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Found Entertainment Ltd

Registered Number
08657390
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Found Entertainment Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Alice Russell

Registered Address

3rd Floor 38 Rosebery Avenue
London
EC1R 4RN

Registered Number

08657390 (England and Wales)
Found Entertainment Ltd
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,72827,309
1,72827,309
Current assets
Debtors566,155128,630
Cash at bank and on hand181,567266,108
247,722394,738
Creditors amounts falling due within one year6(118,743)(303,871)
Net current assets (liabilities)128,97990,867
Total assets less current liabilities130,707118,176
Provisions for liabilities7(3,188)(3,869)
Net assets127,519114,307
Capital and reserves
Called up share capital940940
Share premium99,88099,880
Profit and loss account26,69913,487
Shareholders' funds127,519114,307
The financial statements were approved and authorised for issue by the Director on 11 February 2025, and are signed on its behalf by:
Alice Russell
Director
Registered Company No. 08657390
Found Entertainment Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Turnover is reocognised as the commission retained by the company for providing talent management services. It excludes any amounts passed on to clients and is exclusive of value-added taxes.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profits as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year1015
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 239,20718,19636,67464,077
Disposals(9,207)(18,196)(32,222)(59,625)
At 31 March 24--4,4524,452
Depreciation and impairment
At 01 April 235,0467,27824,44436,768
Charge for year--1,5851,585
Other adjustments(5,046)(7,278)(23,305)(35,629)
At 31 March 24--2,7242,724
Net book value
At 31 March 24--1,7281,728
At 31 March 234,16110,91812,23027,309
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables4,87512,712
Other debtors38,09990,495
Prepayments and accrued income23,18125,423
Total66,155128,630
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,9248,653
Bank borrowings and overdrafts-376
Taxation and social security43,13779,744
Other creditors49,329137,185
Accrued liabilities and deferred income23,35377,913
Total118,743303,871
7.Provisions for liabilities

2024

2023

££
Other provisions3,1883,869
Total3,1883,869
8.Controlling party
The director confirms that Alice Russell is the ultimate controlling party of the company.