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CREATE ASSET LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CREATE ASSET LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: G S Mathoon
K Yeoman





REGISTERED OFFICE: 35 Friar Gate Studios
Ford Street
Derby
Derbyshire
DE1 1EE





REGISTERED NUMBER: 11204863 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 425,000 424,000

CURRENT ASSETS
Debtors 5 321 5,040
Cash at bank 6,607 7,616
6,928 12,656
CREDITORS
Amounts falling due within one year 6 105,486 116,438
NET CURRENT LIABILITIES (98,558 ) (103,782 )
TOTAL ASSETS LESS CURRENT LIABILITIES 326,442 320,218

CREDITORS
Amounts falling due after more than one
year

7

(276,785

)

(265,735

)

PROVISIONS FOR LIABILITIES 9 (9,500 ) (9,100 )
NET ASSETS 40,157 45,383

CAPITAL AND RESERVES
Called up share capital 10 4 4
Fair value reserve 11 42,587 41,587
Retained earnings (2,434 ) 3,792
SHAREHOLDERS' FUNDS 40,157 45,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:




G S Mathoon - Director



K Yeoman - Director


CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Create Asset Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 424,000
Revaluations 1,000
At 28 February 2023 425,000
NET BOOK VALUE
At 28 February 2023 425,000
At 28 February 2022 424,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2021 8,902
Valuation in 2022 41,784
Valuation in 2023 1,000
Cost 373,314
425,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 373,314 373,314
Aggregate depreciation (93,328 ) (74,663 )

Investment properties were valued on an open market basis on 28 February 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 321 5,040

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to participating interests 103,872 113,872
Taxation and social security - 1,215
Other creditors 1,614 1,351
105,486 116,438

CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 276,785 265,735

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 276,785 265,735

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 276,785 265,735

The borrowings from the bank are secured by way of legal mortgage over the properties owned by the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 9,500 9,100

Deferred
tax
£   
Balance at 1 March 2022 9,100
Provided during year 400
Balance at 28 February 2023 9,500

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary £1 4 4

CREATE ASSET LTD (REGISTERED NUMBER: 11204863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. RESERVES
Fair
value
reserve
£   
At 1 March 2022 41,587
Revaluation in Year 1,000

At 28 February 2023 42,587

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
G S Mathoon
Balance outstanding at start of year 3,734 (174 )
Amounts advanced - 3,908
Amounts repaid (3,734 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,734

K Yeoman
Balance outstanding at start of year 1,306 (2,602 )
Amounts advanced - 3,908
Amounts repaid (1,306 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,306