Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31truefalse2022-11-01Other publishing activities22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07394899 2022-11-01 2023-10-31 07394899 2021-11-01 2022-10-31 07394899 2023-10-31 07394899 2022-10-31 07394899 c:Director2 2022-11-01 2023-10-31 07394899 d:OfficeEquipment 2022-11-01 2023-10-31 07394899 d:OfficeEquipment 2023-10-31 07394899 d:OfficeEquipment 2022-10-31 07394899 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07394899 d:CurrentFinancialInstruments 2023-10-31 07394899 d:CurrentFinancialInstruments 2022-10-31 07394899 d:Non-currentFinancialInstruments 2023-10-31 07394899 d:Non-currentFinancialInstruments 2022-10-31 07394899 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 07394899 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 07394899 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 07394899 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 07394899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 07394899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 07394899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 07394899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 07394899 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-10-31 07394899 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 07394899 d:ShareCapital 2023-10-31 07394899 d:ShareCapital 2022-10-31 07394899 d:RetainedEarningsAccumulatedLosses 2023-10-31 07394899 d:RetainedEarningsAccumulatedLosses 2022-10-31 07394899 c:FRS102 2022-11-01 2023-10-31 07394899 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 07394899 c:FullAccounts 2022-11-01 2023-10-31 07394899 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07394899 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 07394899 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 07394899 2 2022-11-01 2023-10-31 07394899 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 07394899










KRE8IVE PARTNERS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
KRE8IVE PARTNERS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KRE8IVE PARTNERS LTD
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kre8ive Partners Ltd for the year ended 31 October 2023 which comprise  the Statement of financial position, the Statement of changes in equity and the related notes 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 Kre8ive Partners Ltd, as a body, in accordance with the terms of our engagement letter dated 1st December 2021Our work has been undertaken solely to prepare for your approval the financial statements of Kre8ive Partners Ltd and state those matters that we have agreed to state to the Board of directors of Kre8ive Partners Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kre8ive Partners Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Kre8ive Partners Ltd 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 Kre8ive Partners Ltd. You consider that Kre8ive Partners Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Kre8ive Partners Ltd. 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.

  



McColes & Co (Herts) Ltd
 
First Floor
28 Whitehorse Street
Baldock
Herts
SG7 6QQ
30 July 2024
Page 1

 
KRE8IVE PARTNERS LTD
REGISTERED NUMBER: 07394899

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
1,042
1,073

  
1,042
1,073

Current assets
  

Debtors: amounts falling due within one year
 5 
51,777
44,352

Cash at bank and in hand
  
30
2,235

  
51,807
46,587

Creditors: amounts falling due within one year
 6 
(14,314)
(29,802)

Net current assets
  
 
 
37,493
 
 
16,785

Total assets less current liabilities
  
38,535
17,858

Creditors: amounts falling due after more than one year
 7 
(43,725)
(43,725)

Provisions for liabilities
  

Deferred tax
 9 
(198)
-

  
 
 
(198)
 
 
-

Net liabilities
  
(5,388)
(25,867)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(5,398)
(25,877)

  
(5,388)
(25,867)


Page 2

 
KRE8IVE PARTNERS LTD
REGISTERED NUMBER: 07394899
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




S E Turner
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
1.2

Going concern

At 31 October 2023, the Company had net liabilities of £5,388. The Company is reliant on the support of the directors. It is the intention of the directors to support the company and therefore these accounts have been prepared on a going concern basis.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.Accounting policies (continued)

 
1.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
1.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.Accounting policies (continued)

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.Accounting policies (continued)

 
1.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.


General information

The company is a private company, limited by shares and registered in England.
Its registered number is: 07394899
Its Registered Office is: 
Regal House
55b Bancroft
Hitchin
Hertfordshire
SG5 1LL


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
2
2

Page 7

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 November 2022
40,450


Additions
899



At 31 October 2023

41,349



Depreciation


At 1 November 2022
39,377


Charge for the year on owned assets
930



At 31 October 2023

40,307



Net book value



At 31 October 2023
1,042



At 31 October 2022
1,073


5.


Debtors

2023
2022
£
£


Trade debtors
336
1,410

Other debtors
51,441
42,942

51,777
44,352


Page 8

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,725
9,690

Trade creditors
2,429
4,461

Corporation tax
1,672
4,259

Other taxation and social security
4,100
6,106

Other creditors
38
2,786

Accruals and deferred income
3,350
2,500

14,314
29,802



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
43,725
43,725

43,725
43,725


Page 9

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,725
9,690


2,725
9,690

Amounts falling due 1-2 years

Bank loans
6,188
6,188


6,188
6,188

Amounts falling due 2-5 years

Bank loans
18,563
18,563


18,563
18,563

Amounts falling due after more than 5 years

Bank loans
18,975
18,975

18,975
18,975

46,451
53,416

Page 10

 
KRE8IVE PARTNERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Deferred taxation




2023


£






Charged to profit or loss
(198)



At end of year
(198)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(198)
-

(198)
-


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £500 (2022 - £517). Contributions totalling £40 (2022 - £2,788) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

The amount due from the director M C Turner and included in other debtors at the reporting date was £38,894; (2022: £33,223). The loan does not attract a rate of interest and is repayable on demand. 

 
Page 11