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Registration number: 04857422

Anneset Productions Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Anneset Productions Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Anneset Productions Limited

(Registration number: 04857422)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

460,784

447,389

Current assets

 

Stocks

2,000

2,000

Debtors

6

61,292

55,468

Cash at bank and in hand

 

120,535

149,451

 

183,827

206,919

Creditors: Amounts falling due within one year

7

(182,929)

(166,607)

Net current assets

 

898

40,312

Total assets less current liabilities

 

461,682

487,701

Creditors: Amounts falling due after more than one year

7

(255,547)

(293,405)

Provisions for liabilities

(17,514)

(17,514)

Net assets

 

188,621

176,782

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

188,611

176,772

Shareholders' funds

 

188,621

176,782

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 30 August 2024
 

 

Anneset Productions Limited

(Registration number: 04857422)
Statement of Financial Position as at 30 November 2023 (continued)


Mr R W Burrows
Director

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The trading name of the company is AP Signs and Print.

The address of its registered office is:
Unit 52
BW Estates
Oldmixon Crescent
Weston-super-Mare
North Somerset
BS24 9BA

Principal activity

The principal activity of the company is printers and print brokers.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property improvements

5% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

33% reducing balance

Motor vehicles

33% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

4,000

4,000

At 30 November 2023

4,000

4,000

Amortisation

At 1 December 2022

4,000

4,000

At 30 November 2023

4,000

4,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Land and buildings
£

Freehold property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

352,503

6,410

34,864

277,824

62,590

734,191

Additions

-

-

1,901

-

54,420

56,321

At 30 November 2023

352,503

6,410

36,765

277,824

117,010

790,512

Depreciation

At 1 December 2022

-

712

31,188

210,172

44,730

286,802

Charge for the year

-

321

1,840

16,913

23,852

42,926

At 30 November 2023

-

1,033

33,028

227,085

68,582

329,728

Carrying amount

At 30 November 2023

352,503

5,377

3,737

50,739

48,428

460,784

At 30 November 2022

352,503

5,698

3,676

67,652

17,860

447,389

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

59,160

50,555

Other debtors

811

1,556

Prepayments

1,321

3,357

61,292

55,468

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

74,625

66,363

Trade creditors

 

45,536

31,276

Taxation and social security

 

25,593

26,599

Accruals and deferred income

 

3,571

2,527

Other creditors

 

33,604

39,842

 

182,929

166,607

Hire purchases liabilities are secured against the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

255,547

293,405

Hire purchases liabilities are secured against the assets to which they relate.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

219,527

238,793

Hire purchase contracts

36,020

54,612

255,547

293,405

Current loans and borrowings

2023
£

2022
£

Bank borrowings

18,746

17,854

Hire purchase contracts

35,736

28,367

Other borrowings

20,143

20,142

74,625

66,363

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,694

2,904

Later than one year and not later than five years

-

1,694

1,694

4,598

11

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Directors' loan

(32,688)

57,950

(53,500)

(28,238)

         
       

 

 

Anneset Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

11

Related party transactions (continued)

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Directors' loan

(2,291)

43,672

(74,069)

(32,688)