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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
Page
- 2 -
Full Production Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
99,907 
76,769 
Current assets
Inventories
124,714 
27,915 
Debtors
84,888 
68,349 
Cash at bank and in hand
98,974 
290,324 
308,576 
386,588 
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 
Capital and reserves
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
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Full Production Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
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 taxation
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.
- 4 -
Full Production Limited Notes to the Accounts for the year ended 31 May 2024
Leased assets
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 
£ 
Cost
At 1 June 2023
10,000 
At 31 May 2024
10,000 
Amortisation
At 1 June 2023
10,000 
At 31 May 2024
10,000 
Net book value
At 31 May 2024
- 
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 
Depreciation
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 
Net book value
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 
6
Inventories
2024 
2023 
£ 
£ 
Work in progress
3,800 
- 
Finished goods
120,914 
27,915 
124,714 
27,915 
- 5 -
Full Production Limited Notes to the Accounts for the year ended 31 May 2024
7
Debtors
2024 
2023 
£ 
£ 
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 
84,888 
68,349 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
6,310 
39,562 
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 
Accruals
35,014 
115,996 
186,190 
256,837 
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 
2024 
2023 
£ 
£ 
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 
- 
226,893 
- 
- 6 -
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 
- 7 -