Registered number
09299497
Reason Creative Limited
Filleted Financial Statements
31 March 2023
Reason Creative Limited
Registered number: 09299497
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,100 226
Current assets
Debtors 4 606 8,353
Cash at bank and in hand 4,330 4,565
4,936 12,918
Creditors: amounts falling due within one year 5 (10,613) (10,371)
Net current (liabilities)/assets (5,677) 2,547
Net (liabilities)/assets (3,577) 2,773
Capital and reserves
Called up share capital 1 1
Profit and loss account (3,578) 2,772
Shareholders' funds (3,577) 2,773
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 financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The director's report and statement of income and retained earnings have not been delivered to the Registrar of Companies.
D Ruffle
Director
Approved by the board on 12 October 2023
Reason Creative Limited
Notes to the Financial Statements
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The financial statements 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 rendering of services of Web portals and specialised design activities and this is recognised in the financial statements in the period the services are provided.
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 assetsat rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it is considered immaterial to the true and fair view of the financial statements.
Pensions
The company operates a money purchased pension scheme. Contributions to the scheme are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 9,293
Additions 2,800
At 31 March 2023 12,093
Depreciation
At 1 April 2022 9,067
Charge for the year 926
At 31 March 2023 9,993
Net book value
At 31 March 2023 2,100
At 31 March 2022 226
4 Debtors 2023 2022
£ £
Trade debtors 457 7,824
Other debtors 149 529
606 8,353
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,046 9,067
Taxation and social security costs 1,250 1,304
Other creditors 2,317 -
10,613 10,371
6 Other information
Reason Creative Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 School Road
Hampton Hill
Hampton
TW12 1QL
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