Company registration number 03392607 (England and Wales)
PIT STOP PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PIT STOP PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
PIT STOP PRODUCTIONS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
11,914
Tangible assets
5
1,305,862
1,250,491
Investments
6
15
1,317,791
1,250,491
Current assets
Debtors
7
2,660,401
2,329,996
Cash at bank and in hand
219,651
1,811,580
2,880,052
4,141,576
Creditors: amounts falling due within one year
8
(530,189)
(910,506)
Net current assets
2,349,863
3,231,070
Total assets less current liabilities
3,667,654
4,481,561
Creditors: amounts falling due after more than one year
9
(360,592)
(380,403)
Provisions for liabilities
(86,304)
Net assets
3,307,062
4,014,854
Capital and reserves
Called up share capital
11
110
110
Profit and loss reserves
3,306,952
4,014,744
Total equity
3,307,062
4,014,854
PIT STOP PRODUCTIONS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 13 March 2025
Mr J Sanderson
Director
Company registration number 03392607 (England and Wales)
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Pit Stop Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Capitol Court, Capitol Close, Dodworth, Barnsley, S75 3TZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% and 20% straight line
Leasehold improvements
10% straight line and 20% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
10% reducing balance
Computers
25% straight line
Motor vehicles
20% reducing balance
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverability of other debtors
The director considers the debts owing by jointly controlled entities to be recoverable in full.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
81
63
4
Intangible fixed assets
Software
£
Cost
At 1 July 2023
Additions
13,499
At 30 June 2024
13,499
Amortisation and impairment
At 1 July 2023
Amortisation charged for the year
1,585
At 30 June 2024
1,585
Carrying amount
At 30 June 2024
11,914
At 30 June 2023
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
930,669
380,335
179,910
316,948
80,150
1,888,012
Additions
35,476
54,695
540
26,310
113,071
230,092
At 30 June 2024
966,145
54,695
380,875
206,220
430,019
80,150
2,118,104
Depreciation and impairment
At 1 July 2023
91,265
246,443
93,147
169,931
36,735
637,521
Depreciation charged in the year
21,122
6,868
39,249
10,500
76,944
20,038
174,721
At 30 June 2024
112,387
6,868
285,692
103,647
246,875
56,773
812,242
Carrying amount
At 30 June 2024
853,758
47,827
95,183
102,573
183,144
23,377
1,305,862
At 30 June 2023
839,404
133,892
86,763
147,017
43,415
1,250,491
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
15
Movements in fixed asset investments
Shares in joint ventures
£
Cost
At 1 July 2023
-
Additions
15
At 30 June 2024
15
Carrying amount
At 30 June 2024
15
At 30 June 2023
-
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
905,598
914,212
Other debtors
1,615,643
1,415,784
2,521,241
2,329,996
Deferred tax asset
139,160
2,660,401
2,329,996
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
19,972
15,550
Trade creditors
150,119
216,708
Taxation and social security
103,179
491,564
Other creditors
256,919
186,684
530,189
910,506
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
360,592
380,403
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
267,050
292,627
10
Loans and overdrafts
2024
2023
£
£
Bank loans
380,564
395,953
Payable within one year
19,972
15,550
Payable after one year
360,592
380,403
The loan carries an interest rate of 3.10% per annum over the base rate. The loan is repayable over a period of five years from the date of the initial drawdown.
The loan is secured over all freehold and leasehold land and buildings.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
75
75
75
75
B Ordinary of £1 each
25
25
25
25
C Ordinary of £1 each
10
10
10
10
110
110
110
110
The company’s share capital is divided into A Ordinary Shares, B Ordinary Shares, and C Ordinary Shares. A and B Ordinary Shares carry equal rights in terms of voting and dividends. C Ordinary Shares do not carry the right to vote but carry the right to receive dividends.
PIT STOP PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
160,000
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
96,493
13
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr J Sanderson -
2.25
117,254
251,577
6,114
(179,700)
195,245
117,254
251,577
6,114
(179,700)
195,245
2024-06-302023-07-01falsefalsefalse13 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr J Sanderson033926072023-07-012024-06-30033926072024-06-30033926072023-06-3003392607core:ComputerSoftware2024-06-3003392607core:ComputerSoftware2023-06-3003392607core:LandBuildingscore:OwnedOrFreeholdAssets2024-06-3003392607core:LeaseholdImprovements2024-06-3003392607core:PlantMachinery2024-06-3003392607core:FurnitureFittings2024-06-3003392607core:ComputerEquipment2024-06-3003392607core:MotorVehicles2024-06-3003392607core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3003392607core:LeaseholdImprovements2023-06-3003392607core:PlantMachinery2023-06-3003392607core:FurnitureFittings2023-06-3003392607core:ComputerEquipment2023-06-3003392607core:MotorVehicles2023-06-3003392607core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3003392607core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003392607core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3003392607core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003392607core:CurrentFinancialInstruments2024-06-3003392607core:CurrentFinancialInstruments2023-06-3003392607core:ShareCapital2024-06-3003392607core:ShareCapital2023-06-3003392607core:RetainedEarningsAccumulatedLosses2024-06-3003392607core:RetainedEarningsAccumulatedLosses2023-06-3003392607core:ShareCapitalOrdinaryShares2024-06-3003392607core:ShareCapitalOrdinaryShares2023-06-3003392607bus:Director12023-07-012024-06-3003392607core:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3003392607core:ComputerSoftware2023-07-012024-06-3003392607core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-012024-06-3003392607core:LeaseholdImprovements2023-07-012024-06-3003392607core:PlantMachinery2023-07-012024-06-3003392607core:FurnitureFittings2023-07-012024-06-3003392607core:ComputerEquipment2023-07-012024-06-3003392607core:MotorVehicles2023-07-012024-06-30033926072022-07-012023-06-3003392607core:ComputerSoftware2023-06-3003392607core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-07-012024-06-3003392607core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3003392607core:LeaseholdImprovements2023-06-3003392607core:PlantMachinery2023-06-3003392607core:FurnitureFittings2023-06-3003392607core:ComputerEquipment2023-06-3003392607core:MotorVehicles2023-06-30033926072023-06-3003392607core:WithinOneYear2024-06-3003392607core:WithinOneYear2023-06-3003392607core:Non-currentFinancialInstruments2024-06-3003392607core:Non-currentFinancialInstruments2023-06-3003392607bus:PrivateLimitedCompanyLtd2023-07-012024-06-3003392607bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3003392607bus:FRS1022023-07-012024-06-3003392607bus:AuditExemptWithAccountantsReport2023-07-012024-06-3003392607bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP