ACCOUNTS - Final Accounts

SCHADENFREUDE PRODUCTIONS LIMITED - Company Information

Registered number: 05398034

SCHADENFREUDE PRODUCTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021


SCHADENFREUDE PRODUCTIONS LIMITED REGISTERED NUMBER:05398034

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		1,470		110
			1,470		110
Current assets
Cash at bank and in hand	5	295		1,255
		295		1,255
Creditors: amounts falling due within one year	6	(193,819)		(200,836)
Net current liabilities			(193,524)		(199,581)
Total assets less current liabilities			(192,054)		(199,471)

Net liabilities			(192,054)		(199,471)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(192,055)	(199,472)
	(192,054)	(199,471)

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SCHADENFREUDE PRODUCTIONS LIMITED REGISTERED NUMBER:05398034

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Garrett Millerick

Director

26 January 2022

The notes on pages 3 to 6 form part of these financial statements.

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SCHADENFREUDE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Schadenfreude Productions Limited is a company limited by shares, incorporated in England and Wales. Their registered office is 10 Queen Street Place, London, EC4R 1AG.
The principal activity of the company continues to be that of artistic creation.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the end of the year the company had net liabilities of £192,054 (2020: £199,471). The Director has committed to support the company in order that it may meet its liabilities as they fall due for a period of at least 1 year from the date of the signing of the accounts. Therefore the financial statements are prepared on a going concern basis.

2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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SCHADENFREUDE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

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SCHADENFREUDE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 April 2020	3,002
	Additions	1,857
	At 31 March 2021	4,859
	Depreciation
	At 1 April 2020	2,892
	Charge for the year on owned assets	497
	At 31 March 2021	3,389
	Net book value
	At 31 March 2021	1,470
	At 31 March 2020	110

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	295	1,255
	295	1,255

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SCHADENFREUDE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other creditors	192,219	198,106
Accruals and deferred income	1,600	2,730
	193,819	200,836

Included within other creditors is a balance of £183,122 (2020: £189,009) owing to the director. The remaining balance of £9,097 (2020: £9,097) relates to a loan to the Millerick family.

7.	Related party transactions
	At the balance sheet date the company owed the director £183,122 (2020: £189,009). The loan is interest free and repayable on demand.

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