Caseware UK (AP4) 2021.0.152 2021.0.152 2022-07-312022-07-3132021-08-01falseNo description of principal activity3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12117077 2021-08-01 2022-07-31 12117077 2020-08-01 2021-07-31 12117077 2022-07-31 12117077 2021-07-31 12117077 c:Director1 2021-08-01 2022-07-31 12117077 d:OfficeEquipment 2021-08-01 2022-07-31 12117077 d:OfficeEquipment 2022-07-31 12117077 d:OfficeEquipment 2021-07-31 12117077 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 12117077 d:CurrentFinancialInstruments 2022-07-31 12117077 d:CurrentFinancialInstruments 2021-07-31 12117077 d:Non-currentFinancialInstruments 2022-07-31 12117077 d:Non-currentFinancialInstruments 2021-07-31 12117077 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 12117077 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 12117077 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 12117077 d:Non-currentFinancialInstruments d:AfterOneYear 2021-07-31 12117077 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 12117077 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-07-31 12117077 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 12117077 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-07-31 12117077 d:ShareCapital 2022-07-31 12117077 d:ShareCapital 2021-07-31 12117077 d:RetainedEarningsAccumulatedLosses 2022-07-31 12117077 d:RetainedEarningsAccumulatedLosses 2021-07-31 12117077 c:FRS102 2021-08-01 2022-07-31 12117077 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 12117077 c:FullAccounts 2021-08-01 2022-07-31 12117077 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 12117077









TRUE CREATIVE STUDIO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2022

 
TRUE CREATIVE STUDIO LIMITED
REGISTERED NUMBER: 12117077

BALANCE SHEET
AS AT 31 JULY 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1,316

  
-
1,316

Current assets
  

Stocks
  
10,000
9,340

Debtors: amounts falling due within one year
 5 
25,976
14,050

Cash at bank and in hand
 6 
63,492
49,114

  
99,468
72,504

Creditors: amounts falling due within one year
 7 
(50,630)
(43,527)

Net current assets
  
 
 
48,838
 
 
28,977

Total assets less current liabilities
  
48,838
30,293

Creditors: amounts falling due after more than one year
 8 
(15,863)
(21,468)

  

Net assets
  
32,975
8,825


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
32,675
8,525

  
32,975
8,825


Page 1

 
TRUE CREATIVE STUDIO LIMITED
REGISTERED NUMBER: 12117077
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



MJ Richards
Director

Date: 31 August 2022

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
TRUE CREATIVE STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

1.


General information

True Creative Studio Limited (the company) is a limited liability company incorporated and domiciled in the United Kingdom. 
The address of its registered office is:
11 Centre Court
Vine Lane
Halesowen
West Midlands
B63 3EB 
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the period of 52 weeks ended 31 July 2022 (2021: 52 weeks ended 31 July 2021). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Page 3

 
TRUE CREATIVE STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
TRUE CREATIVE STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 5

 
TRUE CREATIVE STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

2.Accounting policies (continued)


2.11
Financial instruments (continued)

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2021 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 August 2021
3,949



At 31 July 2022

3,949



Depreciation


At 1 August 2021
2,633


Charge for the period on owned assets
1,316



At 31 July 2022

3,949



Net book value



At 31 July 2022
-



At 31 July 2021
1,316


5.


Debtors

2022
2021
£
£


Trade debtors
25,976
14,050
Page 6

 
TRUE CREATIVE STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

5.Debtors (continued)


25,976
14,050



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
63,492
49,114

63,492
49,114



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
5,604
5,604

Trade creditors
1,966
-

Corporation tax
24,722
16,250

Other taxation and social security
11,778
10,604

Other creditors
3,091
10,069

Accruals and deferred income
3,469
1,000

50,630
43,527



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
15,863
21,468

15,863
21,468


Page 7

 
TRUE CREATIVE STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Bank loans

Amounts falling due within one year
5,604
5,604

Amounts falling due 1-2 years
5,604
5,604

Amounts falling due 2-5 years
10,259
15,864

21,467
27,072



10.


Related party transactions

Dividends amounting to £79,200 (2021: £66,000) were paid to the directors during the period.

 
Page 8