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# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Company Registration Number:
12006472 (England and Wales)

## Unaudited abridged accounts for the year ended 30 June 2024

## Period of accounts

## Start date: 01 July 2023

## End date: 30 June 2024

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Contents of the Financial Statements

for the Period Ended 30 June 2024

Balance sheet |
Notes |

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Balance sheet

As at 30 June 2024

| Notes | 2024 | 2023
--- | --- | --- | ---
|  | £ | £
Fixed assets
Intangible assets: | 3 | 42,411 | 265,487
Tangible assets: | 4 | 43 | 1,133
Investments: | 5 | 302 | 302
Total fixed assets: |  | 42,756 | 266,922
Current assets
Debtors: | 6 | 2,605,433 | 2,605,433
Cash at bank and in hand: |  | 2,785 | 2,785
Total current assets: |  | 2,608,218 | 2,608,218
Creditors: amounts falling due within one year: | 7 | (5,704,687) | (5,704,687)
Net current assets (liabilities): |  | (3,096,469) | (3,096,469)
Total assets less current liabilities: |  | (3,053,713) | (2,829,547)
Total net assets (liabilities): |  | (3,053,713) | (2,829,547)
Capital and reserves
Called up share capital: |  | 2,841,193 | 2,841,193
Profit and loss account: |  | (5,894,906) | (5,670,740)
Shareholders funds: |  | (3,053,713) | (2,829,547)

The notes form part of these financial statements

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 June 2026
and signed on behalf of the board by:

Name: Denis O'Sullivan
Status: Director

The notes form part of these financial statements

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

## Turnover policy

1.3 Revenue Revenue comprises licensing income. Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

## Tangible fixed assets and depreciation policy

1.5 Property, plant and equipment Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computers 20% reducing balance 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 recognised in profit or loss.

## Intangible fixed assets and amortisation policy

1.4 Intangible fixed assets other than goodwill Licenses are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Licenses are recognised at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Capitalised development expenditure is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised within administrative expenses so as to write off the cost on a systematic basis over its estimated useful economic life of 10 years/ Identifiable development expenditure is capitalised where there is expected to be a benefit to future periods, its technical, commercial and financial feasibility can be demonstrated and it can be reliably measured. All other development expenditure is recognised as an expense in the period in which it is incurred. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Patents & licences 10% & 20% straight line Development costs and the license fees for the purchase of footage to use in an upcoming documentary are not yet ready for use and therefore have not been amortised.

## Other accounting policies

1.2 Going concern At the balance sheet date the company had net liabilities of £3,053,713 (2023: £2,829,547). The company is a part of a group of which Switzer Consulting Limited is the parent. The parent company has undertaken to provide such financial support as is required to ensure that the company is able to meet its working capital requirements for the foreseeable future. On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.6 Non-current investments Interests in subsidiaries, associates and jointly controlled entities 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. 1.7 Impairment of non-current assets At each reporting financial period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, an d only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.8 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. 1.9 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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. 1.10 Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. 1.11 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. The cost of any unused holiday entitlement is recognised in the financial period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Government grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 1.13 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.

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 2. Employees

| 2024 | 2023
--- | --- | ---
Average number of employees during the period | 4 | 4

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 3. Intangible Assets

| Total
--- | ---
Cost | £
At 01 July 2023 | 1,165,382
Additions | 0
Disposals | 0
Revaluations | 0
Transfers | 0
At 30 June 2024 | 1,165,382
Amortisation |
At 01 July 2023 | 899,895
Charge for year | 223,076
At 30 June 2024 | 1,122,971
Net book value |
At 30 June 2024 | 42,411
At 30 June 2023 | 265,487

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 4. Tangible Assets

| Total
--- | ---
Cost | £
At 01 July 2023 | 5,451
At 30 June 2024 | 5,451
Depreciation |
At 01 July 2023 | 4,318
Charge for year | 1,090
At 30 June 2024 | 5,408
Net book value |
At 30 June 2024 | 43
At 30 June 2023 | 1,133

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 5. Fixed investments

Fixed asset investments 2024 2023 £ £ Shares in group undertakings and participating interests 302 302

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 6. Debtors

| 2024 | 2023
--- | --- | ---
| £ | £
Debtors due after more than one year: | 0 | 0

Debtors 2024 2023 Amounts falling due within one year: £ £ Other debtors 2,605,433 2,605,433

# MFCE ENTERTAINMENT (HOLDINGS) LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2024

## 7. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year 2024 2023 £ £ Trade creditors 2,876,939 2,876,939 Amounts owed to group undertakings 363,790 363,790 Taxation and social security 12,288 12,288 Other creditors 2,451,670 2,451,670 5,704,687 5,704,687