Registered number
08582675
PREMIER PRODUCTION LIMITED
Unaudited Filleted Accounts
30 June 2024
PREMIER PRODUCTION LIMITED
Registered number: 08582675
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 472,679 317,352
Current assets
Debtors 4 315,315 212,742
Cash at bank and in hand 31,377 14,594
346,692 227,336
Creditors: amounts falling due within one year 5 (517,595) (280,329)
Net current liabilities (170,903) (52,993)
Total assets less current liabilities 301,776 264,359
Creditors: amounts falling due after more than one year 6 (14,274) (49,691)
Provisions for liabilities (68,700) (45,000)
Net assets 218,802 169,668
Capital and reserves
Called up share capital 1 1
Profit and loss account 218,801 169,667
Shareholder's funds 218,802 169,668
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M D Bailey
Director
Approved by the board on 6 March 2025
PREMIER PRODUCTION LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 3 years
Motor Vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 559,857 33,735 593,592
Additions 263,810 10,787 274,597
At 30 June 2024 823,667 44,522 868,189
Depreciation
At 1 July 2023 270,618 5,622 276,240
Charge for the year 109,741 9,529 119,270
At 30 June 2024 380,359 15,151 395,510
Net book value
At 30 June 2024 443,308 29,371 472,679
At 30 June 2023 289,239 28,113 317,352
4 Debtors 2024 2023
£ £
Trade debtors 150,692 174,738
Other debtors 164,623 38,004
315,315 212,742
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,890 10,017
Trade creditors 184,438 91,579
Taxation and social security costs 153,507 57,886
Other creditors 157,760 110,847
517,595 280,329
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
Obligations under finance lease and hire purchase contracts 4,274 14,191
Other creditors - 15,500
14,274 49,691
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 16,164 24,208
The hire purchase creditor is secured over the assets to which they relate.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 115,116 216,860
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd C/fwd
£ £ £ £ £
M D Bailey
Interest free loan with no repayment terms - 485 - 485 485
- 485 - 485 485
10 Controlling party
The company is controlled by M D Bailey who owns 100% of the issued share capital.
11 Other information
PREMIER PRODUCTION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 45 Gravelly Industrial Park
Birmingham
West Midlands
B24 8TG
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