MurphyCobb Production Limited Filleted accounts for Companies House (small and micro)

MurphyCobb Production Limited

Statement of Financial Position

31 December 2024

	2024	2023
		(restated)
Note	£	£

Current assets

Debtors	5	3,532,023	2,249,409
Cash at bank and in hand		63,966	65,349
		------------	------------
		3,595,989	2,314,758

Creditors: amounts falling due within one year	6	( 2,472,163)	( 1,513,880)
		------------	------------
Net current assets		1,123,826	800,878
		------------	---------
Total assets less current liabilities		1,123,826	800,878
		------------	---------
Net assets		1,123,826	800,878
		------------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,123,825	800,877
	------------	---------
Shareholders funds	1,123,826	800,878
	------------	---------

These accounts 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 income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

These accounts were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

M Siddiqi

Director

Company registration number: 12076926

MurphyCobb Production Limited

Notes to the Accounts

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 10 Orange Street, Haymarket, London, WC2H 7DQ.

2. Statement of compliance

These accounts 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 accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is profit generating and operates in a net asset position of £1,123,826 (2023 (restated): £800,878). Additionally, the company receives support from its direct parent, MurphyCobb and Associates Limited. On this basis, the directors consider the company a going concern.

Revenue recognition

Revenue is recognised in accordance with FRS 102. Turnover is measured at the fair value of the consideration received or receivable, net of any discounts, rebates, and Value Added Tax (VAT). Revenue from services is recognised over time as the company satisfies its performance obligations, which are identified within customer contracts. The transaction price is allocated to each distinct performance obligation based on their relative standalone selling prices, with revenue recognised either on a a time-based or milestone-based method, depending on the nature of the services provided. Retainer Clients For retainer agreements, revenue recognition varies based on the structure of the retainer: Flat-Fee Retainers In cases where the client is charged a fixed annual fee for a set number of service hours, we recognise revenue evenly over the contract period. The total fee is allocated evenly across the months of the year, reflecting the assumption that the services are provided evenly throughout the contract period, unless otherwise indicated by actual service delivery patterns. Draw-Down Retainers For clients on draw-down retainers, where a predetermined budget is agreed upon for the year, revenue is recognised as the client draws down on this budget. When a specific project arises, we estimate the cost of that project and deduct it from the overall retainer budget. Revenue is recognised as the work is performed, reflecting the costs and progress of the project in relation to the allocated budget. Any unused portion of the budget at the end of the period remains unrecognised unless contractually specified otherwise.

Revenue recognition (continued)

Ad-Hoc Jobs

For ad-hoc projects, revenue is recognised once the project reaches an advanced stage of completion, specifically at stage 7 of the project lifecycle, which represents a significant point at which performance obligations have been substantially fulfilled. This approach ensures that revenue is recognised only when the majority of the services have been provided, and there is a high degree of certainty regarding the completion of the remaining obligations.

Contracts may include variable considerations, which are estimated and recognised when it is highly probable that a significant reversal will not occur. Revenue is recorded net of any discounts or rebates, and adjustments are made as needed for changes in contract terms or estimates. VAT is excluded from revenue, as it is collected on behalf of tax authorities and recorded as a liability until remitted. This policy ensures that revenue is accurately reflected in the financial statements, in alignment with the services provided to customers.

Income tax

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

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 1 (2023: 1 ).

5. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	1,210,850	513,257
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,176,776	1,488,881
Other debtors	144,397	247,271
	------------	------------
	3,532,023	2,249,409
	------------	------------

6. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Trade creditors	90,543	75,902
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,423,739	1,073,335
Corporation tax	206,245	26,275
Social security and other taxes	59,867	20,150
Other creditors	691,769	318,218
	------------	------------
	2,472,163	1,513,880
	------------	------------

Included in other creditors is a balance of £400,000 due to P Murphy, a director of the company (2023: £nil).

7. Charges

Charges have been made against the company in favour of the following parties to secure their interests in the activity of the company:

- YFM Private Equity Limited

- Secured Fixed Income PLC

8. Prior period errors

In the comparative period, a dividend of £750,000 was not correctly recorded. This is now reflected in the restated figures. The impact of this is to reduce retained earnings at 1 January 2024 by £750,000, becoming £800,877 following previous stated value of £1,550,877.

9. Controlling party

The company is wholly owned by MurphyCobb & Associates Limited , a company registered in England and Wales, which shares the same registered address as the company. The directors consider that there is no one ultimate controlling party.