Company Registration No. 07262388 (England and Wales)
Full Production Limited
Unaudited accounts
for the year ended 31 May 2024
Full Production Limited
Unaudited accounts
Contents
Full Production Limited
Statement of financial position
as at 31 May 2024
Tangible assets
99,907
76,769
Inventories
124,714
27,915
Cash at bank and in hand
98,974
290,324
Creditors: amounts falling due within one year
(186,190)
(256,837)
Net current assets
122,386
129,751
Total assets less current liabilities
222,293
206,520
Creditors: amounts falling due after more than one year
(10,958)
(20,969)
Provisions for liabilities
Deferred tax
(19,556)
(10,375)
Net assets
191,779
175,176
Called up share capital
100
100
Profit and loss account
191,679
175,076
Shareholders' funds
191,779
175,176
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by
Steven Richardson
Director
Company Registration No. 07262388
Full Production Limited
Notes to the Accounts
for the year ended 31 May 2024
Full Production Limited is a private company, limited by shares, registered in England and Wales, registration number 07262388. The registered office is Unit 9, Castle End, Ruscombe, Berkshire, RG10 9XQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Plant & machinery
20% straight line
Motor vehicles
25% on the reducing balance
Fixtures & fittings
20% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Full Production Limited
Notes to the Accounts
for the year ended 31 May 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 June 2023
26,537
49,574
15,792
7,732
20,505
120,140
Additions
-
7,117
-
27,184
16,074
50,375
Disposals
-
(332)
-
(65)
-
(397)
At 31 May 2024
26,537
56,359
15,792
34,851
36,579
170,118
At 1 June 2023
2,123
10,557
6,909
5,288
18,494
43,371
Charge for the year
531
11,117
2,221
6,483
6,619
26,971
On disposals
-
(67)
-
-
(64)
(131)
At 31 May 2024
2,654
21,607
9,130
11,771
25,049
70,211
At 31 May 2024
23,883
34,752
6,662
23,080
11,530
99,907
At 31 May 2023
24,414
39,017
8,883
2,444
2,011
76,769
Finished goods
120,914
27,915
Full Production Limited
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
Trade debtors
38,267
56,359
Accrued income and prepayments
31,169
10,990
Other debtors
15,452
1,000
8
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
10,010
15,166
Trade creditors
115,092
26,217
Taxes and social security
16,163
25,063
Other creditors
3,601
29,264
Loans from directors
-
5,569
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
10,958
20,969
10
Deferred taxation
2024
2023
Accelerated capital allowances
19,556
10,375
Provision at start of year
10,375
3,802
Charged to the profit and loss account
9,181
6,573
Provision at end of year
19,556
10,375
Provision has been made in these financial statements in accordance with the transition requirements of FRS102 Section 1A.
11
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
34,000
-
Later than one year and not later than five years
147,189
-
Later than five years
45,704
-
Full Production Limited
Notes to the Accounts
for the year ended 31 May 2024
12
Average number of employees
During the year the average number of employees was 7 (2023: 5).
13
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 June 2022
31 May 2023
Capital and reserves (as previously stated)
104,204
181,749
Deferred tax
(3,802)
(6,573)
Capital and reserves (as restated)
100,402
175,176