Company Registration No. 15410715 (England and Wales)
Mystic Reels Ltd
Unaudited accounts
for the year ended 31 January 2026
Mystic Reels Ltd
Unaudited accounts
for the year ended 31 January 2026
Mystic Reels Ltd
Statement of Financial Position
as at 31 January 2026
Tangible fixed assets
3,523
4,666
Cash at bank and in hand
731
624
Creditors: amounts falling due within one year
(966)
(312)
Net current assets/(liabilities)
252
565
Total assets less current liabilities
3,775
5,231
Net assets/liabilities
3,775
5,231
Called up share capital
2
2
Profit and loss account
3,773
5,229
Shareholders' funds
3,775
5,231
For the period ending 31 January 2026 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 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 accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mystic Reels Ltd
Statement of Financial Position
as at 31 January 2026
The financial statements were approved by the board of directors on 18 December 2026
and signed on behalf of the board by:
.......................
Andrei Laurentiu Solomon
Director
.......................
Stefania Dall'armi
Director
Company Registration Number 15410715
The principal activity of the company is Video production activities. The company is a private company limited by shares, which is incorporated in England and Wales (no 15410715). The address of the registered office is 88 Norham Avenue Southampton SO16 6PX.
Mystic Reels Ltd
Notes to the financial statements
for the year ended 31 January 2026
1 Compliance with Accounting Standards
The financial statements have been prepared in accordance with the Financial Reporting Standard 102 Section 1A Small Entities. There were no significant departures from that standard.
| |
Plant & |
Total |
| |
Machinery |
|
| |
£ |
£ |
|
Cost
|
|
|
| At 31 January 2025 |
5,604
|
5,604
|
| Additions |
563
|
563
|
| Disposals |
-
|
-
|
| Revaluations |
-
|
-
|
|
|
|
| At 31 January 2026 |
6,168
|
6,168
|
|
|
|
|
Depreciation
|
|
|
| At 31 January 2025 |
938
|
938
|
| On disposals |
-
|
-
|
| Charge for the year |
1,707
|
1,707
|
| Other movements (impairment / revaluation) |
-
|
-
|
|
|
|
| At 31 January 2026 |
2,645
|
2,645
|
|
|
|
|
|
|
|
Net book value
|
|
|
| At 31 January 2026 |
3,523
|
3,523
|
|
|
|
| At 31 January 2025 |
4,666
|
4,666
|
|
|
|
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, the Financial Reporting Standard applicable to Small Entities, and the Companies Act 2006.
The financial statements are presented in pounds sterling (GBP), which is the company's functional and presentation currency.
Revenue from film and video production services is recognised as services are provided, provided the amount can be measured reliably.
For projects extending over an accounting period, revenue is recognised by reference to the stage of completion where the outcome can be reliably estimated.
Revenue is stated net of agreed discounts. Amounts earned but unpaid at the year end are included in trade debtors.
Mystic Reels Ltd
Notes to the financial statements
for the year ended 31 January 2026
3 Accounting Policies (continued)
Property, plant and equipment
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, commencing when the assets are available for use, as follows:
Cameras, lighting equipment, electronic production equipment and power equipment: 3 years (33.33% per annum).
Lenses, filters, tripods, grip equipment and other durable production accessories: 5 years (20% per annum).
The estimated useful lives and residual values of assets are reviewed periodically.
Government grants are accounted for under the performance model. A grant that does not impose specified future performance conditions is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance conditions is recognised in income only when those conditions are met. Grants received before the recognition criteria are satisfied are recognised as a liability.
The financial statements have been prepared on a going concern basis.
The directors acknowledge uncertainty regarding the company's future trading prospects, as revenue has been insufficient to sustain the level of business activity originally anticipated.
The directors are currently considering the company's future, including the possibility of ceasing trading, although no formal decision has been made.
The company's ability to continue operating will depend on securing sufficient future work and maintaining adequate resources to meet its financial obligations.
4 Transactions with related parties
At 31 January 2026, the company owed its directors £966 (2025: £312).
This comprises £936 in accrued, unpaid homeworking allowances and £30 introduced by a director to fund a company purchase.
These amounts are included within creditors falling due within one year.
5 Average number of employees
The average number of persons employed, including directors, during the year was 0 (2025: 0).
6 Prior-period adjustment
The comparative figures for the year ended 31 January 2025 have been restated following the identification of errors in the previously filed accounts.
The adjustments relate to the omission of cash at bank, the recognition of prepaid expenses and amounts owed to directors, and corrections to tangible fixed assets and accumulated depreciation.
Net assets previously reported at £6,125 have been restated to £5,231, a decrease of £894. The corresponding adjustment has been reflected in opening retained earnings.