6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,580 2,750 6,330 1,861 1,934 3,795 2,535 1,719 7 7 7 xbrli:pure xbrli:shares iso4217:GBP 10368863 2023-01-01 2023-11-30 10368863 2023-11-30 10368863 2022-12-31 10368863 2022-01-01 2022-12-31 10368863 2022-12-31 10368863 2021-12-31 10368863 bus:Director2 2023-01-01 2023-11-30 10368863 core:WithinOneYear 2023-11-30 10368863 core:WithinOneYear 2022-12-31 10368863 core:AfterOneYear 2023-11-30 10368863 core:AfterOneYear 2022-12-31 10368863 core:ShareCapital 2023-11-30 10368863 core:ShareCapital 2022-12-31 10368863 core:RetainedEarningsAccumulatedLosses 2023-11-30 10368863 core:RetainedEarningsAccumulatedLosses 2022-12-31 10368863 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 10368863 core:Non-currentFinancialInstruments 2023-11-30 10368863 core:Non-currentFinancialInstruments 2022-12-31 10368863 bus:SmallEntities 2023-01-01 2023-11-30 10368863 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-11-30 10368863 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-11-30 10368863 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-11-30 10368863 bus:FullAccounts 2023-01-01 2023-11-30 10368863 core:ComputerEquipment 2023-01-01 2023-11-30 10368863 core:ComputerEquipment 2022-12-31 10368863 core:ComputerEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: 10368863
Misfits Entertainment Limited
Filleted Unaudited Financial Statements
30 November 2023
Misfits Entertainment Limited
Statement of Financial Position
30 November 2023
30 Nov 23
31 Dec 22
Note
£
£
Fixed assets
Tangible assets
5
2,535
1,719
Investments
6
7
7
-------
-------
2,542
1,726
Current assets
Debtors
7
173,498
63,587
Cash at bank and in hand
19,316
67,623
---------
---------
192,814
131,210
Creditors: amounts falling due within one year
8
753,084
54,413
---------
---------
Net current (liabilities)/assets
( 560,270)
76,797
---------
--------
Total assets less current liabilities
( 557,728)
78,523
Creditors: amounts falling due after more than one year
9
19,062
28,271
---------
--------
Net (liabilities)/assets
( 576,790)
50,252
---------
--------
Capital and reserves
Called up share capital
6
6
Profit and loss account
( 576,796)
50,246
---------
--------
Shareholders (deficit)/funds
( 576,790)
50,252
---------
--------
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 period ending 30 November 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 Financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Financial statements .
Misfits Entertainment Limited
Statement of Financial Position (continued)
30 November 2023
These Financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
A I Ryder
Director
Company registration number: 10368863
Misfits Entertainment Limited
Notes to the Financial Statements
Period from 1 January 2023 to 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5th Floor 22 Soho Square, London, W1D 4NS, England.
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The amended accounts replace the original accounts and are now the statutory accounts for the year ended 31 December 2022. They are prepared as they were at the date of the original accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 6 (2022: 6 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023
3,580
Additions
2,750
-------
At 30 November 2023
6,330
-------
Depreciation
At 1 January 2023
1,861
Charge for the period
1,934
-------
At 30 November 2023
3,795
-------
Carrying amount
At 30 November 2023
2,535
-------
At 31 December 2022
1,719
-------
6. Investments
Shares in participating interests
£
Cost
At 1 January 2023 and 30 November 2023
7
----
Impairment
At 1 January 2023 and 30 November 2023
----
Carrying amount
At 30 November 2023
7
----
At 31 December 2022
7
----
7. Debtors
30 Nov 23
31 Dec 22
£
£
Trade debtors
2,034
Other debtors
173,498
61,553
---------
--------
173,498
63,587
---------
--------
8. Creditors: amounts falling due within one year
30 Nov 23
31 Dec 22
£
£
Bank loans and overdrafts
10,035
9,808
Trade creditors
44,999
Corporation tax
8,136
Social security and other taxes
63,862
19,241
Other creditors
626,052
25,364
---------
--------
753,084
54,413
---------
--------
9. Creditors: amounts falling due after more than one year
30 Nov 23
31 Dec 22
£
£
Bank loans and overdrafts
19,062
28,271
--------
--------
10. Directors' advances, credits and guarantees
At the year end the directors owed the company £151,453 (2022: the company owed the directors £2,547) this was repaid within 9 months.