Production Room Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06700800 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 12 MARCH 2017

FOR

PRODUCTION ROOM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A Lynch

A G W Marten

REGISTERED OFFICE:

85 Roseville Road

Leeds

West Yorkshire

LS8 5DT

REGISTERED NUMBER:

06700800 (England and Wales)

ACCOUNTANTS:

Brosnans

Chartered Accountants

Birkby House

Bailiff Bridge

Brighouse

West Yorkshire

HD6 4JJ

FIXED ASSETS

Tangible assets

4

-

69,000

CURRENT ASSETS

Stocks

-

174,291

Debtors

5

-

53,936

Cash at bank and in hand

-

594

-

228,821

CREDITORS

Amounts falling due within one year

6

-

444,185

NET CURRENT LIABILITIES

-

(215,364

)

TOTAL ASSETS LESS CURRENT LIABILITIES

-

(146,364

)

CAPITAL AND RESERVES

Called up share capital

7

25,000

25,000

Share premium

10,000

10,000

Revaluation reserve

8

-

45,116

Retained earnings

(35,000

)

(226,480

)

SHAREHOLDERS' FUNDS

-

(146,364

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 12 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 12 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 November 2017 and were signed on its behalf by:

Mrs A Lynch - Director

A G W Marten - Director

1.	STATUTORY INFORMATION

Production Room Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set

out below. These policies have been consistently applied to all years presented unless otherwise

stated.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on cost and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation

and accumulated impairment losses. Cost includes costs directly attributable to making the asset

capable of operating as intended.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

FOREIGN CURRENCIES

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

of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving

at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 13 March 2016

151,418

Disposals

(151,418

)

At 12 March 2017

-

DEPRECIATION

At 13 March 2016

82,418

Eliminated on disposal

(82,418

)

At 12 March 2017

-

NET BOOK VALUE

At 12 March 2017

-

At 12 March 2016

69,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

12,998

Other debtors

-

40,938

-

53,936

Other debtors includes deferred tax of £nil (2016 - £21,377).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

41,363

Trade creditors

-

248,446

Taxation and social security

-

30,013

Other creditors

-

124,363

-

444,185

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

25,000

Ordinary

1

25,000

25,000

8.

RESERVES

Revaluation

reserve

£

At 13 March 2016

45,116

Reversal on disposal of assets

(45,116

)

At 12 March 2017

-