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Registered Number: 04056186
England and Wales

 

 

 

THE PRODUCTION PIT LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts The Production Pit Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Production Pit Limited for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Balance Sheet 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of The Production Pit Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Production Pit Limited and state those matters that we have agreed to state to the Board of Directors of The Production Pit Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Production Pit Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Production Pit Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit The Production Pit Limited. You consider that The Production Pit Limited 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 accounts of The Production Pit Limited. 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 accounts.



....................................................
Doyles
51 Station Road
Marston Green
Birmingham
West Midlands
B37 7AB
24 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 73,331    84,819 
Investments 4 307,225    344,225 
380,556    429,044 
Current assets      
Debtors: amounts falling due within one year 11,031    14,887 
Cash at bank and in hand 112,898    141,679 
123,929    156,566 
Creditors: amount falling due within one year (34,258)   (59,952)
Net current assets 89,671    96,614 
 
Total assets less current liabilities 470,227    525,658 
Provisions for liabilities (3,774)   (6,905)
Net assets 466,453    518,753 
 

Capital and reserves
     
Called up share capital 5 100    100 
Share premium account 49,705    49,705 
Profit and loss account 416,648    468,948 
Shareholder's funds 466,453    518,753 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 24 November 2023 and were signed by:


-------------------------------
Marc Silk
Director
2
General Information
The Production Pit Limited is a private company, limited by shares, registered in England and Wales, registration number 04056186, registration address 51 Station Road, Marston Green, Birmingham, West Midlands, B37 7AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2% Straight Line
Plant and Machinery 25% Straight Line
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
At the balance sheet date, the listed investments had the following market value:


 2022
£
 2021
£
Market value of listed investments135,074 111,842 


Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2022 54,906    9,686    3,343    54,810    122,745 
Additions   645      8,027    8,672 
Disposals   (2,584)   (3,343)   (9,240)   (15,167)
At 31 March 2023 54,906    7,747      53,597    116,250 
Depreciation
At 01 April 2022 6,433    3,652    2,700    25,141    37,926 
Charge for year 1,098    1,881    606    11,837    15,422 
On disposals   (1,130)   (3,306)   (5,993)   (10,429)
At 31 March 2023 7,531    4,403      30,985    42,919 
Net book values
Closing balance as at 31 March 2023 47,375    3,344      22,612    73,331 
Opening balance as at 01 April 2022 48,473    6,034    643    29,669    84,819 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2022 344,225    344,225 
Additions  
Transfer to/from tangible fixed assets  
Disposals (37,000)   (37,000)
At 31 March 2023 307,225    307,225 

5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

6.

Ultimate controlling party

The ultimate controlling party is M. Silk, by virtue of his 81% shareholding.
3