MAD PRODUCTIONS LIMITED Filleted accounts for Companies House (small and micro)

MAD PRODUCTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08859156

MAD PRODUCTIONS LIMITED

Filleted Unaudited Financial Statements

30 January 2022

MAD PRODUCTIONS LIMITED

Statement of Financial Position

30 January 2022

	2022		2021
Note	£	£	£

Current assets

Debtors	5	71,260	61,189
Cash at bank and in hand		118,576	153,582
		---------	---------
		189,836	214,771

Creditors: Amounts falling due within one year	6	139,443		157,468
		---------		---------
Net current assets			50,393	57,303
			--------	--------
Total assets less current liabilities			50,393	57,303

Creditors: Amounts falling due after more than one year	7	46,201	50,000
		--------	--------
Net assets		4,192	7,303
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	4,092	7,203
	-------	-------
Shareholders funds	4,192	7,303
	-------	-------

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

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MAD PRODUCTIONS LIMITED

Statement of Financial Position (continued)

30 January 2022

These financial statements were approved by the board of directors and authorised for issue on 18 December 2022 , and are signed on behalf of the board by:

Ashumi Sanghvi
Director

Company registration number: 08859156

MAD PRODUCTIONS LIMITED

Notes to the Financial Statements

Year ended 30 January 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 ORME COURT, LONDON, W2 4RL, UK.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

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

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

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

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2021: 3 ).

5. Debtors

	2022	2021
	£	£
Other debtors	71,260	61,189
	--------	--------

6. Creditors: Amounts falling due within one year

	2022	2021
	£	£
Social security and other taxes	–	16,587
Other creditors	139,443	140,881
	---------	---------
	139,443	157,468
	---------	---------

Other Creditors include Director Loan Account of £139,442 (2021: £137,581).

7. Creditors: Amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	42,901	50,000
Other creditors	3,300	–
	--------	--------
	46,201	50,000
	--------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Ashumi Sanghvi	( 137,581)	( 1,862)	( 139,443)
	---------	-------	---------

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Ashumi Sanghvi	( 111,081)	( 26,500)	( 137,581)
	---------	--------	---------

9. Related party transactions

During the year a Management Charge of £8,000 was made by MAD Productions Ltd to MAD XR Ltd, MAD XR Ltd is commonly owned by Ms Ashumi Sanghvi .