Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-312022-08-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08162579 2022-08-01 2023-07-31 08162579 2021-08-01 2022-07-31 08162579 2023-07-31 08162579 2022-07-31 08162579 c:Director1 2022-08-01 2023-07-31 08162579 d:PlantMachinery 2022-08-01 2023-07-31 08162579 d:PlantMachinery 2023-07-31 08162579 d:PlantMachinery 2022-07-31 08162579 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08162579 d:OfficeEquipment 2022-08-01 2023-07-31 08162579 d:OfficeEquipment 2023-07-31 08162579 d:OfficeEquipment 2022-07-31 08162579 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08162579 d:ComputerEquipment 2022-08-01 2023-07-31 08162579 d:ComputerEquipment 2023-07-31 08162579 d:ComputerEquipment 2022-07-31 08162579 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08162579 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08162579 d:CurrentFinancialInstruments 2023-07-31 08162579 d:CurrentFinancialInstruments 2022-07-31 08162579 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08162579 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 08162579 d:ShareCapital 2023-07-31 08162579 d:ShareCapital 2022-07-31 08162579 d:RetainedEarningsAccumulatedLosses 2023-07-31 08162579 d:RetainedEarningsAccumulatedLosses 2022-07-31 08162579 c:OrdinaryShareClass1 2022-08-01 2023-07-31 08162579 c:OrdinaryShareClass1 2023-07-31 08162579 c:OrdinaryShareClass1 2022-07-31 08162579 c:FRS102 2022-08-01 2023-07-31 08162579 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 08162579 c:FullAccounts 2022-08-01 2023-07-31 08162579 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08162579 2 2022-08-01 2023-07-31 08162579 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08162579














FLOATING PRODUCTIONS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
FLOATING PRODUCTIONS LIMITED
REGISTERED NUMBER:08162579

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
143,425
113,051

  
143,425
113,051

Current assets
  

Debtors: amounts falling due within one year
 5 
218,695
906,663

Cash at bank
 6 
141,309
203,283

  
360,004
1,109,946

Creditors: amounts falling due within one year
 7 
(259,645)
(1,065,475)

Net current assets
  
 
 
100,359
 
 
44,471

Total assets less current liabilities
  
243,784
157,522

Provisions for liabilities
  

Deferred tax
  
(35,126)
(27,372)

  
 
 
(35,126)
 
 
(27,372)

Net assets
  
208,658
130,150


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
208,656
130,148

  
208,658
130,150


Page 1

 
FLOATING PRODUCTIONS LIMITED
REGISTERED NUMBER:08162579
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

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 by: 




Dr S T Shepherd
Director

Date: 31 July 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

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 the 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

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 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

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.

 
2.7

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:

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.

Page 4

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

 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.

 
2.11

 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.


3.


Employees

The average monthly number of employees, including the director, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 August 2022
368,683
21,166
86,434
476,283


Additions
-
50,901
15,563
66,464



At 31 July 2023

368,683
72,067
101,997
542,747



Depreciation


At 1 August 2022
293,974
4,584
64,674
363,232


Charge for the year
18,677
10,457
6,956
36,090



At 31 July 2023

312,651
15,041
71,630
399,322



Net book value



At 31 July 2023
56,032
57,026
30,367
143,425



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

Page 5

 
FLOATING PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
4,471
638,826

Amounts owed by connected companies
89,297
89,295

Other debtors
56,679
178,442

Prepayments and accrued income
68,248
100

218,695
906,663



6.


Cash

2023
2022
£
£

Cash at bank
141,309
203,283



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
12,701
35,574

Amounts owed to connected companies
198,832
737,210

Corporation tax
200
-

Other taxation and social security
8,448
73,699

Other creditors
9,726
14,744

Accruals and deferred income
29,738
204,248

259,645
1,065,475



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



9.


Transactions with directors

As at the year end, the director owed £56,153 (2022 - £146,893) to the company. The loan is unsecured, repayable on demand and interest has been charged at official rate.

 
Page 6