Pit Stop Productions Ltd Filleted accounts for Companies House (small and micro)

PIT STOP PRODUCTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03392607

Pit Stop Productions Ltd

Filleted Unaudited Financial Statements

30 June 2019

Pit Stop Productions Ltd

Financial Statements

Year ended 30 June 2019

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Pit Stop Productions Ltd

Officers and Professional Advisers

Director	John Sanderson

Registered office	No 2 Silkwood Office Park
	Fryers Way
	Wakefield
	West Yorkshire
	WF5 9TJ

Accountants	Parsons
	Chartered Accountants
	No 2 Silkwood Office Park
	Fryers Way
	Wakefield
	West Yorkshire
	WF5 9TJ

Pit Stop Productions Ltd

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Pit Stop Productions Ltd

Year ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pit Stop Productions Ltd for the year ended 30 June 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Pit Stop Productions Ltd in accordance with the terms of our engagement letter dated 23 July 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Pit Stop Productions Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pit Stop Productions Ltd and its director for our work or for this report.

It is your duty to ensure that Pit Stop Productions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pit Stop Productions Ltd. You consider that Pit Stop Productions Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Pit Stop Productions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Parsons Chartered Accountants

No 2 Silkwood Office Park Fryers Way Wakefield West Yorkshire WF5 9TJ

12 February 2020

Pit Stop Productions Ltd

Statement of Financial Position

30 June 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	246,872	168,480

Current assets

Debtors	6	720,396	588,024
Cash at bank and in hand		629,963	578,582
		------------	------------
		1,350,359	1,166,606

Creditors: amounts falling due within one year	7	156,677	186,348
		------------	------------
Net current assets		1,193,682	980,258
		------------	------------
Total assets less current liabilities		1,440,554	1,148,738

Creditors: amounts falling due after more than one year	8	163,194	172,076

Provisions	24,696	9,328
	------------	------------
Net assets	1,252,664	967,334
	------------	------------

Capital and reserves

Called up share capital	110	110
Profit and loss account	1,252,554	967,224
	------------	---------
Shareholders funds	1,252,664	967,334
	------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Pit Stop Productions Ltd

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 12 February 2020 , and are signed on behalf of the board by:

John Sanderson
Director

Company registration number: 03392607

Pit Stop Productions Ltd

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No 2 Silkwood Office Park, Fryers Way, Wakefield, West Yorkshire, WF5 9TJ.

2. Statement of compliance

These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	10% reducing balance
Computer equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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 19 (2018: 13 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 July 2018	118,000	147,687	96,521	98,520	460,728
Additions	57,999	498	1,552	33,388	93,437
	---------	---------	--------	---------	---------
At 30 June 2019	175,999	148,185	98,073	131,908	554,165
	---------	---------	--------	---------	---------
Depreciation
At 1 July 2018	5,900	137,802	62,369	86,177	292,248
Charge for the year	1,350	2,068	3,436	8,191	15,045
	---------	---------	--------	---------	---------
At 30 June 2019	7,250	139,870	65,805	94,368	307,293
	---------	---------	--------	---------	---------
Carrying amount
At 30 June 2019	168,749	8,315	32,268	37,540	246,872
	---------	---------	--------	---------	---------
At 30 June 2018	112,100	9,885	34,152	12,343	168,480
	---------	---------	--------	---------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	350,845	78,412
Other debtors	369,551	509,612
	---------	---------
	720,396	588,024
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	11,088	25,891
Trade creditors	60,285	–
Corporation tax	20,215	–
Social security and other taxes	47,941	10,458
Amounts owed to connected companies	2,076	981
Other creditors	15,072	149,018
	---------	---------
	156,677	186,348
	---------	---------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	163,194	172,076
	---------	---------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
John Sanderson	231,057	( 113,329)	–	117,728
	---------	---------	----	---------

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
John Sanderson	264,391	–	( 33,334)	231,057
	---------	----	--------	---------