Company registration number SC369524 (Scotland)
CREO INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CREO INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CREO INTERIORS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,082
3,925
Current assets
Debtors
5
399,689
328,974
Cash at bank and in hand
328,780
224,247
728,469
553,221
Creditors: amounts falling due within one year
6
(389,542)
(376,549)
Net current assets
338,927
176,672
Total assets less current liabilities
344,009
180,597
Provisions for liabilities
7
(1,271)
(746)
Net assets
342,738
179,851
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
342,638
179,751
Total equity
342,738
179,851
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Riccardo Gallo
Director
Company Registration No. SC369524
CREO INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Creo IT Limited is a private company limited by shares incorporated in Scotland. The registered office and the principal place of business is 43 Inverleith Row, Edinburgh, EH3 5PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. It consists of commission receivable and interior design services, provided on and off site.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CREO INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
58,441
55,003
Adjustments in respect of prior periods
45
Total current tax
58,486
55,003
CREO INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
3
Taxation
2023
2022
£
£
(Continued)
- 4 -
Deferred tax
Origination and reversal of timing differences
525
505
Total tax charge
59,011
55,508
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
5,063
Additions
2,712
At 31 August 2023
7,775
Depreciation and impairment
At 1 September 2022
1,138
Depreciation charged in the year
1,555
At 31 August 2023
2,693
Carrying amount
At 31 August 2023
5,082
At 31 August 2022
3,925
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,106
559
Other debtors
385,583
328,415
399,689
328,974
Included in other debtors is an amount of £362,468 (2022: £316,715) due from Creo Homes Limited, a company controlled by one of the directors of this company.
In addition in other debtors, there is an amount of £21,700 (2022: £11,700) owed from Gallo and Gallo Developments Limited, a company also controlled by one of the directors of this company.
CREO INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,753
56,080
Corporation tax
58,441
73,060
Other taxation and social security
56,663
38,370
Directors' current account
249,719
199,889
Other creditors
6,966
9,150
389,542
376,549
Director's long term loans are at 5.25% compound interest rate, which is a market rate of interest. The company paid interest amounting to £12,582.The company has applied the FRS 102 Triennial Review 2017 with regard to small company exemption from fair valuing loans from its director who is also a shareholder.
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,271
746
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 ordinary shares of £1 each
100
100
9
Controlling party
The company was controlled throughout the current year and previous period by the directors by virtue of the fact that they own the entire issued share capital.
10
Related party transactions
During the year, Creo Homes Limited charged £24,000 (2022 : £16,000) for the provision of management services to the company.
11
Directors' transactions
Dividends totalling £57,500 (2022 - £80,000) were paid in the year in respect of shares held by the company's directors.