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COMPANY REGISTRATION NUMBER: 10068497
CREATIVE 555 LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 March 2023
CREATIVE 555 LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
CONTENTS
PAGES
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5 to 6
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
8
CREATIVE 555 LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr S J Gardner
Mrs E Gardner
COMPANY SECRETARY
Mr S J Gardner
REGISTERED OFFICE
20 Home Farm Close
Great Oakley
Corby
NN18 8HQ
ACCOUNTANTS
Meadows & Co Limited
Chartered Accountants
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
CREATIVE 555 LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr S J Gardner
Mrs E Gardner
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 October 2023 and signed on behalf of the board by:
Mr S J Gardner
Director
Registered office:
20 Home Farm Close
Great Oakley
Corby
NN18 8HQ
CREATIVE 555 LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MARCH 2023
2023
2022
Note
£
£
TURNOVER
29,036
32,758
--------
--------
GROSS PROFIT
29,036
32,758
Administrative expenses
4,921
5,039
--------
--------
OPERATING PROFIT
24,115
27,719
--------
--------
PROFIT BEFORE TAXATION
5
24,115
27,719
Tax on profit
4,856
5,306
--------
--------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
19,259
22,413
--------
--------
Dividends paid and payable
( 20,000)
( 29,000)
RETAINED EARNINGS AT THE START OF THE YEAR
2,581
9,168
--------
--------
RETAINED EARNINGS AT THE END OF THE YEAR
1,840
2,581
--------
--------
All the activities of the company are from continuing operations.
CREATIVE 555 LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
3,165
4,292
CURRENT ASSETS
Cash at bank and in hand
9,838
9,140
CREDITORS: amounts falling due within one year
7
10,163
9,851
--------
-------
NET CURRENT LIABILITIES
325
711
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,840
3,581
-------
-------
NET ASSETS
2,840
3,581
-------
-------
CAPITAL AND RESERVES
Called up share capital fully paid
1,000
1,000
Profit and loss account
1,840
2,581
-------
-------
SHAREHOLDERS FUNDS
2,840
3,581
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr S J Gardner
Director
Company registration number: 10068497
CREATIVE 555 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Home Farm Close, Great Oakley, Corby, NN18 8HQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tooling
-
20% reducing balance and 33 1/3% straight Line
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to Nil (2022: 2 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
1,127
1,296
-------
-------
6. TANGIBLE ASSETS
Tooling
£
Cost
At 1 April 2022 and 31 March 2023
10,639
--------
Depreciation
At 1 April 2022
6,347
Charge for the year
1,127
--------
At 31 March 2023
7,474
--------
Carrying amount
At 31 March 2023
3,165
--------
At 31 March 2022
4,292
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Corporation tax
4,852
5,305
Other creditors
5,311
4,546
--------
-------
10,163
9,851
--------
-------
CREATIVE 555 LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2023
The following pages do not form part of the financial statements.
CREATIVE 555 LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CREATIVE 555 LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Creative 555 Limited for the year ended 31 March 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Creative 555 Limited, as a body, in accordance with the terms of our engagement letter dated 28 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Creative 555 Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creative 555 Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Creative 555 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Creative 555 Limited. You consider that Creative 555 Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Creative 555 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Meadows & Co Limited Chartered Accountants
Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ
13 October 2023