Company registration number 02573654 (England and Wales)
CREATIVE ART PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CREATIVE ART PRODUCTS LIMITED
COMPANY INFORMATION
Directors
Mr D W M G Paradis
Mr C Nicoletti
(Appointed 6 March 2023)
Company number
02573654
Registered office
Daler-Rowney House
Southern Industrial Area
Bracknell
Berkshire
RG12 8SS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CREATIVE ART PRODUCTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
CREATIVE ART PRODUCTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CREATIVE ART PRODUCTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
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 Art Products Limited for the year ended 31 December 2023 set out on pages 2 to 4 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Creative Art Products Limited, 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 Art Products Limited and state those matters that we have agreed to state to the board of directors of Creative Art Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creative Art Products Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Creative Art Products 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 result of Creative Art Products Limited. You consider that Creative Art Products Limited 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 Art Products Limited. 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.
Ormerod Rutter Limited
24 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CREATIVE ART PRODUCTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1
48,416
Cash at bank and in hand
8,944
Net current assets
1
57,360
Creditors: amounts falling due after more than one year
4
(57,359)
Net assets
1
1
Capital and reserves
Called up share capital
6
1
1
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
Mr D W M G Paradis
Director
Company registration number 02573654 (England and Wales)
CREATIVE ART PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Creative Art Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Daler-Rowney House, Southern Industrial Area, Bracknell, Berkshire, RG12 8SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.3
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.4
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
48,416
CREATIVE ART PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
57,359
5
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
-
57,359
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
10
10
1
1
7
Control
Ultimate parent company
The ultimate parent company is F.I.L.A. — Fabbrica Italiana Lapis ed Affini S.p.A, a company quoted on the Milan stock exchange.
Ultimate controlling party
There is no ultimate controlling party.