5 18 February 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,330 1,666 7,996 3,971 1,985 5,956 2,040 2,359 9 9 9 xbrli:pure xbrli:shares iso4217:GBP 10368863 2024-01-01 2024-12-31 10368863 2024-12-31 10368863 2023-12-31 10368863 2023-12-01 2023-12-31 10368863 2023-12-31 10368863 2023-11-30 10368863 bus:Director2 2024-01-01 2024-12-31 10368863 core:WithinOneYear 2024-12-31 10368863 core:WithinOneYear 2023-12-31 10368863 core:AfterOneYear 2024-12-31 10368863 core:AfterOneYear 2023-12-31 10368863 core:ShareCapital 2024-12-31 10368863 core:ShareCapital 2023-12-31 10368863 core:SharePremium 2024-12-31 10368863 core:SharePremium 2023-12-31 10368863 core:RetainedEarningsAccumulatedLosses 2024-12-31 10368863 core:RetainedEarningsAccumulatedLosses 2023-12-31 10368863 core:BetweenOneFiveYears 2024-12-31 10368863 core:BetweenOneFiveYears 2023-12-31 10368863 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 10368863 core:Non-currentFinancialInstruments 2024-12-31 10368863 core:Non-currentFinancialInstruments 2023-12-31 10368863 bus:SmallEntities 2024-01-01 2024-12-31 10368863 bus:Audited 2024-01-01 2024-12-31 10368863 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10368863 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10368863 bus:FullAccounts 2024-01-01 2024-12-31 10368863 core:OfficeEquipment 2024-01-01 2024-12-31 10368863 core:OfficeEquipment 2023-12-31 10368863 core:OfficeEquipment 2024-12-31
COMPANY REGISTRATION NUMBER: 10368863
Misfits Entertainment Limited
Filleted Financial Statements
31 December 2024
Misfits Entertainment Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,040
2,359
Investments
6
9
7
-------
-------
2,049
2,366
Current assets
Development costs
92,910
2,831
Debtors
7
1,164,215
30,393
Cash at bank and in hand
250,172
993,620
------------
------------
1,507,297
1,026,844
Creditors: amounts falling due within one year
8
( 364,025)
( 363,645)
------------
------------
Net current assets
1,143,272
663,199
------------
---------
Total assets less current liabilities
1,145,321
665,565
Creditors: amounts falling due after more than one year
9
( 10,000)
( 19,041)
------------
---------
Net assets
1,135,321
646,524
------------
---------
Capital and reserves
Called up share capital
10
10
Share premium account
1,185,398
1,185,398
Profit and loss account
( 50,087)
( 538,884)
------------
------------
Shareholders funds
1,135,321
646,524
------------
------------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Misfits Entertainment Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , 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
Year ended 31 December 2024
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.
Going concern
The company incurred a loss in the previous 1 month period ending 31 December 2023 of £190,376 and a loss of £398,754 in the 11 month period ending 30 November 2023 and has negative profit and loss reserves of £50,087 at 31 December 2024. M&A Holdco Breteuil, a company incorporated in France, is the parent company of the company. The directors have received confirmation from M&A Holdco Breteuil, of its continued financial support for 12 months from the date of approval of these financial statements, and the directors have concluded that M&A Holdco Breteuil has the resources to provide such financial support. The directors are confident given the financial resources available to it and with the continued financial support from the parent company, that the company has adequate resources for all reasonably expected eventualities. After making enquiries, the directors have 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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities 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. Basic financial liabilities Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Company companies and preference shares that are classified as debt, 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. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Financial liabilities held at fair value Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss, unless fair value measurement is not permitted by law, or the debt instrument gives rise to cash flows on specified dates that constitute repayment of the principal advanced, together with reasonable compensation for the time value of money, credit risk and other basic lending risks and costs and does not have contractual terms which introduce exposure to unrelated risks or volatility. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the Company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2024
6,330
Additions
1,666
-------
At 31 December 2024
7,996
-------
Depreciation
At 1 January 2024
3,971
Charge for the year
1,985
-------
At 31 December 2024
5,956
-------
Carrying amount
At 31 December 2024
2,040
-------
At 31 December 2023
2,359
-------
6. Investments
Shares in participating interests
£
Cost
At 1 January 2024 and 31 December 2024
9
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
9
----
At 31 December 2023
9
----
7. Debtors
2024
2023
£
£
Trade debtors
63,606
9,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
632,317
Other debtors
468,292
21,393
------------
--------
1,164,215
30,393
------------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,056
Trade creditors
25,028
Amounts owed to group undertakings and undertakings in which the company has a participating interest
101,071
Corporation tax
3,846
Social security and other taxes
77,100
21,843
Other creditors
150,826
327,900
---------
---------
364,025
363,645
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
19,041
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
70,237
70,237
Later than 1 year and not later than 5 years
117,062
181,446
---------
---------
187,299
251,683
---------
---------
11. Summary audit opinion
The auditor's report dated 18 February 2025 was unqualified .
The senior statutory auditor was Peter Conneely , for and on behalf of Shipleys LLP .
12. Related party transactions
The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with 100% owned subsidiaries within the group of which the company is a member.