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Registered number: 11838110
Rase Productions Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Hilary Adams Ltd
158 High Street
Herne Bay
Kent
CT6 5NP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 11838110
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 172,545 170,964
172,545 170,964
CURRENT ASSETS
Debtors 5 101,976 37,130
Cash at bank and in hand 55,225 112,199
157,201 149,329
Creditors: Amounts Falling Due Within One Year 6 (99,836 ) (64,340 )
NET CURRENT ASSETS (LIABILITIES) 57,365 84,989
TOTAL ASSETS LESS CURRENT LIABILITIES 229,910 255,953
Creditors: Amounts Falling Due After More Than One Year 7 (20,919 ) (34,532 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (32,410 ) -
NET ASSETS 176,581 221,421
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 176,481 221,321
SHAREHOLDERS' FUNDS 176,581 221,421
Page 1
Page 2
For the year ending 29 February 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.
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 Income Statement.
On behalf of the board
Adam Ellis
Director
Stuart Roberts
Director
26 November 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rase Productions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11838110 . The registered office is 158 High Street, Herne Bay, Kent, CT6 5NW.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Leasehold 0% on cost
Plant & Machinery 20% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. 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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 - 221,678 63,002 362
Additions 1,966 69,865 - 9,945
Disposals - - (7,500 ) -
As at 29 February 2024 1,966 291,543 55,502 10,307
Depreciation
As at 1 March 2023 - 92,569 21,879 289
Provided during the period - 58,309 13,875 2,061
Disposals - - (1,875 ) -
As at 29 February 2024 - 150,878 33,879 2,350
Net Book Value
As at 29 February 2024 1,966 140,665 21,623 7,957
As at 1 March 2023 - 129,109 41,123 73
Computer Equipment Total
£ £
Cost
As at 1 March 2023 1,123 286,165
Additions - 81,776
Disposals - (7,500 )
As at 29 February 2024 1,123 360,441
Depreciation
As at 1 March 2023 464 115,201
Provided during the period 325 74,570
Disposals - (1,875 )
As at 29 February 2024 789 187,896
Net Book Value
As at 29 February 2024 334 172,545
As at 1 March 2023 659 170,964
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 71,038 31,565
Prepayments and accrued income 18,338 2,156
Other debtors 12,600 3,409
101,976 37,130
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,886 4,663
Trade creditors 32,128 4,255
Bank loans and overdrafts 10,648 10,648
Other loans 10,000 10,000
Corporation tax - 6,493
Other taxes and social security 502 673
VAT 20,354 14,643
Other creditors 12,588 3,466
Accruals and deferred income 1,238 1,261
Directors' loan accounts 8,492 8,238
99,836 64,340
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 3,886
Bank loans 20,919 30,646
20,919 34,532
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,500 5,400
Later than one year and not later than five years - 4,500
4,500 9,900
Less: Finance charges allocated to future periods 614 1,351
3,886 8,549
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 7