Company registration number 11865391 (England and Wales)
SIT DOWN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SIT DOWN LIMITED
COMPANY INFORMATION
Directors
B H Brooks
L R Brooks
A Brooks
Company number
11865391
Registered office
Unit 53 Lidgate Crescent
Langthwaite Business Park
South Kirkby
Pontefract
West Yorkshire
WF9 3NR
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
SIT DOWN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
SIT DOWN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The directors are pleased with the progress achieved by our group of companies in 2023; in continuing to create the true home of live events and entertainment technology in the UK.

 

Our environment

 

2023 marked the first full year of trading of our completed second generation campus in Wakefield, West Yorkshire as well as a number of market firsts for our education, services and innovation divisions. Our market has continued to benefit from the strong growth of live events and a cultural tailwind for exceptional collective entertainment experiences, whilst film production was negatively impacted by the SAG-AFTRA strikes over the second half of 2023 and into 2024. Despite this, the group has been able to deliver very strong results underpinning the growth of our activities and services, inline with our Second Decade Plan. We have strengthened our commitment to reach true carbon neutrality by 2030; by creating our first studio facility powered by onsite renewable power generation, as well as by acquiring ISO 9001 and 14001 approvals during the year. Through the development of our education offering at the Academy of Live Technology and our cutting edge innovation research work at XPLOR, Production Park remains at the forefront of providing people and processes to support the incredible live experiences of tomorrow.

 

Our team

 

Production Park is built on the creative talent, adaptability and energy of our people. We believe in supporting artists, sponsors, productions and practitioners to realise their absolute best results; by removing barriers and supporting their endeavors. This requires a dynamic and determined approach and demands that we look after our team, respecting their work and their personal selves in equal measure. Investment in our people has continued in 2023 with the group headcount passing a milestone of 100 valued team members. We annually review remuneration and benefit packages and have been able to provide pay increases in line with the increased cost of living. Equally, we have been able to deliver 14 internal promotions in the year whilst also securing a number of senior appointments to strengthen the group leadership team. Finally we continued to deliver a commitment to being a great place to work through our free lunches, diversified educational opportunities and speaker events.

 

Our passion

 

Over 2023 Production Park has hosted in excess of 100 productions ranging from theatre shows to expansive global stadium tours. We have continued to develop our campus, opening CentreStage as an onsite social hub, café and bar, as well as expanding our premium band rehearsal capabilities through Unit2. 2023 has also been an important year in establishing Production Park as a credible partner for film making. Our 2022 partnership with Blitz Hire Limited has driven both underlying growth and improved our network and customer understanding for larger film requirements. This has been effective in supporting us to play a role in a number of major film productions in 2023 and, at the time of writing, we have secured internationally sponsored film production on site in 2024.

 

Our performance

 

2023 provided a marker year for the investment and diversification strategy that has been led by our directors over the past 5 years. The group exceeded plan expectations with a turnover up more than 60% on prior year at £24.67m and an EBITDA of £7.76m for the period. This performance was delivered despite the strike environment, which the BFI estimated reduced UK film production activity by 40% across the year. In achieving this result the group continued its relentless commitment to supporting our customers through growth of equipment and facilities, adding more that £5m of fixed assets in the year and agreeing land acquisitions to allow the continued expansion of the campus.

SIT DOWN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Our community

 

The nurturing of future talent has been a core priority of Production Park over the last decade, epitomised by the continual investment in the Academy for Live Technology (ALT). ALT, since its founding in 2011, has seen more than 1,000 students graduate directly into the entertainment technology industry, many of whom are now notable in their field as production managers, designers and systems engineers. This award winning institution has received continued support and investment from Production Park and today continues to evolve and professionalise whilst remaining focused on providing real skills; learnt hands on within industry environments. In 2023 we continued our pledge to our local community by hosting over 400 learners for free, across transitional and sponsored courses, thereby widening access and participation opportunities within the live events sector.

Principal risks and uncertainties

The directors approve expenditure on a daily basis and various reports are produced on a regular basis to monitor the performance of the group. Management accounts are produced promptly each month and circulated to all board members. The board considers cash flow and balances on both a weekly and monthly basis. The target of the board is to improve the financial position of the group compared to the previous year and to maintain a significant level of net assets.

