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Registration number: 06498182

CRE8ION PROPERTIES LTD

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

CRE8ION PROPERTIES LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

CRE8ION PROPERTIES LTD

Company Information

Directors

N E Hoareau

J C Hoareau

Registered office

South Bank
Newbury Road
Lambourn
Berkshire
RG17 7LL

Accountants

K&S Professionals Limited
Chartered Certified Accountants
41 Rivington Crescent
Mill Hill
London
NW7 2LF

 

CRE8ION PROPERTIES LTD

(Registration number: 06498182)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

13,640

Investment property

5

1,350,000

1,395,000

 

1,350,000

1,408,640

Current assets

 

Cash at bank and in hand

 

3,087

10,017

Creditors: Amounts falling due within one year

6

(255,194)

(189,553)

Net current liabilities

 

(252,107)

(179,536)

Total assets less current liabilities

 

1,097,893

1,229,104

Creditors: Amounts falling due after more than one year

6

(741,654)

(741,654)

Provisions for liabilities

(18,628)

(44,287)

Net assets

 

337,611

443,163

Capital and reserves

 

Called up share capital

7

600

600

Revaluation reserve

126,072

235,462

Retained earnings

210,939

207,101

Shareholders' funds

 

337,611

443,163

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

 

CRE8ION PROPERTIES LTD

(Registration number: 06498182)
Balance Sheet as at 28 February 2023

.........................................
J C Hoareau
Director

 

CRE8ION PROPERTIES LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England andd Wales.

The address of its registered office is:
South Bank
Newbury Road
Lambourn
Berkshire
RG17 7LL

These financial statements were authorised for issue by the Board on 1 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

CRE8ION PROPERTIES LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

CRE8ION PROPERTIES LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

CRE8ION PROPERTIES LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

24,250

24,250

At 28 February 2023

24,250

24,250

Depreciation

At 1 March 2022

10,610

10,610

Charge for the year

3,410

3,410

Eliminated on disposal

10,230

10,230

At 28 February 2023

24,250

24,250

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

13,640

13,640

5

Investment properties

2023
£

At 1 March

1,395,000

Additions

90,049

Fair value adjustments

(135,049)

At 28 February

1,350,000

The investment property was valued on an open market basis on 28 February 2023 by the directors.

 

CRE8ION PROPERTIES LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

660

3,978

Other creditors

254,534

185,575

255,194

189,553

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

741,654

741,654

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

600

600

600

600

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

741,654

741,654

The mortgage facility is secured by a fixed and floating charge over the company.