Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3116Advertising agenciesfalse2022-01-0130truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11681742 2022-01-01 2022-12-31 11681742 2021-01-01 2021-12-31 11681742 2022-12-31 11681742 2021-12-31 11681742 c:Director4 2022-01-01 2022-12-31 11681742 d:Buildings d:ShortLeaseholdAssets 2022-01-01 2022-12-31 11681742 d:Buildings d:ShortLeaseholdAssets 2022-12-31 11681742 d:Buildings d:ShortLeaseholdAssets 2021-12-31 11681742 d:OfficeEquipment 2022-01-01 2022-12-31 11681742 d:OfficeEquipment 2022-12-31 11681742 d:OfficeEquipment 2021-12-31 11681742 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11681742 d:ComputerEquipment 2022-01-01 2022-12-31 11681742 d:ComputerEquipment 2022-12-31 11681742 d:ComputerEquipment 2021-12-31 11681742 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11681742 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11681742 d:CurrentFinancialInstruments 2022-12-31 11681742 d:CurrentFinancialInstruments 2021-12-31 11681742 d:Non-currentFinancialInstruments 2022-12-31 11681742 d:Non-currentFinancialInstruments 2021-12-31 11681742 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11681742 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11681742 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11681742 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 11681742 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 11681742 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 11681742 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 11681742 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 11681742 d:ShareCapital 2022-12-31 11681742 d:ShareCapital 2021-12-31 11681742 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 11681742 d:OtherMiscellaneousReserve 2022-12-31 11681742 d:OtherMiscellaneousReserve 2021-12-31 11681742 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11681742 d:RetainedEarningsAccumulatedLosses 2022-12-31 11681742 d:RetainedEarningsAccumulatedLosses 2021-12-31 11681742 c:OrdinaryShareClass1 2022-01-01 2022-12-31 11681742 c:OrdinaryShareClass1 2022-12-31 11681742 c:OrdinaryShareClass1 2021-12-31 11681742 c:OrdinaryShareClass2 2022-01-01 2022-12-31 11681742 c:OrdinaryShareClass2 2022-12-31 11681742 c:FRS102 2022-01-01 2022-12-31 11681742 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11681742 c:FullAccounts 2022-01-01 2022-12-31 11681742 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11681742 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11681742









NEVERLAND CREATIVE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
NEVERLAND CREATIVE LIMITED
REGISTERED NUMBER: 11681742

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
87,722
103,387

  
87,722
103,387

Current assets
  

Debtors: amounts falling due within one year
 5 
1,045,152
764,457

Cash at bank and in hand
 6 
1,993,753
571,785

  
3,038,905
1,336,242

Creditors: amounts falling due within one year
 7 
(2,553,725)
(1,032,612)

Net current assets
  
 
 
485,180
 
 
303,630

Total assets less current liabilities
  
572,902
407,017

Creditors: amounts falling due after more than one year
 8 
(29,070)
(38,842)

  

Net assets
  
543,832
368,175


Capital and reserves
  

Called up share capital 
 10 
100
100

Other reserves
  
19,072
-

Profit and loss account
  
524,660
368,075

  
543,832
368,175


Page 1

 
NEVERLAND CREATIVE LIMITED
REGISTERED NUMBER: 11681742
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 Massey
Director

Date: 20 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Neverland Creative Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11681742). 
The registered office and principal place of business address is 135 Curtain Road, Floor 3, London, EC2A 3BX.
The principal activity of the company is that of a brand strategy and creative communications agency.
The financial statements are presented in Sterling, which is the functional currency of the company.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

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:

Short-term leasehold property
-
over the life of the lease
Office equipment
-
4 years
Computer equipment
-
3 years

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 5

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2021 - 16).

Page 6

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
105,354
31,034
42,801
179,189


Additions
-
9,410
27,655
37,065



At 31 December 2022

105,354
40,444
70,456
216,254



Depreciation


At 1 January 2022
50,615
12,856
12,332
75,803


Charge for the year on owned assets
26,339
8,992
17,398
52,729



At 31 December 2022

76,954
21,848
29,730
128,532



Net book value



At 31 December 2022
28,400
18,596
40,726
87,722



At 31 December 2021
54,740
18,179
30,468
103,387

Page 7

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
593,265
551,066

Other debtors
83,302
85,068

Prepayments and accrued income
363,817
128,323

Deferred taxation
4,768
-

1,045,152
764,457



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,993,753
571,785

1,993,753
571,785



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
388,497
244,289

Corporation tax
60,351
77,656

Other taxation and social security
133,903
90,182

Other creditors
4,748
94,487

Accruals and deferred income
1,956,410
516,415

Bank loans
9,816
9,583

2,553,725
1,032,612



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
29,070
38,842

29,070
38,842


Page 8

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
9,816
9,583


9,816
9,583

Amounts falling due 1-2 years

Bank loans
20,358
19,875


20,358
19,875

Amounts falling due 2-5 years

Bank loans
8,712
18,968


8,712
18,968


38,886
48,426


Page 9

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



5,000 (2021 - 100) Ordinary shares of £0.01 each
50
100
5,000 B Ordinary shares of £0.01 each
50
-

100

100


During the period, 100 Ordinary shares of £1.00 each were sub-divided into 10,000 Ordinary shares of £0.01 each on 29 March 2022. 
Following the share sub-divison, 5,000 Ordinary shares were re-designated as B Ordinary shares on 29 March 2022. 


11.


Reserves

Other reserves

Other reserves relate to share-based payments pertaining to an EMI Share Option Scheme.

Profit and loss account

The profit and loss account comprises all realised, accumulated profits less all realised, accumulated losses.


12.


Share-based payments

In the year ended 31 December 2022, the Company created an EMI Option Scheme for employees. Upon vesting, each option allows the holder to purchase an agreed allotment of shares at the pre-agreed option price. The maximum term of the current the scheme ends on 26 April 2032. The fair value of the options granted were determined by management using a Black-Scholes option pricing model with a vesting period of 10 years and a risk-free interest rate of 3.5%. This method was chosen as it is an industry-standard, and was adjudged to reflect the fair value of the options most accurately. 777 such options were granted during the year, and remained outstanding and exercisable at the year-end.


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.


14.


Controlling party

The company is controlled by the directors. 

 
Page 10