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REGISTERED NUMBER: 12732021 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CREO LONDON LIMITED

CREO LONDON LIMITED (REGISTERED NUMBER: 12732021)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CREO LONDON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M H Davies
C Degani Davies





REGISTERED OFFICE: Westgate House
9 Holborn
London
EC1N 2LL





REGISTERED NUMBER: 12732021 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

CREO LONDON LIMITED (REGISTERED NUMBER: 12732021)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,320,989 1,909,851

CURRENT ASSETS
Debtors 5 1,539,519 516,485
Cash at bank 263,129 359,973
1,802,648 876,458
CREDITORS
Amounts falling due within one year 6 3,745,982 1,552,571
NET CURRENT LIABILITIES (1,943,334 ) (676,113 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,377,655

1,233,738

CREDITORS
Amounts falling due after more than one
year

7

2,339,028

1,479,803
NET ASSETS/(LIABILITIES) 38,627 (246,065 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 38,527 (246,165 )
38,627 (246,065 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 6 March 2024 and were signed on its behalf by:





M H Davies - Director


CREO LONDON LIMITED (REGISTERED NUMBER: 12732021)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Creo London 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. 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.

Revenue recognition
Revenue represents rents and service charges receivable on the company's serviced offices, excluding value added tax.

Revenue is recognised in the accounting period to which the rents and service charges relate to.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold property - Over the period of the lease
Improvements to property - Over the period of the lease
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 6 ) .

CREO LONDON LIMITED (REGISTERED NUMBER: 12732021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Short Improvements Fixtures
leasehold to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 155,475 1,564,174 379,625 62,542 2,161,816
Additions 243,198 2,046,885 444,543 24,232 2,758,858
At 31 December 2023 398,673 3,611,059 824,168 86,774 4,920,674
DEPRECIATION
At 1 January 2023 13,027 127,468 87,897 23,573 251,965
Charge for year 20,159 177,990 124,738 24,833 347,720
At 31 December 2023 33,186 305,458 212,635 48,406 599,685
NET BOOK VALUE
At 31 December 2023 365,487 3,305,601 611,533 38,368 4,320,989
At 31 December 2022 142,448 1,436,706 291,728 38,969 1,909,851

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 16,239 16,392
Deferred tax asset
Tax losses carried forward 269,739 115,973
Prepayments and accrued income 406,413 136,992
692,391 269,357

Amounts falling due after more than one year:
Lease deposit 847,128 247,128

Aggregate amounts 1,539,519 516,485

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 549,448 213,721
Amounts owed to related companies 189,566 192,566
Social security and other taxes 4,224 5,201
VAT 211,310 77,815
Other creditors 300,000 -
Client Deposits 735,997 332,075
Accruals and deferred income 1,755,437 731,193
3,745,982 1,552,571

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Directors' loan accounts 2,339,028 1,479,803

CREO LONDON LIMITED (REGISTERED NUMBER: 12732021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,266,639 480,521
Between one and five years 7,028,362 3,295,000
In more than five years 16,428,291 4,969,958
24,723,292 8,745,479

The above leases relate to company's serviced office buildings.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other creditors 300,000 -

Other creditors relate to a 3rd party loan. Interest is charged at an annual rate of 6%. The loan is repayable within 12 months of the year end.

The loan is secured against the company's share capital.

10. RELATED PARTY DISCLOSURES

At the year end, the amount due to a related company owned by the directors was £189,566 (2022: £192,566). This loan is interest free and repayable on demand.

Included in creditors is a balance of £2,339,028 (2022: £1,479,803) owed to a director of the company. This loan is interest free and repayment is not due until at least 12 months after the year end.

11. ULTIMATE CONTROLLING PARTY

The Company is controlled by Mr M H Davies and Mrs C Degani Davies.