Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01false1613truetrue 04899203 2022-03-01 2023-02-28 04899203 2021-03-01 2022-02-28 04899203 2023-02-28 04899203 2022-02-28 04899203 c:CompanySecretary1 2022-03-01 2023-02-28 04899203 c:Director1 2022-03-01 2023-02-28 04899203 c:Director2 2022-03-01 2023-02-28 04899203 c:Director3 2022-03-01 2023-02-28 04899203 c:Director4 2022-03-01 2023-02-28 04899203 c:Director5 2022-03-01 2023-02-28 04899203 c:RegisteredOffice 2022-03-01 2023-02-28 04899203 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 04899203 d:Buildings d:ShortLeaseholdAssets 2022-03-01 2023-02-28 04899203 d:PlantMachinery 2022-03-01 2023-02-28 04899203 d:PlantMachinery 2023-02-28 04899203 d:PlantMachinery 2022-02-28 04899203 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04899203 d:MotorVehicles 2022-03-01 2023-02-28 04899203 d:MotorVehicles 2023-02-28 04899203 d:MotorVehicles 2022-02-28 04899203 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04899203 d:FurnitureFittings 2022-03-01 2023-02-28 04899203 d:FurnitureFittings 2023-02-28 04899203 d:FurnitureFittings 2022-02-28 04899203 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04899203 d:ComputerEquipment 2022-03-01 2023-02-28 04899203 d:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 04899203 d:OtherPropertyPlantEquipment 2023-02-28 04899203 d:OtherPropertyPlantEquipment 2022-02-28 04899203 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04899203 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04899203 d:CurrentFinancialInstruments 2023-02-28 04899203 d:CurrentFinancialInstruments 2022-02-28 04899203 d:Non-currentFinancialInstruments 2023-02-28 04899203 d:Non-currentFinancialInstruments 2022-02-28 04899203 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04899203 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 04899203 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04899203 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 04899203 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 04899203 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 04899203 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 04899203 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 04899203 d:ShareCapital 2023-02-28 04899203 d:ShareCapital 2022-02-28 04899203 d:RetainedEarningsAccumulatedLosses 2023-02-28 04899203 d:RetainedEarningsAccumulatedLosses 2022-02-28 04899203 c:FRS102 2022-03-01 2023-02-28 04899203 c:Audited 2022-03-01 2023-02-28 04899203 c:FullAccounts 2022-03-01 2023-02-28 04899203 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04899203 c:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04899203 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 04899203 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 04899203 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 04899203 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 04899203 d:RetirementBenefitObligationsDeferredTax 2023-02-28 04899203 d:RetirementBenefitObligationsDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 04899203










CREATIVE RETAIL ENTERTAINMENT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023



 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

COMPANY INFORMATION


Directors
S Rajkumar 
C Payne 
A Meichtry 
D Collins 
S Lupton 




Company secretary
C Payne



Registered number
04899203



Registered office
1 London Street

Reading

Berkshire

RG1 4QW




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 9


 
CREATIVE RETAIL ENTERTAINMENT LIMITED
REGISTERED NUMBER: 04899203

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,370
11,725

Current assets
  

Stocks
 5 
79,344
57,901

Debtors: amounts falling due within one year
 6 
620,280
785,974

Cash at bank and in hand
 7 
11,030
9,995

  
710,654
853,870

Creditors: amounts falling due within one year
 8 
(671,143)
(745,107)

Net current assets
  
 
 
39,511
 
 
108,763

Total assets less current liabilities
  
52,881
120,488

Creditors: amounts falling due after more than one year
 9 
(91,000)
(164,000)

  

Net liabilities
  
(38,119)
(43,512)


Capital and reserves
  

Called up share capital 
  
120,000
120,000

Profit and loss account
  
(158,119)
(163,512)

  
(38,119)
(43,512)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S Rajkumar
Director

Date: 17 November 2023

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

1.


General information

Creative Retail Entertainment Limited is a private company, limited by shares and incorporated in England (registered number 04899203). The company’s registered office is 1 London Street, Reading, Berkshire, RG1 4QW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company recorded a profit after taxation of £6,408 for the year (2022: - £42,102), and had net liabilities of £36,322 (2022 - £43,512) at the balance sheet date. 
The directors have prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the company remains a going concern. The outcome of the stress testing performed has indicated that 12 months after the balance sheet signing date there is some uncertainty with regards to the timing of cash flows, which gives rise to a material uncertainty in respect of going concern.
 
The financial statements do not include the adjustments that would be necessary should the going concern basis of preparation no longer be appropriate. However, after considering the uncertainties the directors have a reasonable expectation that the company will continue to successfully trade . Accordingly the Board considers it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Page 2

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant, machinery, fixtures & fittings
-
20% straight line
Operating assets
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.9

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.10

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

 
2.12

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 13).

Page 5

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

4.


Tangible fixed assets





Operating assets
Motor vehicles
Plant, machinery, fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
622,663
62,130
54,107
37,827
776,727


Additions
8,422
-
-
1,707
10,129


Disposals
(44,619)
-
-
-
(44,619)



At 28 February 2023

586,466
62,130
54,107
39,534
742,237



Depreciation


At 1 March 2022
610,938
62,130
54,107
37,827
765,002


Charge for the year
7,617
-
-
142
7,759


Disposals
(43,894)
-
-
-
(43,894)



At 28 February 2023

574,661
62,130
54,107
37,969
728,867



Net book value



At 28 February 2023
11,805
-
-
1,565
13,370



At 28 February 2022
11,725
-
-
-
11,725


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
79,344
57,901

79,344
57,901


Page 6

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

6.


Debtors

2023
2022
£
£


Trade debtors
418,545
511,679

Other debtors
14,983
46,810

Prepayments and accrued income
173,925
213,000

Deferred taxation
12,827
14,485

620,280
785,974



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,030
9,995



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
45,000
45,000

Trade creditors
306,778
348,627

Other taxation and social security
197,098
205,544

Other creditors
101,577
17,512

Accruals and deferred income
20,690
128,424

671,143
745,107



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
75,000
120,000

Other creditors
16,000
44,000

91,000
164,000


Page 7

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
45,000
45,000

Amounts falling due 1-2 years

Bank loans
45,000
45,000

Amounts falling due 2-5 years

Bank loans
30,000
75,000


120,000
165,000


The Company has obtained loans in the form of a Coronavrius Business Interruption Loan Scheme ("CBILS") of £180,000. The loan is repayable over 60 months and interest is charged at 5% over base rate over the life of the loan.


11.


Deferred taxation




2023


£






At beginning of year
14,485


Charged to profit or loss
(1,658)



At end of year
12,827

2023
2022
£
£


Accelerated capital allowances
6,028
8,678

Tax losses carried forward
4,446
5,016

Short term timing differences
2,353
791

12,827
14,485

Page 8

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

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

12.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

In their report, the auditors emphasised that following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which highlights the impact Covid-19 has had on the company. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 20 November 2023 by Darren O'Connor BSc (Hons) FCCA, ACA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 9