IRIS Accounts Production v24.3.0.553 03888271 director 1.5.23 30.4.24 30.4.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038882712023-04-30038882712024-04-30038882712023-05-012024-04-30038882712022-04-30038882712022-05-012023-04-30038882712023-04-3003888271ns15:EnglandWales2023-05-012024-04-3003888271ns14:PoundSterling2023-05-012024-04-3003888271ns10:Director12023-05-012024-04-3003888271ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3003888271ns10:SmallEntities2023-05-012024-04-3003888271ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3003888271ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3003888271ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3003888271ns10:FullAccounts2023-05-012024-04-300388827112023-05-012024-04-3003888271ns10:CompanySecretary12023-05-012024-04-3003888271ns10:RegisteredOffice2023-05-012024-04-3003888271ns5:CurrentFinancialInstruments2024-04-3003888271ns5:CurrentFinancialInstruments2023-04-3003888271ns5:Non-currentFinancialInstruments2024-04-3003888271ns5:Non-currentFinancialInstruments2023-04-3003888271ns5:ShareCapital2024-04-3003888271ns5:ShareCapital2023-04-3003888271ns5:RetainedEarningsAccumulatedLosses2024-04-3003888271ns5:RetainedEarningsAccumulatedLosses2023-04-3003888271ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3003888271ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-3003888271ns5:IntangibleAssetsOtherThanGoodwill2023-04-3003888271ns5:IntangibleAssetsOtherThanGoodwill2024-04-3003888271ns5:IntangibleAssetsOtherThanGoodwill2023-04-3003888271ns5:LandBuildings2023-04-3003888271ns5:PlantMachinery2023-04-3003888271ns5:LandBuildings2023-05-012024-04-3003888271ns5:PlantMachinery2023-05-012024-04-3003888271ns5:LandBuildings2024-04-3003888271ns5:PlantMachinery2024-04-3003888271ns5:LandBuildings2023-04-3003888271ns5:PlantMachinery2023-04-3003888271ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3003888271ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3003888271ns5:Secured2024-04-3003888271ns5:Secured2023-04-30
REGISTERED NUMBER: 03888271 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

PRODUCT DEVELOPMENT LIMITED

PRODUCT DEVELOPMENT LIMITED (REGISTERED NUMBER: 03888271)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PRODUCT DEVELOPMENT LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTOR: M A Parkington





SECRETARY: Mrs S Parkington





REGISTERED OFFICE: 2 Haydock Park Gardens
Newton le Willows
Merseyside
WA12 0JF





REGISTERED NUMBER: 03888271 (England and Wales)





ACCOUNTANTS: Fairhurst Accountants Ltd
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

PRODUCT DEVELOPMENT LIMITED (REGISTERED NUMBER: 03888271)

STATEMENT OF FINANCIAL POSITION
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,936 9,343
Tangible assets 5 40,069 41,746
52,005 51,089

CURRENT ASSETS
Stocks 50,642 56,012
Debtors 6 41,971 16,341
Cash at bank 29,200 59,937
121,813 132,290
CREDITORS
Amounts falling due within one year 7 90,828 113,644
NET CURRENT ASSETS 30,985 18,646
TOTAL ASSETS LESS CURRENT
LIABILITIES

82,990

69,735

CREDITORS
Amounts falling due after more than one
year

8

4,085

7,726
NET ASSETS 78,905 62,009

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 78,805 61,909
SHAREHOLDERS' FUNDS 78,905 62,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRODUCT DEVELOPMENT LIMITED (REGISTERED NUMBER: 03888271)

STATEMENT OF FINANCIAL POSITION - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





M A Parkington - Director


PRODUCT DEVELOPMENT LIMITED (REGISTERED NUMBER: 03888271)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Product Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment.

Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property -2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% reducing balance

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

PRODUCT DEVELOPMENT LIMITED (REGISTERED NUMBER: 03888271)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023 202,415
Additions 13,283
At 30 April 2024 215,698
AMORTISATION
At 1 May 2023 193,072
Charge for year 10,690
At 30 April 2024 203,762
NET BOOK VALUE
At 30 April 2024 11,936
At 30 April 2023 9,343

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 60,407 16,264 76,671
DEPRECIATION
At 1 May 2023 20,536 14,389 34,925
Charge for year 1,208 469 1,677
At 30 April 2024 21,744 14,858 36,602
NET BOOK VALUE
At 30 April 2024 38,663 1,406 40,069
At 30 April 2023 39,871 1,875 41,746

PRODUCT DEVELOPMENT LIMITED (REGISTERED NUMBER: 03888271)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 41,971 12,996
Other debtors - 3,345
41,971 16,341

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,470 3,042
Trade creditors 13,592 16,832
Taxation and social security 6,258 8,004
Other creditors 67,508 85,766
90,828 113,644

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 4,085 7,726

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 7,555 10,768

Bank loans and overdrafts and secured by way of a legal charge over the freehold property.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2023 - £4,000) were paid to the director .

Included in Other creditors is £66,278 (2023:£84,536) owed to the director.