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REGISTERED NUMBER: 02139057 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

I-CREATION 2020 LIMITED

I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

31.12.22 31.12.21
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 23,152 21,112
23,152 21,112

CURRENT ASSETS
Debtors 6 119,611 204,760
Cash at bank and in hand 12,922 45,896
132,533 250,656
CREDITORS
Amounts falling due within one year 7 (167,914 ) (101,558 )
NET CURRENT (LIABILITIES)/ASSETS (35,381 ) 149,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,229

)

170,210

CREDITORS
Amounts falling due after more than one
year

8

(48,575

)

(34,829

)
NET (LIABILITIES)/ASSETS (60,804 ) 135,381

CAPITAL AND RESERVES
Called up share capital 1,060 1,060
Retained earnings (61,864 ) 134,321
(60,804 ) 135,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2022


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2023 and were signed by:





A Jackson - Director


I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

I-Creation 2020 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02139057

Registered office: C/O D P C
Stone House
55 Stone Road Business Park
Stoke-on-Trent
Staffordshire
ST4 6SR

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


2. ACCOUNTING POLICIES

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

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Estimated useful lives and residual values of fixed assets

As described in the notes to the financial statements, amortisation of intangible fixed assets and depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
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:

Trademarks - 20% 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.

I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

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.
Fixtures and fittings - 20% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost or deemed cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(i) Land and buildings

The director adopts a policy of valuation for the company's land and buildings. The company's land and buildings have been recognised at fair value by the director and he is of the opinion that there has been no material change to the open market value during the year ended 31st December 2020.

(ii) Fixtures and fittings

Fixtures and fittings are stated at cost less accumulated depreciation.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

OPERATING LEASES
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
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.

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. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

GOING CONCERN
The director has reviewed the company's trading and cashflow position and has provided assurance that they will continue to provide support to the company in order that it may continue its activities as hitherto. Consequently, the director is of the opinion that the financial statements should be prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 8 ) .

I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 1,955
AMORTISATION
At 1 January 2022
and 31 December 2022 1,955
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2022 86,134
Additions 7,011
At 31 December 2022 93,145
DEPRECIATION
At 1 January 2022 65,022
Charge for year 4,971
At 31 December 2022 69,993
NET BOOK VALUE
At 31 December 2022 23,152
At 31 December 2021 21,112

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 35,739 90,042
Other debtors 83,872 114,718
119,611 204,760

I-CREATION 2020 LIMITED (REGISTERED NUMBER: 02139057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 9,699 9,654
Trade creditors 39,270 41,088
Taxation and social security 92,677 28,345
Other creditors 26,268 22,471
167,914 101,558

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Bank loans 33,575 34,829
Other creditors 15,000 -
48,575 34,829

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 18,423 13,817
Between one and five years 14,201 21,876
32,624 35,693

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22 31.12.21
£    £   
A Jackson
Balance outstanding at start of year (63,417 ) 1,845
Amounts advanced 78,428 1,906
Amounts repaid (28,445 ) (67,168 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (13,434 ) (63,417 )

The advance is unsecured, repayable on demand and interest free.