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Registered number: 09086959
Mighty Sky Film Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
HSJ Accountants Ltd
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr C M Allan
Mr A I Rees
Company Number 09086959
Registered Office Units 4-5 Frazer Buildings
126 Bute Street
Cardiff Bay
CF10 5LE
Accountants HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
NP10 8FY
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Page 2
Balance Sheet
Registered number: 09086959
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 94,287 107,380
94,287 107,380
CURRENT ASSETS
Debtors 5 31,599 27,039
Cash at bank and in hand - 5,449
31,599 32,488
Creditors: Amounts Falling Due Within One Year 6 (91,402 ) (95,255 )
NET CURRENT ASSETS (LIABILITIES) (59,803 ) (62,767 )
TOTAL ASSETS LESS CURRENT LIABILITIES 34,484 44,613
Creditors: Amounts Falling Due After More Than One Year 7 (42,036 ) (26,224 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,683 ) (18,029 )
NET (LIABILITIES)/ASSETS (23,235 ) 360
CAPITAL AND RESERVES
Called up share capital 9 110 110
Profit and Loss Account (23,345 ) 250
SHAREHOLDERS' FUNDS (23,235) 360
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 29 September 2025 and were signed on its behalf by:
Mr C M Allan
Director
29 September 2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Mighty Sky Film Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09086959 . The registered office is Units 4-5 Frazer Buildings, 126 Bute Street, Cardiff Bay, CF10 5LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 76,590 10,710 191,015 278,315
Additions - 18,771 9,046 27,817
Disposals - - (192 ) (192 )
As at 31 December 2024 76,590 29,481 199,869 305,940
Depreciation
As at 1 January 2024 41,902 8,475 120,558 170,935
Provided during the period 14,053 3,043 23,632 40,728
Disposals - - (10 ) (10 )
As at 31 December 2024 55,955 11,518 144,180 211,653
Net Book Value
As at 31 December 2024 20,635 17,963 55,689 94,287
As at 1 January 2024 34,688 2,235 70,457 107,380
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,715 26,006
Other debtors 18,884 1,033
31,599 27,039
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,083 34,861
Trade creditors 3,027 2,314
Bank loans and overdrafts 17,283 -
Other loans 10,016 9,154
Other creditors 39,474 39,576
Taxation and social security 15,519 9,350
91,402 95,255
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,188 -
Other loans 19,848 26,224
42,036 26,224
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 28,271 34,861
Bank loans and overdrafts 29,864 35,378
Other Creditors - 714
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 110 110
10. Directors Advances, Credits and Guarantees
Included within debtors are the following loans from directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Alexander Rees 163 20,694 (2,850 ) - 18,007
The above loan is unsecured, interest free and repayable on demand.
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