Onward Production Limited
Unaudited Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 10878785 (England and Wales)
Onward Production Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Onward Production Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
224,533
181,100
Creditors: amounts falling due within one year
3
(37,010)
(36,196)
Net current assets
187,523
144,904
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
187,522
144,903
Total equity
187,523
144,904

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 6 November 2023
Mrs S A Burton
Director
Company Registration No. 10878785
Onward Production Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 2
1
Accounting policies
Company information

Onward Production Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company made a profit for the year after taxation of £125,819 (2022: £123,433) and had net assets at the 31 July 2023 of £187,523 (2022: £144,904). These financial statements are prepared on the going concern basis. The director has considered the impact that Covid-19 will have on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has basic financial instruments measured at amortised costs, with no financial instruments classified as other or basic instruments measured at fair value.

1.6
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.

Onward Production Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 3

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.8
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

3
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
33,427
28,953
Other creditors
83
2,983
Accruals and deferred income
3,500
4,260
37,010
36,196
4
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
5
Related party transactions

During the year dividends of £83,200 (2022: £75,000) were paid to the company director.

 

As at the year end, an amount of £83 (2022: £2,983) is due to the director which is included in other creditors.

Onward Production Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 4
6
Ultimate controlling party

S Burton is the ultimate controlling party by virtue of her majority shareholding in the company.

2023-07-312022-08-01false06 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMrs S A Burton108787852022-08-012023-07-31108787852023-07-31108787852022-07-3110878785core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3110878785core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3110878785core:ShareCapital2023-07-3110878785core:ShareCapital2022-07-3110878785core:RetainedEarningsAccumulatedLosses2023-07-3110878785core:RetainedEarningsAccumulatedLosses2022-07-3110878785bus:ChiefExecutive2022-08-012023-07-3110878785core:CurrentFinancialInstruments2023-07-3110878785core:CurrentFinancialInstruments2022-07-3110878785bus:PrivateLimitedCompanyLtd2022-08-012023-07-3110878785bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3110878785bus:FRS1022022-08-012023-07-3110878785bus:AuditExemptWithAccountantsReport2022-08-012023-07-3110878785bus:Director12022-08-012023-07-3110878785bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP