Madge Productions Limited 02626991 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is of film and television production and property rental. Digita Accounts Production Advanced 6.30.9574.0 true true 02626991 2022-08-01 2023-07-31 02626991 2023-07-31 02626991 bus:OrdinaryShareClass1 2023-07-31 02626991 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-07-31 02626991 core:CurrentFinancialInstruments 2023-07-31 02626991 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 02626991 core:FurnitureFittingsToolsEquipment 2023-07-31 02626991 bus:SmallEntities 2022-08-01 2023-07-31 02626991 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 02626991 bus:FullAccounts 2022-08-01 2023-07-31 02626991 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 02626991 bus:RegisteredOffice 2022-08-01 2023-07-31 02626991 bus:Director2 2022-08-01 2023-07-31 02626991 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 02626991 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02626991 core:FurnitureFittings 2022-08-01 2023-07-31 02626991 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 02626991 countries:EnglandWales 2022-08-01 2023-07-31 02626991 2022-07-31 02626991 core:FurnitureFittingsToolsEquipment 2022-07-31 02626991 2021-08-01 2022-07-31 02626991 2022-07-31 02626991 bus:OrdinaryShareClass1 2022-07-31 02626991 core:CurrentFinancialInstruments 2022-07-31 02626991 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 02626991 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02626991

Madge Productions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Madge Productions Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Madge Productions Limited

(Registration number: 02626991)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,156

15,478

Investment property

5

909,184

-

Other financial assets

6

546,401

395,652

 

1,468,741

411,130

Current assets

 

Debtors

7

420

106,314

Cash at bank and in hand

 

43,956

775,054

 

44,376

881,368

Creditors: Amounts falling due within one year

8

(393,166)

(32,503)

Net current (liabilities)/assets

 

(348,790)

848,865

Net assets

 

1,119,951

1,259,995

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

1,119,851

1,259,895

Shareholders' funds

 

1,119,951

1,259,995

For the financial year ending 31 July 2023 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.

Approved and authorised by the Board on 2 March 2024 and signed on its behalf by:
 

.........................................
A E Aspinall
Director

 

Madge Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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:
Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the Board on 2 March 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 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 corporation 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.

 

Madge Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Madge Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

112,510

112,510

At 31 July 2023

112,510

112,510

Depreciation

At 1 August 2022

97,032

97,032

Charge for the year

2,322

2,322

At 31 July 2023

99,354

99,354

Carrying amount

At 31 July 2023

13,156

13,156

At 31 July 2022

15,478

15,478

5

Investment properties

2023
£

Additions

909,184

At 31 July

909,184

The fair value of the investment property have been arrived by the directors' estimate of an open market value. The directors believe that the carrying amounts in the financial statements approximate to their fair values.

 

Madge Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

396,551

396,551

Fair value adjustments

(15,646)

(15,646)

Additions

245,382

245,382

Disposals

(79,886)

(79,886)

At 31 July 2023

546,401

546,401

Carrying amount

At 31 July 2023

546,401

546,401

7

Debtors

2023
£

2022
£

Prepayments

-

450

Other debtors

420

105,864

420

106,314

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

550

586

Taxation and social security

226

28,166

Accruals and deferred income

1,524

1,500

Other creditors

390,866

2,251

393,166

32,503

 

Madge Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

Included in other debtors is an amount of £Nil (2022:105,864) owed by the director. The loan is provided interest free and is unsecured.There is no formal terms and conditions regarding repayment of the loan.

Included in other creditors is an amount of £386,417 l (2022:£Nil) owed to the director.

Included in other creditors is an amount of £2,050 (2022: £2,450) owed to the connected companies. The loan is provided interest free and is unsecured. There is no formal terms and conditions regarding repayment of the loan.