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Registration number: 10554958

Cre8tive Construction UK Ltd

Annual Report and Unaudited Financial Statements

for the year ended 31 March 2023

 

Cre8tive Construction UK Ltd

Contents

Hodson & Co Accountants' Report

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cre8tive Construction UK Ltd
for the 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 accounts of Cre8tive Construction UK Ltd for the year ended 31 March 2023 as set out on pages 2 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cre8tive Construction UK Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cre8tive Construction UK Ltd and state those matters that we have agreed to state to the Board of Directors of Cre8tive Construction UK Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cre8tive Construction UK Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cre8tive Construction UK Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cre8tive Construction UK Ltd. You consider that Cre8tive Construction UK Ltd 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 accounts of Cre8tive Construction UK Ltd. 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 accounts.

......................................

HODSON & CO
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

10 November 2023

 

Cre8tive Construction UK Ltd

(Registration number: 10554958)
Statement of Financial Position
31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,706

4,570

Current assets

 

Stocks

5

10,000

100,000

Debtors

6

51,607

66,884

Cash at bank and in hand

 

229,100

115,045

 

290,707

281,929

Creditors: Amounts falling due within one year

7

(280,238)

(146,772)

Net current assets

 

10,469

135,157

Total assets less current liabilities

 

20,175

139,727

Creditors: Amounts falling due after more than one year

7

(83,486)

(111,397)

Provisions for liabilities

(868)

(868)

Net (liabilities)/assets

 

(64,179)

27,462

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(64,180)

27,461

Shareholders' (deficit)/funds

 

(64,179)

27,462

For the financial 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.

Director's 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 director acknowledges his 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.

 

Cre8tive Construction UK Ltd

(Registration number: 10554958)
Statement of Financial Position
31 March 2023

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 director on 10 November 2023
 

.........................................
M R Blyth
Director

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

1

General information

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

The address of its registered office is:
Springfield Depository
Ham Road
Worthing
West Sussex
BN11 2QL

These financial statements were authorised for issue by the director on 10 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.

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Over 4 years

Fixtures and fittings

15% reducing balance

Computer equipment

Between 2 and 5 years

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

7,723

2,375

10,098

Additions

-

6,477

6,477

At 31 March 2023

7,723

8,852

16,575

Depreciation

At 1 April 2022

3,938

1,590

5,528

Charge for the year

946

395

1,341

At 31 March 2023

4,884

1,985

6,869

Carrying amount

At 31 March 2023

2,839

6,867

9,706

At 31 March 2022

3,785

785

4,570

5

Stocks

2023
£

2022
£

Other inventories

10,000

100,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

40,673

36,868

Prepayments

1,825

2,620

Other debtors

9,109

27,396

 

51,607

66,884

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

25,364

21,919

Trade creditors

 

91,311

41,096

Taxation and social security

 

146,149

48,415

Accruals and deferred income

 

-

2,000

Other creditors

 

17,414

33,342

 

280,238

146,772

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

83,486

111,397

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,797

32,387

Other borrowings

62,689

79,010

83,486

111,397

 

Cre8tive Construction UK Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,649

9,707

Other borrowings

14,715

12,212

25,364

21,919