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Registered number: 04656431
Toolroom Productions Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this 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 directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
03/09/2024
Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 1
Page 2
Balance Sheet
Registered number: 04656431
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 112,350 119,118
112,350 119,118
CURRENT ASSETS
Stocks 5 4,778 2,041
Debtors 6 5,180,849 3,420,848
Cash at bank and in hand 687,095 579,756
5,872,722 4,002,645
Creditors: Amounts Falling Due Within One Year 7 (5,704,259 ) (3,792,125 )
NET CURRENT ASSETS (LIABILITIES) 168,463 210,520
TOTAL ASSETS LESS CURRENT LIABILITIES 280,813 329,638
Creditors: Amounts Falling Due After More Than One Year 8 (18,160 ) (21,211 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,370 ) (8,370 )
NET ASSETS 254,283 300,057
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 254,183 299,957
SHAREHOLDERS' FUNDS 254,283 300,057
Page 2
Page 3
For the year ending 31 December 2023 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S M Knight
Director
03/09/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Toolroom Productions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04656431 . The registered office is Top Floor Raglan House, St. Peters Street, Maidstone, Kent, ME16 0SN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.  Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% and 10% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.6. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 18)
18 18
4. Tangible Assets
Investment Properties Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 89,587 162,802 252,389
Additions - 12,680 12,680
As at 31 December 2023 89,587 175,482 265,069
Depreciation
As at 1 January 2023 31,168 102,103 133,271
Provided during the period 5,842 13,606 19,448
As at 31 December 2023 37,010 115,709 152,719
Net Book Value
As at 31 December 2023 52,577 59,773 112,350
As at 1 January 2023 58,419 60,699 119,118
Page 5
Page 6
5. Stocks
2023 2022
£ £
Finished goods 4,778 2,041
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 755,219 675,446
Prepayments and accrued income 136,278 142,529
Other debtors 4,275,749 2,580,338
VAT 1,617 16,845
Other taxes and social security 5,067 -
Directors' loan accounts 6,919 5,690
5,180,849 3,420,848
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,684,753 2,208,733
Bank loans and overdrafts 3,637 3,637
Corporation tax - 7,377
Other creditors 2,015,869 1,572,378
5,704,259 3,792,125
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 18,160 21,211
18,160 21,211
The bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 5 years, and early repayment is possible without additional charges.

9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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10. Related Party Transactions
Included under current debtors is a balance owed to the company by related parties:
Toolroom Academy Limited: £189,000 (2022: £189,000)
Included under current assets are loans owed to the company by related parties:
Amplifed Label Services Limited: £672,086 (2022: £576,223)
Knight Family Investments Limited: £3,555,044 (2022: £1,949,591)
Mark Knight Music Limited £48,620 (2022: £48,620)
These loans are not secured, carry no interest and have no fixed terms of repayment. 
Included under other debtors are amounts owed to the company by its directors: 
> S M Knight: £6,386 (2022: £4,464)
> L D Knight: £533 (2022: £518)
These loans are not secured, and have no fixed terms of repayment.  Interest has been accrued at 3% per annum.
Included under current creditors are amounts owed by the company to related parties:
Amplified Label Services Limited: £1,574,645 (2022: £1,139,720)
Knight Family Investments Limited: £2,087,870 (2022: £1,121,205)
Included under current liabilities is a loan owed by the company to a related party:
Toolroom Academy Limited: £1,643,560 (2022: £1,017,341)
11. Taxation
The company has carried forward losses of £2,371 which it can offset against future taxable profits.
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