REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2023 |
for |
CreDec Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
CreDec Limited (Registered number: 10821006) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
CreDec Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
Other debtors |
Tax recoverable |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade creditors |
Accrued expenses |
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: | £ | £ |
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 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |