The Mandy Network Ltd 04749221 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of a platform for cast, crew and creative professionals in the entertainment industry. Digita Accounts Production Advanced 6.30.9574.0 true true 04749221 2023-07-01 2024-06-30 04749221 2024-06-30 04749221 bus:Consolidated 2024-06-30 04749221 2 2024-06-30 04749221 core:CurrentFinancialInstruments 2024-06-30 04749221 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04749221 core:FurnitureFittingsToolsEquipment 2024-06-30 04749221 core:EmployeeBenefits 2024-06-30 04749221 bus:SmallEntities 2023-07-01 2024-06-30 04749221 bus:Audited 2023-07-01 2024-06-30 04749221 bus:FilletedAccounts 2023-07-01 2024-06-30 04749221 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04749221 bus:RegisteredOffice 2023-07-01 2024-06-30 04749221 bus:CompanySecretary1 2023-07-01 2024-06-30 04749221 bus:Director2 2023-07-01 2024-06-30 04749221 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04749221 core:FurnitureFittings 2023-07-01 2024-06-30 04749221 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 04749221 core:EmployeeBenefits 2023-07-01 2024-06-30 04749221 1 2023-07-01 2024-06-30 04749221 countries:AllCountries 2023-07-01 2024-06-30 04749221 core:FurnitureFittingsToolsEquipment 2023-06-30 04749221 core:EmployeeBenefits 2023-06-30 04749221 2022-01-01 2023-06-30 04749221 2023-06-30 04749221 2 2023-06-30 04749221 core:CurrentFinancialInstruments 2023-06-30 04749221 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04749221 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 04749221(England & Wales)

Prepared for the registrar

The Mandy Network Ltd

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

The Mandy Network Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

The Mandy Network Ltd

Company Information

Director

S A Knutson

Company secretary

Gravitas Company Secretarial Services Limited

Registered office

5th Floor
One New Change
London
EC4M 9AF

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

The Mandy Network Ltd

(Registration number: 04749221)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

-

Current assets

 

Debtors

5

1,615,694

1,513,808

Cash at bank and in hand

 

40,482

990,875

 

1,656,176

2,504,683

Creditors: Amounts falling due within one year

6

(937,599)

(1,357,597)

Net current assets

 

718,577

1,147,086

Total assets less current liabilities

 

718,577

1,147,086

Provisions

7

(15,952)

-

Net assets

 

702,625

1,147,086

Capital and reserves

 

Called up share capital

25,500

25,500

Share premium reserve

144,499

144,499

Profit and loss account

532,626

977,087

Total equity

 

702,625

1,147,086

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 January 2025
 


S A Knutson
Director

 

The Mandy Network Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
5th Floor
One New Change
London
EC4M 9AF

The principal place of business is:
Angel House
Angel Mews
London
N1 9HH

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Camera Holdings LP.

The financial statements of Camera Holdings LP may be obtained from 2300 West Empire Avenue, 5th Floor, Burbank, CA91504, United States of America.

Disclosure of long or short period

The comparative period presented was for 18 months ended 30 June 2023. The current period presented is for the 12 months ended 30 June 2024.

The reporting period end has been changed to 30 June in order to align with the group which the company is a member.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

The Mandy Network Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue 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 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.

Amounts in relation to subscription services provided beyond the reporting date are carried forward as deferred income and released to the profit and loss account as the right to the consideration is earned.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

 

The Mandy Network Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

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

25% straight line basis

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 

The Mandy Network Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company during the year, was 16 (2023 - 17).

 

The Mandy Network Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

4

Tangible assets

Fixtures, fittings & equipment
 £

Cost

At 1 July 2023

29,030

Disposals

(29,030)

At 30 June 2024

-

Depreciation

At 1 July 2023

29,030

Eliminated on disposal

(29,030)

At 30 June 2024

-

Carrying amount

At 30 June 2024

-

At 30 June 2023

-

 

5

Debtors

2024
£

2023
£

Amounts owed by group undertakings

1,506,080

1,477,047

Other debtors

18,421

4,135

Prepayments

123

-

Deferred tax assets

395

247

Corporation tax asset

90,675

32,379

1,615,694

1,513,808

 

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

3,210

1,655

Social security and other taxes

-

20,887

Other payables

-

2,634

Accrued expenses

51,876

32,803

Corporation tax liability

14,537

343,463

Deferred income

867,976

956,155

937,599

1,357,597

 

The Mandy Network Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

7

Provisions

Employee benefits
£

At 1 July 2023

-

Additional provisions

15,952

At 30 June 2024

15,952

The provision for employee benefits relates to pro rata holiday not taken at the balance sheet date and is expected to be utilised within the next year.

 

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments, in respect of non-cancellable operating leases, not included in the balance sheet is £750 (2023 - £750).

 

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 January 2025 was Julian Gaskell, who signed for and on behalf of Hazlewoods LLP.