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COMPANY REGISTRATION NUMBER: 14435360
Misfits Rising Limited
Filleted Financial Statements
31 December 2024
Misfits Rising Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
3,477
1
Cash at bank and in hand
35,859
68,639
--------
--------
39,336
68,640
Creditors: amounts falling due within one year
6
74,547
68,639
--------
--------
Net current (liabilities)/assets
( 35,211)
1
--------
----
Total assets less current liabilities
( 35,211)
1
--------
----
Net (liabilities)/assets
( 35,211)
1
--------
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 35,212)
--------
----
Shareholders (deficit)/funds
( 35,211)
1
--------
----
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 income statement 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.
These financial statements were approved by the board of directors and authorised for issue on 5 March 2025 , and are signed on behalf of the board by:
A I Ryder
Director
Company registration number: 14435360
Misfits Rising 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 22 Soho Square, London, W1D 4NS.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
The company is a 100% owned subsidiary of Misfits Entertainment Limited. M&A Holdco Breteuil, a company incorporated in France, is the parent company of Misfits Entertainment Limited. 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 M&A Holdco Breteuil, 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.
Comparatives
The financial statements cover the period from 1 January 2024 through to 31 December 2024. The comparatives cover the period from 21 October 2022 to 31 December 2023 and as such the comparatives are not directly comparable.
Revenue recognition
Turnover relates to the production of a motion picture. It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. 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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The company has been incorporated to produce a non-fiction documentary motion picture. In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
5. Debtors
2024
2023
£
£
Other debtors
3,477
1
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
74,547
Social security and other taxes
2,062
Other creditors
66,577
--------
--------
74,547
68,639
--------
--------
7. Security
On 28 February 2023, a fixed and floating charge containing a negative pledge was registered with the company.
8. Summary audit opinion
The auditor's report dated 6 March 2025 was unqualified .
The senior statutory auditor was Peter Conneely , for and on behalf of Shipleys LLP .
9. 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 of.