Company Registration No. 09105829 (England and Wales)
MXW STUDIOS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MXW STUDIOS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MXW STUDIOS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,326
67,405
Investments
4
7,800
7,800
29,126
75,205
Current assets
Debtors
6
3,639,744
652,135
Cash at bank and in hand
860,659
1,371,051
4,500,403
2,023,186
Creditors: amounts falling due within one year
7
(1,646,390)
(1,457,336)
Net current assets
2,854,013
565,850
Total assets less current liabilities
2,883,139
641,055
Provisions for liabilities
(2,325)
(18,447)
Net assets
2,880,814
622,608
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,880,812
622,606
Total equity
2,880,814
622,608
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
Mr David Zuaiter
Director
Company Registration No. 09105829
MXW STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
MXW Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Threeways House, 40/44 Clipstone Street, London, United Kingdom, W1W 5DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable in line with the delivery of projects to the customer or at designated milestones, and is shown net of VAT. When payment is received in advance of the delivery of projects turnover is deferred until the project is delivered or the designated milestone has been reached.
Turnover may also include any relevant expenses incurred in line with the project completion which are recharged to the client on a like for like basis as per the agreed terms and conditions of service.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Fixtures, fittings & equipment
Straight line over 4 years
Computer equipment
Straight line over 3 years
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.
MXW STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
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 in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 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. Financial assets classified as receivable within one year are not amortised.
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 creditors, are initially recognised at transaction price. 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
MXW STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
15
MXW STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
200,243
33,738
220,992
454,973
Additions
3,175
3,175
Disposals
(200,243)
(24,560)
(168,778)
(393,581)
At 31 December 2023
9,178
55,389
64,567
Depreciation and impairment
At 1 January 2023
172,143
33,602
181,823
387,568
Depreciation charged in the year
28,100
136
21,018
49,254
Eliminated in respect of disposals
(200,243)
(24,560)
(168,778)
(393,581)
At 31 December 2023
9,178
34,063
43,241
Carrying amount
At 31 December 2023
21,326
21,326
At 31 December 2022
28,100
136
39,169
67,405
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
7,800
7,800
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2023 & 31 December 2023
7,800
Carrying amount
At 31 December 2023
7,800
At 31 December 2022
7,800
5
Subsidiaries
The company has a subsidiary, MXW Studios LLC, incorporated in the USA. The registered office is One Tacoma Avenue North, Suite 300 Tacoma, WA 98403.
MXW STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
679,146
547,371
Corporation tax recoverable
327,961
Amounts owed by group undertakings
2,620,835
63,655
Other debtors
4,089
16,000
Prepayments and accrued income
7,713
25,109
3,639,744
652,135
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
708
7,152
Amounts owed to group undertakings
723,350
66,469
Corporation tax
252,623
Other taxation and social security
91,368
106,498
Other creditors
4,312
4,259
Accruals and deferred income
826,652
1,020,335
1,646,390
1,457,336
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
20,000
-
20,000
9
Financial commitments, guarantees and contingent liabilities
A connected company has secured fixed and floating charges over the undertakings of the company as security for a group credit facility amounting to $99,722,375 (2022: $99,722,375).
10
Related party transactions
During the year MXW Studios Limited made payments, mainly consisting of rental expenditure, to a related company of £24,000 (2022: £80,000). At 31 December 2023 this related company owed MXW Property Limited £4,000 (2022 £16,000).
MXW STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Parent company
The immediate parent company is Trailer Park Group UK Limited, a company incorporated in England & Wales with registered office at Third Floor, Threeways House, 40/44 Clipstone Street, London, W1W 5DE.
The ultimate parent company is Erie Street TPG Investment LLC, a company incorporated in the USA with registered office at 850 New Burton Road, Suite 201, Dover, Kent County, Delaware 19904.
The smallest group in which MXW Studios Limited is consolidated is Trailer Park Inc, a company incorporated in the USA with registered office at 444 West Lake Street, Suit 3460, Chicago, IL, 60606.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher Audit.