Registered number
07925505
DAVID CREATES LIMITED
Unaudited Filleted Accounts
31 December 2021
DAVID CREATES LIMITED
Registered number: 07925505
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 29,930 36,983
Current assets
Debtors 4 4,903 18,697
Cash at bank and in hand 20,114 8,997
25,017 27,694
Creditors: amounts falling due within one year 5 (40,621) (48,935)
Net current liabilities (15,604) (21,241)
Total assets less current liabilities 14,326 15,742
Creditors: amounts falling due after more than one year 6 (13,840) (15,000)
Net assets 486 742
Capital and reserves
Called up share capital 2 2
Profit and loss account 484 740
Shareholders' funds 486 742
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Knipe
Director
Approved by the board on 20 May 2022
DAVID CREATES LIMITED
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 10,745 70,930 81,675
Additions 2,924 - 2,924
At 31 December 2021 13,669 70,930 84,599
Depreciation
At 1 January 2021 3,685 41,007 44,692
Charge for the year 2,496 7,481 9,977
At 31 December 2021 6,181 48,488 54,669
Net book value
At 31 December 2021 7,488 22,442 29,930
At 31 December 2020 7,060 29,923 36,983
4 Debtors 2021 2020
£ £
Other debtors 4,903 18,697
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 37,980 44,274
Taxation and social security costs 2,641 4,661
40,621 48,935
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 13,840 15,000
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Knipe
Director's loan 9,756 54,315 (61,689) 2,382
9,756 54,315 (61,689) 2,382
8 Related party transactions
At the year end the company was owed £4,904 by related parties (2020: £18,697).
9 Controlling party
Mr and Mrs Knipe are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company
10 Other information
DAVID CREATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Beacon House
South Road
Weybridge
Surrey
KT13 9DZ
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