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Company No: 08028264 (England and Wales)

MAD2MAD LIMITED

Unaudited Financial Statements
For the financial period from 01 May 2023 to 30 September 2024
Pages for filing with the registrar

MAD2MAD LIMITED

Unaudited Financial Statements

For the financial period from 01 May 2023 to 30 September 2024

Contents

MAD2MAD LIMITED

BALANCE SHEET

As at 30 September 2024
MAD2MAD LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 30.09.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 4,233 4,088
4,233 4,088
Current assets
Debtors 4 0 55
Cash at bank and in hand 175,865 370,485
175,865 370,540
Creditors: amounts falling due within one year 5 ( 32,050) ( 80,756)
Net current assets 143,815 289,784
Total assets less current liabilities 148,048 293,872
Net assets 148,048 293,872
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 147,948 293,772
Total shareholder's funds 148,048 293,872

For the financial period ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mad2mad Limited (registered number: 08028264) were approved and authorised for issue by the Director on 04 December 2024. They were signed on its behalf by:

J B Madsen
Director
MAD2MAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 30 September 2024
MAD2MAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mad2mad Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The current year is an extended period of 17 months to 30 September 2024. The comparative year was 12 months to 30 April 2023.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Period from
01.05.2023 to
30.09.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 13,820 13,820
Additions 1,699 1,699
At 30 September 2024 15,519 15,519
Accumulated depreciation
At 01 May 2023 9,732 9,732
Charge for the financial period 1,554 1,554
At 30 September 2024 11,286 11,286
Net book value
At 30 September 2024 4,233 4,233
At 30 April 2023 4,088 4,088

4. Debtors

30.09.2024 30.04.2023
£ £
Corporation tax 0 55

5. Creditors: amounts falling due within one year

30.09.2024 30.04.2023
£ £
Taxation and social security 20,545 69,616
Other creditors 11,505 11,140
32,050 80,756

6. Called-up share capital

30.09.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary Shares shares of £ 1.00 each 100 100