Process Creative Ltd 09149358 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is videography and digital activities Digita Accounts Production Advanced 6.30.9574.0 true true 09149358 2022-08-01 2023-07-31 09149358 2023-07-31 09149358 core:CurrentFinancialInstruments 2023-07-31 09149358 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 09149358 core:Non-currentFinancialInstruments 2023-07-31 09149358 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 09149358 core:FurnitureFittingsToolsEquipment 2023-07-31 09149358 bus:SmallEntities 2022-08-01 2023-07-31 09149358 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 09149358 bus:FilletedAccounts 2022-08-01 2023-07-31 09149358 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 09149358 bus:RegisteredOffice 2022-08-01 2023-07-31 09149358 bus:Director1 2022-08-01 2023-07-31 09149358 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 09149358 core:ComputerEquipment 2022-08-01 2023-07-31 09149358 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 09149358 countries:EnglandWales 2022-08-01 2023-07-31 09149358 2022-07-31 09149358 core:FurnitureFittingsToolsEquipment 2022-07-31 09149358 2021-08-01 2022-07-31 09149358 2022-07-31 09149358 core:CurrentFinancialInstruments 2022-07-31 09149358 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 09149358 core:Non-currentFinancialInstruments 2022-07-31 09149358 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 09149358 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 09149358

Process Creative Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Process Creative Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

Related party transactions

8

Director's remuneration

9

 

Process Creative Ltd

Company Information

Director

Mr Duncan Paines

Registered office

86-90 Paul Street,
London
EC2A 4NE

Accountants

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

Process Creative Ltd

(Registration number: 09149358)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,397

7,397

Current assets

 

Stocks

5

33,072

33,072

Debtors

6

91,065

85,177

Cash at bank and in hand

 

20

19

 

124,157

118,268

Creditors: Amounts falling due within one year

7

(78,104)

(65,027)

Net current assets

 

46,053

53,241

Total assets less current liabilities

 

53,450

60,638

Creditors: Amounts falling due after more than one year

7

(45,672)

(46,955)

Net assets

 

7,778

13,683

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

7,777

13,682

Shareholders' funds

 

7,778

13,683

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2024
 

.........................................
Mr Duncan Paines
Director

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
86-90 Paul Street,
London
EC2A 4NE

These financial statements were authorised for issue by the director on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

At the balance sheet date, The company had net liabilities. The company is reliant on the support by the director.

On the basis that the director will continue to support the reporting entity for the foreseeable future, the director considers it appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments that would result from a withdrawal of the support of the director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

20% on Reducing balance

Computer Eqiupment

20% on Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

28,424

28,424

At 31 July 2023

28,424

28,424

Depreciation

At 1 August 2022

21,027

21,027

At 31 July 2023

21,027

21,027

Carrying amount

At 31 July 2023

7,397

7,397

At 31 July 2022

7,397

7,397

5

Stocks

2023
£

2022
£

Work in progress

33,072

33,072

6

Debtors

Current

2023
£

2022
£

Trade debtors

85,706

80,645

Prepayments

4,530

4,532

Other debtors

829

-

 

91,065

85,177

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

13,061

9,815

Trade creditors

 

34,325

19,939

Taxation and social security

 

4,649

6,991

Accruals and deferred income

 

17,608

17,608

Other creditors

 

8,461

10,674

 

78,104

65,027

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

45,276

46,559

Other non-current financial liabilities

 

396

396

 

45,672

46,955

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

45,276

46,559

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

13,061

9,815

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Related party transactions

 

Process Creative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

3,935

8,585