limited. The group accounts of Aniara Limited are available to the public at Companies House.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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 Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 12
1.3
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 nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
1.4
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.
1.5
Financial assets
Financial assets are recognised in the company's statement of financial position when the company 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.
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.
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 13
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or 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 of the investment have been affected.
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.
1.6
Financial liabilities
The company recognizes financial debt when the company 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 the manages 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 company’s obligations are discharged, cancelled, or they expire.
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 14
1.7
Equity instruments
Equity instruments issued by the 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 at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently recoverable and deferred tax.
Current tax
The tax currently recoverable is based on relievable losses arising in the period as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the income statement because they include an additional deduction relating to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company’s tax position 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 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive 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.
1.9
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.
A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 15
1.10
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.
1.11
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 are included in the statement of comprehensive income for the period.
2
Critical accounting judgements and key sources of estimation uncertainty
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.
A film tax credit of £2,835,660 has been recognised during the year (2021: £6,102,893).
In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 16
3
Revenue
2022
2021
£
£
Revenue analysed by class of business
Sale of film rights
15,028,111
33,681,027
License fee
4,262,927
-
19,291,038
33,681,027
2022
2021
£
£
Revenue analysed by geographical market
Sweden
15,028,111
33,681,027
UK
4,262,927
-
19,291,038
33,681,027
4
Operating loss
2022
2021
£
£
Operating loss for the year is stated after charging:
Fees payable to the company's auditor for the audit of the company's financial statements
12,728
11,900
Fees payable to the company's auditor for the non audit services
13,114
29,485
5
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2022
2021
Number
Number
Production Staff
2
2
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
5
Employees (continued)
Page 17
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
65,764
81,100
Social security costs
7,449
9,205
Pension costs
1,385
1,759
74,598
92,064
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
125,000
309,194
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
n/a
309,194
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(2,835,660)
(6,102,893)
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
7
Taxation (continued)
Page 18
The charge for the year can be reconciled to the loss per the income statement as follows:
2022
2021
£
£
Loss before taxation
(2,835,660)
(6,102,893)
Expected tax credit based on a corporation tax rate of 19.00% (2021: 19.00%)
(538,775)
(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
Taxation credit for the year
(2,835,660)
(6,102,893)
8
Trade and other receivables
2022
2021
£
£
Trade receivables
20,292
29,496
Corporation tax recoverable
2,835,660
6,102,892
VAT recoverable
2,477
1,168,773
Amount owed by parent undertaking
1,958,560
Prepayments and accrued income
11,960,000
4,816,989
19,261,161
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
Amounts due from fellow group undertakings are interest free and repayable on demand.
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 19
9
Trade and other payables
2022
2021
£
£
Trade payables
3,743,399
Amounts owed to fellow group undertakings
4,819,982
15,501,234
Accruals and deferred income
17,250
61,720
4,837,232
19,306,353
Amounts due to fellow group undertakings are interest free and repayable on demand.
10
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,385
1,759
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of 1p each
100
100
1
1
Issued and fully paid
Ordinary share of 1p each
100
100
1
1
Aniara Film Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 20
12
Related party transactions
In the year ended 31 December 2022, costs were recharged to 1221 AB of £nil (2021: £294,859), 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 was charged by Pophouse Entertainment Group of £40,949 (2021: £240,811). These transactions were at arms length. At the year end £4,800 (2021: £14,400) was outstanding.
In the year ended 31 December 2022, funding was provided by Goldonder AB of £5,647,798 (2021: £37,678,423), a company within the Pophouse Entertainment Group. These transactions were at arms length. At the year end £4,818,116 (2021: £15,501,234) was outstanding.
13
Controlling party
The company's immediate parent undertaking is Aniara Limited. Aniara Limited is the smallest group to consolidate these financial statements at 31 December 2022. Copies of its group financial statements, which include the company, will be publicly available from Companies House.
The ultimate parent undertaking is Goldonder Investors AB.
The company does not have an ultimate controlling party.
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