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Registered number: 12243906









MINDHOUSE PRODUCTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
A M Fellows 
N Strang 
L S Theroux 
S M L Ardern 




Registered number
12243906



Registered office
3rd Floor, Waverley House
7-12 Noel Street

London

United Kingdom

W1F 8GQ




Accountants
Ecovis Wingrave Yeats UK Limited
Chartered Accountants

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
MINDHOUSE PRODUCTIONS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 11


 
MINDHOUSE PRODUCTIONS LIMITED
REGISTERED NUMBER: 12243906

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
3,770
9,642

Investments
 7 
400
200

  
4,170
9,842

Current assets
  

Work in progress
 8 
13,720
-

Debtors: amounts falling due within one year
 9 
1,508,578
1,900,757

Cash at bank and in hand
  
1,264,731
900,196

  
2,787,029
2,800,953

Creditors: amounts falling due within one year
 10 
(1,232,743)
(1,497,959)

Net current assets
  
 
 
1,554,286
 
 
1,302,994

Total assets less current liabilities
  
1,558,456
1,312,836

  

Net assets
  
1,558,456
1,312,836


Capital and reserves
  

Called up share capital 
 11 
111
111

Profit and loss account
  
1,558,345
1,312,725

  
1,558,456
1,312,836


Page 1

 
MINDHOUSE PRODUCTIONS LIMITED
REGISTERED NUMBER: 12243906
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 June 2025.


S M L Ardern
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Mindhouse Productions Limited is a private company, limited by shares, in England & Wales, registration number 12243906. The Company's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors are committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover represents amounts receivable for the development of television projects and television
production activities net of VAT and trade discounts.

For long term contracts, profit is recognised by reference to the stage of completion of each contract
where there is reasonable certainty that the contract will be profitable. Revenue is recognised based
on the amount of costs incurred as a percentage of the total expected costs at completion.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 year straight line.
Computer equipment
-
3 year straight line.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Work in progress

Work in progress represents development and pre-production expenditure for which there is either funding in place or where management believe that there is sufficient likelihood of the development project achieving full production. Work in progress is therefore considered fully recoverable at the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Revenue recognition

Management continually assess the projected total costs of production and revenue is recognised on the basis of these estimates.

Where productions are in progress at the period end and where billing exceeds the value of work done, the excess is classified as deferred income and is shown within creditors. Similarly, where the value of work done exceeds billing then an adjustment is made to accrue for the additional revenue to be recognised. The accrued revenue is shown within debtors. 


4.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 26).

Page 6

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
117,238

Adjustments in respect of previous periods
(21,028)
-


(21,028)
117,238


Total current tax
(21,028)
117,238

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
224,592
503,500


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
56,148
118,423

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16
385

Group relief surrendered/(claimed)
(57,383)
(3,853)

Adjustments to tax charge in respect of prior periods
(21,028)
-

Remeasurement of deferred tax for changes in tax rates
-
(144)

Movement in deferred tax not recognised
1,219
2,427

Total tax charge for the year
(21,028)
117,238

Page 7

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
991
26,707
27,698


Additions
-
1,350
1,350



At 31 December 2024

991
28,057
29,048



Depreciation


At 1 January 2024
667
17,389
18,056


Charge for the year on owned assets
242
6,980
7,222



At 31 December 2024

909
24,369
25,278



Net book value



At 31 December 2024
82
3,688
3,770



At 31 December 2023
324
9,318
9,642

Page 8

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
200


Additions
300


Disposals
(100)



At 31 December 2024
400





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Mindhouse Cyber Ltd
Ordinary
100%
Mindhouse Wings Ltd
Ordinary
100%
Mindhouse Wire Ltd
Ordinary
100%
Mindhouse Features Ltd
Ordinary
100%

Mindhouse Cyber Ltd is a private company, limited by shares, in England & Wales, registration number 14427214. The Company's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ.
Mindhouse Wings Ltd is a private company, limited by shares, in England & Wales, registration number 16115975. The Company was incorporated on 3 December 2024 and it's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ.
Mindhouse Wire Ltd is a private company, limited by shares, in England & Wales, registration number 16105218. The Company was incorporated on 27 November 2024 and it's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ.

Mindhouse Features Ltd is a private company, limited by shares, in England & Wales, registration number 15974327. The Company was incorporated on 24 September 2024 and it's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ.
 
During the year, on 16 April 2024, Mindhouse Undefeated Productions Limited was dissolved at Companies House.

Page 9

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Work in progress

2024
2023
£
£

Production costs
13,720
-

13,720
-



9.


Debtors

2024
2023
£
£


Trade debtors
453,247
1,016,445

Amounts owed by group undertakings
183,709
109,871

Other debtors
28,560
28,560

Called up share capital not paid
111
111

Prepayments and accrued income
821,923
745,770

Corporation tax recoverable
21,028
-

1,508,578
1,900,757


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
204,190
162,373

Amounts owed to group undertakings
200
-

Corporation tax
-
117,238

Other taxation and social security
7,691
83,065

Other creditors
115,856
32,760

Accruals and deferred income
904,806
1,102,523

1,232,743
1,497,959


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 10

 
MINDHOUSE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
11 (2023 - 11) Ordinary B shares of £1.00 each
11
11

111

111

Both Ordinary A and Ordinary B share classes are irredeemable, and have full rights in the Company with regard to voting, dividend and capital distribution.



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £14,998 (2023 - £13,684). The amount payable to the fund at the balance sheet date was £6,133 (2023 - £7,131).


13.


Related party transactions

Mindhouse Productions Limited has taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A, whereby the company is not required to disclose transactions with other wholly owned subsidiaries.

 
Page 11