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Registration number: 11073548

Creative Hut for Education Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Creative Hut for Education Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Creative Hut for Education Limited

Company Information

Directors

Mr Gareth Thomas Boldsworth

Mr Paul Chisnall

Registered office

Peace Centre Peace Drive, Great Sankey
Warrington
Cheshire
WA5 1HQ

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Creative Hut for Education Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Creative Hut for Education Limited for the year ended 31 December 2022 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Creative Hut for Education Limited, as a body, in accordance with the terms of our engagement letter dated 29 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Creative Hut for Education Limited and state those matters that we have agreed to state to the Board of Directors of Creative Hut for Education Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creative Hut for Education Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Creative Hut for Education Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Creative Hut for Education Limited. You consider that Creative Hut for Education Limited 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 Creative Hut for Education Limited. 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.

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

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

23 December 2023

 

Creative Hut for Education Limited

(Registration number: 11073548)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

2,533

5,573

Tangible assets

5

39,610

45,027

Investments

6

75

75

 

42,218

50,675

Current assets

 

Stocks

7

210,434

164,134

Debtors

8

450,409

363,307

Cash at bank and in hand

 

158,970

289,589

 

819,813

817,030

Creditors: Amounts falling due within one year

9

(407,367)

(436,274)

Net current assets

 

412,446

380,756

Total assets less current liabilities

 

454,664

431,431

Creditors: Amounts falling due after more than one year

9

(280,500)

(274,250)

Provisions for liabilities

(9,902)

(9,614)

Net assets

 

164,262

147,567

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

164,260

147,565

Shareholders' funds

 

164,262

147,567

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Creative Hut for Education Limited

(Registration number: 11073548)
Balance Sheet as at 31 December 2022

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.

Approved and authorised by the Board on 23 December 2023 and signed on its behalf by:
 

.........................................
Mr Gareth Thomas Boldsworth
Director

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
Peace Centre Peace Drive, Great Sankey
Warrington
Cheshire
WA5 1HQ

These financial statements were authorised for issue by the Board on 23 December 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.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Group accounts not prepared

The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.

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.

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture and fittings

15% Reducing balance

Computer equipment

33% Straight Line

Plant and machinery

25% Reducing balance

Intangible assets

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

Straight line over 5 years

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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.

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 directors) during the year, was 9 (2021 - 8).

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

15,200

15,200

At 31 December 2022

15,200

15,200

Amortisation

At 1 January 2022

9,627

9,627

Amortisation charge

3,040

3,040

At 31 December 2022

12,667

12,667

Carrying amount

At 31 December 2022

2,533

2,533

At 31 December 2021

5,573

5,573

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

21,653

46,465

68,118

Additions

9,596

-

9,596

At 31 December 2022

31,249

46,465

77,714

Depreciation

At 1 January 2022

8,252

14,839

23,091

Charge for the year

7,107

7,906

15,013

At 31 December 2022

15,359

22,745

38,104

Carrying amount

At 31 December 2022

15,890

23,720

39,610

At 31 December 2021

13,401

31,626

45,027

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Investments

2022
£

2021
£

Investments in subsidiaries

75

75

Subsidiaries

£

Cost or valuation

At 1 January 2022

75

Provision

Carrying amount

At 31 December 2022

75

At 31 December 2021

75

7

Stocks

2022
£

2021
£

Other inventories

210,434

164,134

8

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

337,225

172,463

Amounts owed by related parties

11

7,593

6,910

Prepayments

 

35,095

95,987

Other debtors

 

70,496

87,947

   

450,409

363,307

 

Creative Hut for Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

77,500

62,500

Trade creditors

 

79,963

235,096

Taxation and social security

 

132,272

83,612

Accruals and deferred income

 

91,500

2,515

Other creditors

 

26,132

52,551

 

407,367

436,274

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

162,500

156,250

Other non-current financial liabilities

 

118,000

118,000

 

280,500

274,250

Included within loans and borrowings less than one year is £62,500 (2021: £62.500), and loans and borrowings greater than one year is £93,750 (2021: £156,250). This relates to commercial loans which are secured by way of a fixed and floating charge and negative pledge.

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

11

Related party transactions

As at the year end there were amounts totalling £4,154 (2021: £10,817) owed by the director. The amounts are unsecured, interest free and repayable on demand.