Teabag Productions Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 15097322

Teabag Productions Ltd

Filleted Unaudited Financial Statements

31 August 2024

Teabag Productions Ltd

Statement of Financial Position

31 August 2024

	2024
Note	£

Fixed assets

Intangible assets	5	11,153
Tangible assets	6	10,456
		--------
		21,609

Current assets

Debtors	7	230
Cash at bank and in hand		11,830
		--------
		12,060

Creditors: amounts falling due within one year	8	61,256
		--------
Net current liabilities		49,196
		--------
Total assets less current liabilities		( 27,587)
		--------
Net liabilities		( 27,587)
		--------

Capital and reserves

Called up share capital	1
Profit and loss account	( 27,588)
	--------
Shareholders deficit	( 27,587)
	--------

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 income and retained earnings has not been delivered.

For the year ending 31 August 2024 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Teabag Productions Ltd

Statement of Financial Position (continued)

31 August 2024

These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:

Mr S Kitts
Director

Company registration number: 15097322

Teabag Productions Ltd

Notes to the Financial Statements

Year ended 31 August 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Flat 1 12 Caerau Crescent, Newport, NP20 4HG, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and the figures therein are rounded to the nearest whole pound.

Going concern

The Director considers that the company remains a going concern having regard to the financial support provided and future predicted cash flow and profitability.

Revenue recognition

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.

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:

	Goodwill	-	25% p.a. 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 subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

	Plant and machinery	-	20% p.a. Straight line

Impairment of fixed assets

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 as a finance cost 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 5 .

5. Intangible assets

	Goodwill
	£
Cost
Additions	13,941
	--------
At 31 August 2024	13,941
	--------
Amortisation
Charge for the year	2,788
	--------
At 31 August 2024	2,788
	--------
Carrying amount
At 31 August 2024	11,153
	--------

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 September 2023	–	–
Additions	13,941	13,941
	--------	--------
At 31 August 2024	13,941	13,941
	--------	--------
Depreciation
At 1 September 2023	–	–
Charge for the year	3,485	3,485
	--------	--------
At 31 August 2024	3,485	3,485
	--------	--------
Carrying amount
At 31 August 2024	10,456	10,456
	--------	--------

7. Debtors

	2024
	£
Other debtors	230
	----

8. Creditors: amounts falling due within one year

	2024
	£
Trade creditors	6,854
Social security and other taxes	2,841
Other creditors	51,561
	--------
	61,256
	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr S Kitts	–	( 50,169)	( 50,169)
	----	--------	--------

10. Related party transactions

The company was under the control of Mr S Kitts throughout the current year. Mr S Kitts is the managing director. As at 31 August 2024 the company owed the director £50,169.