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REGISTERED NUMBER: 13182260 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2022 TO 31 DECEMBER 2022

FOR

CRED SERVICES LIMITED

CRED SERVICES LIMITED (REGISTERED NUMBER: 13182260)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2022 TO 31 DECEMBER 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CRED SERVICES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MARCH 2022 TO 31 DECEMBER 2022







DIRECTOR: J S R Carr-Harris





REGISTERED OFFICE: 71-75 Shelton Street
London
WC2H 9JQ





REGISTERED NUMBER: 13182260 (England and Wales)






CRED SERVICES LIMITED (REGISTERED NUMBER: 13182260)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

31.12.22 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Investments 5 1 1

CURRENT ASSETS
Debtors 6 35,099 35,099
Cash at bank 965 63,870
36,064 98,969
CREDITORS
Amounts falling due within one year 7 33,965 97,870
NET CURRENT ASSETS 2,099 1,099
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,100

1,100

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,000 1,000
2,100 1,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 29 November 2023 and were signed by:





J S R Carr-Harris - Director


CRED SERVICES LIMITED (REGISTERED NUMBER: 13182260)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2022 TO 31 DECEMBER 2022


1. STATUTORY INFORMATION

CRED Services Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

CRED SERVICES LIMITED (REGISTERED NUMBER: 13182260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2022 TO 31 DECEMBER 2022


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Income Statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement
.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Income Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, loans from fellow Group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.


CRED SERVICES LIMITED (REGISTERED NUMBER: 13182260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2022 TO 31 DECEMBER 2022


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 statement of financial position date.

Going concern
The financial statements have been prepared on a going concern basis. The company has made losses during the period however the holding company will support the company to meet its obligations, if and when, they fall due. The director is therefore of the opinion that they should adopt the going concern basis in preparing the financial statements.

Change in reporting period and impact on comparability
For the reporting period the company changed its accounting period end from 28 February to 31 December in order to align its year end with the calender year. These financial statements therefore cover the 10 month period from 1 March 2022 to 31 December 2022 whereas the comparative figures included these financial statements cover the 13 month period from its incorporation on 5 February 2021 to 28 February 2022.

4. EMPLOYEES AND DIRECTORS

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

5. FIXED ASSET INVESTMENTS

Unlisted investments are recognised at cost less impairments in value. Impairments are charged to the income statement in the period which they are incurred.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 28.2.22
£    £   
Trade debtors 35,000 35,000
Amounts owed by group undertakings 99 99
35,099 35,099

Included in trade debtors is the amount of £35,000 which is owed to the company in relation to a group undertaking.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 28.2.22
£    £   
Trade creditors 31,965 97,870
Other creditors 2,000 -
33,965 97,870

Included in trade creditors is the amount of £31,965 which is owed by the company in relation to a group undertaking.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Cred Investments Holdings Ltd which is incorporated in England and having registered office at 71-75 Shelton Street, London, WC2H 9JQ.