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REGISTERED NUMBER: 02678318 (England and Wales)















Creative Displays (U.K.) Ltd.

Unaudited Financial Statements

for the year ended

31 May 2023






Creative Displays (U.K.) Ltd. (Registered number: 02678318)

Contents of the Financial Statements
for the year ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6

Chartered Accountants' Report 7

Creative Displays (U.K.) Ltd.

Company Information
for the year ended 31 May 2023







DIRECTORS: M P Cater
A Iles





REGISTERED OFFICE: Cater Cunningham House
St. Helens Way
Thetford
Norfolk
IP24 1HG





REGISTERED NUMBER: 02678318 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
8 Hopper Way
Diss
Norfolk
IP22 4GT

Creative Displays (U.K.) Ltd. (Registered number: 02678318)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 818,502 880,874

CURRENT ASSETS
Stocks 5 202,176 290,883
Debtors 6 479,342 814,489
Cash at bank and in hand 36,131 23,287
717,649 1,128,659
CREDITORS
Amounts falling due within one year 7 (582,567 ) (974,651 )
NET CURRENT ASSETS 135,082 154,008
TOTAL ASSETS LESS CURRENT LIABILITIES 953,584 1,034,882

CREDITORS
Amounts falling due after more than one year 8 (451,390 ) (532,337 )

PROVISIONS FOR LIABILITIES (99,532 ) (75,816 )
NET ASSETS 402,662 426,729

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 255,728 255,728
Retained earnings 146,834 170,901
SHAREHOLDERS' FUNDS 402,662 426,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:





M P Cater - Director


Creative Displays (U.K.) Ltd. (Registered number: 02678318)

Notes to the Financial Statements
for the year ended 31 May 2023


1. STATUTORY INFORMATION

Creative Displays (U.K.) Ltd. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Goodwill
Amortisation is calculated so as to write off the cost of the asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - over 3 years & 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on cost, 15% on reducing balance and 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Creative Displays (U.K.) Ltd. (Registered number: 02678318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company entered into a Company Voluntary Arrangement on 2 July 2020. The director is of the opinion that the company is able to meet the repayment terms imposed by the Company Voluntary Arrangement and therefore the financial statements should be prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 42 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2022 779,000 499,226 25,950 66,129 1,370,305
Additions - 1,610 - - 1,610
Disposals - - - (14,438 ) (14,438 )
At 31 May 2023 779,000 500,836 25,950 51,691 1,357,477
DEPRECIATION
At 1 June 2022 93,120 317,223 21,541 57,547 489,431
Charge for year 9,780 44,240 1,420 8,542 63,982
Eliminated on disposal - - - (14,438 ) (14,438 )
At 31 May 2023 102,900 361,463 22,961 51,651 538,975
NET BOOK VALUE
At 31 May 2023 676,100 139,373 2,989 40 818,502
At 31 May 2022 685,880 182,003 4,409 8,582 880,874

Included in cost or valuation of land and buildings is freehold land of £ 290,000 (2022 - £ 290,000 ) which is not depreciated.

Cost or valuation at 31 May 2023 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2018 255,728 - - - 255,728
Cost 523,272 500,836 25,950 51,691 1,101,749
779,000 500,836 25,950 51,691 1,357,477

Creative Displays (U.K.) Ltd. (Registered number: 02678318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 523,272 523,272
Aggregate depreciation 84,000 78,000

Value of land in freehold land and buildings 223,273 223,273

Freehold land and buildings were valued on an open market basis on 31 May 2018 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 June 2022
and 31 May 2023 23,788
DEPRECIATION
At 1 June 2022 4,361
Charge for year 2,379
At 31 May 2023 6,740
NET BOOK VALUE
At 31 May 2023 17,048
At 31 May 2022 19,427

5. STOCKS
2023 2022
£    £   
Stocks 73,458 125,592
Work-in-progress 128,718 165,291
202,176 290,883

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 406,727 753,710
Other debtors 72,615 60,779
479,342 814,489

Creative Displays (U.K.) Ltd. (Registered number: 02678318)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 113,395 369,058
Hire purchase contracts 4,758 4,758
Trade creditors 199,847 172,227
Taxation and social security 97,469 148,903
Other creditors 167,098 279,705
582,567 974,651

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 320,000 330,000
Hire purchase contracts 5,550 10,308
Other creditors 125,840 192,029
451,390 532,337

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 10,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 10,308 15,066

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Revaluation
reserve
£   
At 1 June 2022
and 31 May 2023 255,728

12. OTHER FINANCIAL COMMITMENTS

The company entered into a Company Voluntary Arrangement (CVA) on 2 July 2020, under the CVA the company is to make no fewer than 60 monthly voluntary contributions of not less than £5,000 during the term of the arrangement which shall be no less than 60 months. To the Balance Sheet date the company had made 32 payments of £5,000.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Creative Displays (U.K.) Ltd.


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Creative Displays (U.K.) Ltd. for the year ended 31 May 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Creative Displays (U.K.) Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Creative Displays (U.K.) Ltd.. You consider that Creative Displays (U.K.) 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 financial statements of Creative Displays (U.K.) 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 financial statements.






Haines Watts
Chartered Accountants
8 Hopper Way
Diss
Norfolk
IP22 4GT


20 February 2024