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Company registration number: 05935576
Produk Limited
Unaudited filleted financial statements
28 February 2025
Produk Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Produk Limited
Directors and other information
Director Remigijus Rusinas
Secretary Remigijus Rusinas
Company number 05935576
Registered office 4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Business address Unit 14A Atlas Business Centre
Oxgate Lane
London
NW2 7HJ
Accountants B.G. Partnership
4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Produk Limited
Statement of financial position
28 February 2025
2025 2024
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 74,222 98,939
_______ _______
74,222 98,939
Current assets
Debtors 7 331,409 246,496
Cash at bank and in hand 151,947 486,603
_______ _______
483,356 733,099
Creditors: amounts falling due
within one year 8 ( 327,561) ( 492,438)
_______ _______
Net current assets 155,795 240,661
_______ _______
Total assets less current liabilities 230,017 339,600
Creditors: amounts falling due
after more than one year 9 ( 35,158) ( 95,432)
Provisions for liabilities 10 ( 18,556) ( 24,735)
_______ _______
Net assets 176,303 219,433
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 176,203 219,333
_______ _______
Shareholders funds 176,303 219,433
_______ _______
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Remigijus Rusinas
Director
Company registration number: 05935576
Produk Limited
Notes to the financial statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
Show Room - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 29 February 2024 and 28 February 2025 6,312 6,312
_______ _______
Amortisation
At 29 February 2024 and 28 February 2025 6,312 6,312
_______ _______
Carrying amount
At 28 February 2025 - -
_______ _______
At 28 February 2024 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Showroom Total
£ £ £ £
Cost
At 29 February 2024 and 28 February 2025 36,947 56,090 81,776 174,813
_______ _______ _______ _______
Depreciation
At 29 February 2024 32,838 19,865 23,170 75,873
Charge for the year 2,517 14,023 8,178 24,718
_______ _______ _______ _______
At 28 February 2025 35,355 33,888 31,348 100,591
_______ _______ _______ _______
Carrying amount
At 28 February 2025 1,592 22,202 50,428 74,222
_______ _______ _______ _______
At 28 February 2024 4,109 36,225 58,606 98,940
_______ _______ _______ _______
7. Debtors
2025 2024
£ £
Trade debtors 310,788 245,620
Other debtors 20,621 876
_______ _______
331,409 246,496
_______ _______
8. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 60,273 60,273
Trade creditors 60,007 51,791
Corporation tax 43,620 70,187
Social security and other taxes 159,688 175,931
Other creditors 3,973 134,256
_______ _______
327,561 492,438
_______ _______
9. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 29,166 79,167
Other creditors 5,992 16,265
_______ _______
35,158 95,432
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 29 February 2024 24,735 24,735
Additions ( 6,179) ( 6,179)
_______ _______
At 28 February 2025 18,556 18,556
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025 2024
£ £
Included in provisions (note 10) 18,556 24,735
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2025 2024
£ £
Accelerated capital allowances 18,556 24,735
_______ _______
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2025
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Remigijus Rusinas ( 130,046) 149,791 - 19,745
_______ _______ _______ _______
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Remigijus Rusinas 34,954 205,000 ( 370,000) ( 130,046)
_______ _______ _______ _______