Financial key performance indicators

The directors consider turnover, gross profit margin, profit before tax and net assets to be key performance indicators. The directors are satisfied with the performance and position of the group based upon these metrics at the year end.

Other performance indicators

The directors consider client retention and client satisfaction key performance indicators.

On behalf of the board

L R Brooks
Director
23 August 2024
SIT DOWN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B H Brooks
L R Brooks
A Brooks
Auditor

BHP LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
L R Brooks
Director
23 August 2024
SIT DOWN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SIT DOWN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SIT DOWN LIMITED
- 5 -
Opinion

We have audited the financial statements of Sit Down Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SIT DOWN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SIT DOWN LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SIT DOWN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SIT DOWN LIMITED
- 7 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Neil Baldwin
Senior Statutory Auditor
For and on behalf of BHP LLP
23 August 2024
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
SIT DOWN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
(5,383)
(82)
Operating loss
(5,383)
(82)
Interest payable and similar expenses
4
(68,006)
(55,313)
Loss before taxation
(73,389)
(55,395)
Tax on loss
5
-
0
-
0
Loss for the financial year
(73,389)
(55,395)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SIT DOWN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
6
10,000,000
10,000,000
Current assets
Debtors
8
539,578
625,578
Cash at bank and in hand
-
0
207,915
539,578
833,493
Creditors: amounts falling due within one year
9
(5,211,774)
(5,192,300)
Net current liabilities
(4,672,196)
(4,358,807)
Total assets less current liabilities
5,327,804
5,641,193
Creditors: amounts falling due after more than one year
10
(420,000)
(660,000)
Net assets
4,907,804
4,981,193
Capital and reserves
Called up share capital
12
1,590
1,590
Profit and loss reserves
4,906,214
4,979,603
Total equity
4,907,804
4,981,193

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
L R Brooks
Director
Company registration number 11865391 (England and Wales)
SIT DOWN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,590
5,034,998
5,036,588
Year ended 31 December 2022:
Loss and total comprehensive income
-
(55,395)
(55,395)
Balance at 31 December 2022
1,590
4,979,603
4,981,193
Year ended 31 December 2023:
Loss and total comprehensive income
-
(73,389)
(73,389)
Balance at 31 December 2023
1,590
4,906,214
4,907,804
SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Sit Down Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 53 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, West Yorkshire, WF9 3NR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Production Park Holdings Limited. These consolidated financial statements are available from its registered office, Unit 53 Lidgate Crescent, South Kirkby, Pontefract, England, WF9 3NR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of this is dependent upon the continued support of fellow group undertakings, which has been obtained. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
68,006
55,313
SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
5
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(73,389)
(55,395)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(17,261)
(10,525)
Change in unrecognised deferred tax assets
17,261
10,525
Taxation charge for the year
-
-
6
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
7
10,000,000
10,000,000
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Production Park Ltd
UK
Ordinary
100.00
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
539,577
625,577
Other debtors
1
1
539,578
625,578
SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
9
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
11
254,232
240,000
Trade creditors
2,982
-
0
Amounts owed to group undertakings
4,952,300
4,952,300
Accruals and deferred income
2,260
-
0
5,211,774
5,192,300
10
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
11
420,000
660,000
11
Loans and overdrafts
2023
2022
£
£
Bank loans
660,000
900,000
Bank overdrafts
14,232
-
0
674,232
900,000
Payable within one year
254,232
240,000
Payable after one year
420,000
660,000

Bank loans are secured against present and future debts, moneys and other liabilities owed by group companies.

12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
146,800
146,800
1,468
1,468
C Ordinary shares of 1p each
8,600
8,600
86
86
D Ordinary shares of 1p each
3,600
3,600
36
36
159,000
159,000
1,590
1,590
SIT DOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
13
Ultimate controlling party

The company's ultimate parent company is Production Park Holdings Limited, a company registered in England and Wales.

 

The ultimate controlling parties are Mr A Brooks, Mr B Brooks and Mr L Brooks by virtue of their shareholdings in Production Park Holdings Limited.

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