Producer Loops Limited
Producer Loops Limited
Registered number: 07009372
Unaudited Financial Statements
For The Year Ended
30 June 2023
Preston Accountancy Services
Magnolia Cottage
Upper Old Park Lane
Farnham
GU9 0AS
Producer Loops Limited
Unaudited Financial Statements
For The Year Ended
30 June 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Producer Loops Limited
Balance Sheet
As At
30 June 2023
Balance Sheet
Registered number:
07009372
For the year ending 30 June 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,477,694 | 1,117,469 | |||
Producer Loops Limited
Balance Sheet (continued)
As At
30 June 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Producer Loops Limited
Notes to the Financial Statements
For The Year Ended
30 June 2023
Notes to the Financial Statements
1.
General Information
Producer Loops Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07009372
. The registered office is International House, 142 Cromwell Road, London, SW7 4EF.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided on a straght line basis over three years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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2.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
Producer Loops Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
4.
Intangible Assets
| Other | |||
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| Cost | |||
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| Additions |
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| Amortisation | |||
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| Net Book Value | |||
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5.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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6.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Amounts owed by group undertakings |
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Producer Loops Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| PAYE & NI payable |
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| VAT |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to group undertakings |
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9.
Related Party Transactions
The company pays a director for non-exclusive use of part of his home for business purposes. The total rent paid during this period under this arrangement was £3,900 (2022: £7,800). At 30th June 2023 Producer Loops Ltd (owned by Image Line NV) is owed £763,692 by Producer Cloud Ltd (owned by Image Line NV) (2022: £771,305), is owed £0 by Image Line NV (2022:£1,249), and owes £64,452 to Image Line Group NV (2022:0).
10.
Ultimate Controlling Party
The company's immediate parent is
Image Line NV
and the parent of the smallest group that prepares consolidated financial statements is Image Line Group NV (Franklin Rooseveltlaan 349 bus 50, 9000 Gent, Belgium).