Madpan Entertainments Limited - Period Ending 2017-03-31

Registration number: 07184192

Madpan Entertainments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Pages for Filing with Registrar

Madpan Entertainments Limited

(Registration number: 07184192)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Current assets
Debtors	4	1,337	16,701
Cash at bank and in hand		275	318
		1,612	17,019
Creditors: Amounts falling due within one year	5	(23,744)	(42,387)
Net liabilities		(22,132)	(25,368)
Capital and reserves
Called up share capital		2	2
Share premium reserve		39,999	39,999
Profit and loss account		(62,133)	(65,369)
Total equity		(22,132)	(25,368)

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Madpan Entertainments Limited

(Registration number: 07184192)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 December 2017 and signed on its behalf by:
 

.........................................

F Madden

Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Madpan Entertainments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Sovereign House
212-224 Shaftesbury Avenue
London
WC2H 8HQ
England

Principal activity

The principal activity of the company is that of a production company.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Page 3

Madpan Entertainments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a
change attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted
or substantively enacted by the reporting date in the countries where the company operates and
generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been
enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Page 4

Madpan Entertainments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

There were no employees during the current year or the previous year.

Page 5

Madpan Entertainments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Debtors

	2017 £	2016 £
Other debtors	1,337	16,701
Total current trade and other debtors	1,337	16,701

5

Creditors

	2017 £	2016 £
Due within one year
Trade creditors	18,223	40,837
Taxation and social security	3,721	-
Other creditors	1,800	1,550
	23,744	42,387

6

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

Page 6

Madpan Entertainments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7	Related party transactions

Summary of transactions with other related parties

FM Productions Limited
(F Madden is also a director and shareholder of FM Productions Limited)
During the year FM Productions Limited did not raise any sales invoices to Madpan Entertainments Limited (2016 - £20,704). Credit notes were issued by FM Productions Limited of £24,304 (2015 - £nil). At the balance sheet date the amount due to FM Productions Limited was £nil (2016 - £24,304).

Five Foot 2 Blonde Limited
(F Madden, A Green, P Wilson and D Sibbald are also directors and shareholders of Five Foot 2 Blonde Limited.)
During the year Five Foot 2 Blonde paid invoices on behalf of Madpan Entertainments Limited totalling £1,553 (2016 - £4,800). Balances of £14,384 (2016 -£nil) were written off during the year. At the balance sheet date the amount due to/(from) Five Foot 2 Blonde Limited was £793 (2016 - (£15,144)).

Hawks Media Ltd
(F Madden is also a director and shareholder of Hawks Media Ltd)
During the year Madpan Entertainments Limited did not pay any invoices on behalf of Hawks Media Ltd (2016 - £433). At the balance sheet date the amount due from Hawks Media Ltd was £433 (2016 - £433).

Music Music Music Limited
(F Madden is also director and shareholder of Music Music Music Limited. A Green, D Sibbald and P Wilson are director's of Music Music Music Limited.)
During the year Madpan Entertainments Limited paid invoices on behalf of Music Music Music Limited totalling £140 (2016 - £613). At the balance sheet date the amount due from Music Music Music Limited was £753 (2016 - £613).

Lion Shield Productions Ltd
(P Wilson is also a director and shareholder of Lion Shield Productions Ltd)
During the year Lion Shield Productions Ltd made sales to Madpan Entertainments Ltd of £nil (2016 - £9,600). At the balance sheet date the amount due to Lion Shield Productions Ltd was £9,600 (2016 - £9,600).

F Madden
(Director)
F Madden paid for invoices on behalf of the company totalling £250 (2016 - £nil). At the balance sheet date the amount due to F Madden was £250 (2016 - £nil).

Page 7

Madpan Entertainments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Transition to FRS 102 Section 1A

This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial statements under UK GAAP were for the year ended 31 March 2016. The date of transition to FRS 102 Section 1A was 1 April 2015. There are no transitional adjustments arising from the first time adoption of FRS 102 Section 1A.

Page 8