REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
One Creative Environments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
One Creative Environments Limited |
One Creative Environments Limited (Registered number: 02738102) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountant's Report | 8 |
One Creative Environments Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
1 Croft Lane |
Temple Grafton |
Alcester |
Warwickshire |
B49 6PA |
One Creative Environments Limited (Registered number: 02738102) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors: trade & other | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
One Creative Environments Limited (Registered number: 02738102) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
One Creative Environments Limited (Registered number: 02738102) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
ONE Creative Environments Limited is a company limited by shares and is incorporated in England and Wales. The address of the registered office is 5 The Triangle, Wildwood Drive, Worcester, Worcestershire, WR5 2QX. The financial statements comprise the unaudited financial statements of the Company up to 31 December each year and are stated in pound sterling, the company's functional and presentational currency. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years provided unless otherwise stated. |
2. | ACCOUNTING POLICIES |
General information and basis of accounting |
The company's financial statements have been prepared in compliance with the small companies regime as set out in Section 1A of FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention and on a going concern basis as modified by the revaluation of land and buildings held as investment property. |
Exemptions |
The Company meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of the disclosure exemptions available to it in respect of: |
1- The requirement to draw up a cashflow statement in accordance with section 7. |
2- Not to disclose related party transactions with two or more members of a group provided that any |
subsidiary which is party to that transaction is wholly owned. |
Revenue recognition |
Revenue comprises the value of services supplied during the period to external customers to the extent that there is a right to receive consideration and is recorded at the fair value of consideration received or receivable excluding value added tax. |
Fee income represents invoiced amounts for work performed (exclusive of value added tax) and the movement in the unbilled debtors held on the balance sheet from the previous year. |
All revenue is attributable to one class of business and arose in the United Kingdom. |
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. |
Leasehold Improvements - 10% on cost |
Fixture and Fittings - 25% on cost |
Motor Vehicles - 25% on reducing balance |
Computer Equipment - 25% on cost |
One Creative Environments Limited (Registered number: 02738102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Inventories |
Inventories comprises the cost and profit element of unbilled services, calculated on an individual contract basis to recognise income on the basis of percentage complete. |
Cost is calculated to include the salaries and overheads which are directly attributable to fee earning staff. |
The profit element of each contract is recognised in line with the stage of completion at the end of the financial year so as to achieve a constant percentage profit over the life of the contract. The risk of failure and recoverability of amounts due on each project is assessed and the recoverability of consideration accrued amended accordingly. |
When it is probable that total contract costs will exceed total revenue, the expected loss is recognised as an expense immediately. |
Taxation |
Taxation expense for the year comprises current and deferred tax recognized in the period. Tax is recognized in the statement of comprehensive income. |
Current tax is the amount of UK corporation tax payable in respect of the taxable profit for the year or prior years calculated using the tax rates and laws that that have been enacted or substantively enacted at the reporting date. |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized in financial statements. |
Deferred tax is recognized on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognized 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 rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply to the reversal of the timing difference. |
Leasing income and expense |
Rentals under operating leases are charged to the income statement on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight basis over the lease term |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
One Creative Environments Limited (Registered number: 02738102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Leasehold | and | Motor | Computer |
improvements | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
One Creative Environments Limited (Registered number: 02738102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | ULTIMATE CONTROLLING PARTY |
Chartered Accountant's Report to the Board of Directors |
on the Unaudited Financial Statements of |
One Creative Environments Limited |
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 Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income 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, I have prepared for your approval the financial statements of One Creative Environments Limited for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
This report is made solely to the Board of Directors of One Creative Environments Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of One Creative Environments Limited and state those matters that I have agreed to state to the Board of Directors of One Creative Environments Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report. |
It is your duty to ensure that One Creative Environments Limited 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 profit of One Creative Environments Limited. You consider that One Creative Environments Limited is exempt from the statutory audit requirement for the year. |
I have not been instructed to carry out an audit or a review of the financial statements of One Creative Environments Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. |
1 Croft Lane |
Temple Grafton |
Alcester |
Warwickshire |
B49 6PA |