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REGISTERED NUMBER: 10821006 (England and Wales)















Financial Statements for the Year Ended 30 June 2023

for

CreDec Limited

CreDec Limited (Registered number: 10821006)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CreDec Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr C F Eadie
Mr A M Meynell





REGISTERED OFFICE: 22 Baker Street
London
W1U 3BW





REGISTERED NUMBER: 10821006 (England and Wales)





AUDITORS: Haines Watts (Berkhamsted) Limited
Chartered Accountants and
Statutory Auditors
4 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF

CreDec Limited (Registered number: 10821006)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,433 49,911

CURRENT ASSETS
Debtors 5 21,987 44,886
Cash at bank 475,315 57,613
497,302 102,499
CREDITORS
Amounts falling due within one year 6 56,227 26,050
NET CURRENT ASSETS 441,075 76,449
TOTAL ASSETS LESS CURRENT LIABILITIES 478,508 126,360

CAPITAL AND RESERVES
Called up share capital 8 1,110,731 610,731
Retained earnings (632,223 ) (484,371 )
SHAREHOLDERS' FUNDS 478,508 126,360

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 15 March 2024 and were signed on its behalf by:





Mr A M Meynell - Director


CreDec Limited (Registered number: 10821006)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

CreDec 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.

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.

The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment and have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The presentation currency is £ sterling which is the functional currency of the company and rounded to the nearest £.

Significant judgements and estimates
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that effect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.

In the view of the directors applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material judgement in the next financial year.

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

Turnover is based on the provision of services to its parent company on a cost plus basis per transaction as agreed.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on reducing balance

CreDec Limited (Registered number: 10821006)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial instruments at amortised cost
The company trade debtor and creditor balances are measured at amortised cost taking into account bad debt provisions or write offs respectively.

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.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to known amounts of cash.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022
and 30 June 2023 153,000
DEPRECIATION
At 1 July 2022 103,089
Charge for year 12,478
At 30 June 2023 115,567
NET BOOK VALUE
At 30 June 2023 37,433
At 30 June 2022 49,911

CreDec Limited (Registered number: 10821006)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 10,054 -
Other debtors 7,921 1,480
Tax recoverable - 34,686
Prepayments and accrued income 4,012 8,720
21,987 44,886

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 28,286 5,321
Accrued expenses 27,941 20,729
56,227 26,050

7. SECURED DEBTS

There is a fixed charge with the Governor and Company of the Bank of England as Security Trustee over the present and future assets of the company for payments of all the secured liabilities.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
11,107,310 Ordinary Shares £0.10 1,110,731 610,731

5,000,000 Ordinary Shares shares of £0.10 each were allotted and fully paid for cash at par during the year.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Bianca Permal FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Berkhamsted) Limited

10. RELATED PARTY DISCLOSURES

The immediate and ultimate parent company is Ardohr Limited, a company registered in England and Wales.

The smallest and largest groups into which CreDec Limited is consolidated are Ardohr Limited. The group accounts are available from 31 Hill Street, London, W1J 5LS.