Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-3122021-08-01falseMusic production2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08162579 2021-08-01 2022-07-31 08162579 2020-08-01 2021-07-31 08162579 2022-07-31 08162579 2021-07-31 08162579 c:Director1 2021-08-01 2022-07-31 08162579 d:Buildings d:LongLeaseholdAssets 2021-08-01 2022-07-31 08162579 d:Buildings d:LongLeaseholdAssets 2022-07-31 08162579 d:Buildings d:LongLeaseholdAssets 2021-07-31 08162579 d:PlantMachinery 2021-08-01 2022-07-31 08162579 d:PlantMachinery 2022-07-31 08162579 d:PlantMachinery 2021-07-31 08162579 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 08162579 d:OfficeEquipment 2021-08-01 2022-07-31 08162579 d:OfficeEquipment 2022-07-31 08162579 d:OfficeEquipment 2021-07-31 08162579 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 08162579 d:ComputerEquipment 2021-08-01 2022-07-31 08162579 d:ComputerEquipment 2022-07-31 08162579 d:ComputerEquipment 2021-07-31 08162579 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 08162579 d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 08162579 d:CurrentFinancialInstruments 2022-07-31 08162579 d:CurrentFinancialInstruments 2021-07-31 08162579 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 08162579 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 08162579 d:ShareCapital 2022-07-31 08162579 d:ShareCapital 2021-07-31 08162579 d:RetainedEarningsAccumulatedLosses 2022-07-31 08162579 d:RetainedEarningsAccumulatedLosses 2021-07-31 08162579 c:OrdinaryShareClass1 2021-08-01 2022-07-31 08162579 c:OrdinaryShareClass1 2022-07-31 08162579 c:OrdinaryShareClass1 2021-07-31 08162579 c:FRS102 2021-08-01 2022-07-31 08162579 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 08162579 c:FullAccounts 2021-08-01 2022-07-31 08162579 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 08162579 2 2021-08-01 2022-07-31 08162579 e:PoundSterling 2021-08-01 2022-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08162579














FLOATING PRODUCTIONS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

 
FLOATING PRODUCTIONS LIMITED
REGISTERED NUMBER:08162579

BALANCE SHEET
AS AT 31 JULY 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
113,051
134,622

  
113,051
134,622

Current assets
  

Stocks
  
-
30,000

Debtors: amounts falling due within one year
 5 
906,663
456,055

Cash at bank and in hand
 6 
203,283
25,076

  
1,109,946
511,131

Creditors: amounts falling due within one year
 7 
(1,065,475)
(619,534)

Net current assets/(liabilities)
  
 
 
44,471
 
 
(108,403)

Total assets less current liabilities
  
157,522
26,219

Provisions for liabilities
  

Deferred tax
  
(27,372)
(25,578)

  
 
 
(27,372)
 
 
(25,578)

Net assets
  
130,150
641


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
130,148
639

  
130,150
641


Page 1

 
FLOATING PRODUCTIONS LIMITED
REGISTERED NUMBER:08162579
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.




Dr S T Shepherd
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

1.


General information

Floating Productions Limited is a private company, limited by shares, registered in England and Wales, registration number 08162579. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 

The principal activity of the company continued to be that of music production. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from music production is recognised when it is probable the company will receive the consideration due under the contract.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
 
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
 
Depreciation is provided on the following basis:

Long-term leasehold property
-
over the useful life straight line
Plant and machinery
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.

Page 5

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 August 2021
12,675
368,683
-
80,695
462,053


Additions
-
-
21,166
5,739
26,905


Disposals
(12,675)
-
-
-
(12,675)



At 31 July 2022

-
368,683
21,166
86,434
476,283



Depreciation


At 1 August 2021
-
269,071
-
58,359
327,430


Charge for the year
-
24,903
4,584
6,315
35,802



At 31 July 2022

-
293,974
4,584
64,674
363,232



Net book value



At 31 July 2022
-
74,709
16,582
21,760
113,051



At 31 July 2021
12,675
99,612
-
22,335
134,622


5.


Debtors

2022
2021
£
£


Trade debtors
638,826
366,759

Amounts owed by connected companies
89,295
89,296

Other debtors
178,442
-

Prepayments and accrued income
100
-

906,663
456,055



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
203,283
25,076


Page 6

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

7.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
35,574
4,040

Amounts owed to connected companies
737,210
523,218

Other taxation and social security
73,699
72,571

Other creditors
14,744
16,705

Accruals and deferred income
204,248
3,000

1,065,475
619,534



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



2 (2021 - 2) Ordinary shares of £1.00 each
2
2

The shares have attached to them full rights regarding voting, payment of dividends and distributions.



9.


Transactions with directors

As at the year end, the company was owed £146,893 by the director (2021 - the company owed the director £16,601). Interest has been charged on the loan account. The loan is unsecured and repayable on demand. 

 
Page 7