Uriah Heep Productions Limited
Registered number: 02499861
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Current assets
Stocks 9,844 -
Debtors 3 124,717 131,219
Cash at bank and in hand 69,431 11,500
203,992 142,719
Creditors: amounts falling due within one year 4 (97,384) (30,669)
Net current assets 106,608 112,050
Net assets 106,608 112,050
Capital and reserves
Called up share capital 11 11
Profit and loss account 106,597 112,039
Shareholders' funds 106,608 112,050
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Shaw
Director
Approved by the board on 25 November 2023
Uriah Heep Productions Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. In these accounts, only the amounts forwarded by the managing agents to the company's bank account are shown and turnover is therefore contract price less all deductions for backline, overage, withholding tax, travel, commissions etc
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of foreign with-holding tax paid and available for offset against UK tax liabilities, or a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Debtors 2023 2022
£ £
Trade debtors 31,491 37,844
Other debtors 93,226 93,375
124,717 131,219
Other debtors include surplus foreign with-holding tax. It is anticipated that the surplus foreign with-holding tax will be fully utilised against profits of the next two financial years.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 93,222 500
Other creditors 4,162 30,169
97,384 30,669
Other creditors includes amounts repayable to directors, which carry neither a set rate of interest, nor fixed repayment terms.
5 Other information
Uriah Heep Productions Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Station Road
Linslade
Leighton Buzzard
Beds
LU7 2NA
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