CREATION MILL C.I.C.

Company limited by guarantee

Company Registration Number:
SC715640 (Scotland)

Unaudited statutory accounts for the year ended 30 December 2023

Period of accounts

Start date: 31 December 2022

End date: 30 December 2023

CREATION MILL C.I.C.

Contents of the Financial Statements

for the Period Ended 30 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

CREATION MILL C.I.C.

Directors' report period ended 30 December 2023

The directors present their report with the financial statements of the company for the period ended 30 December 2023

Principal activities of the company

The company's principal activity and vision during the year was to revitalise and support the textile industry in Langholm, by providing training opportunities for young people, those out of work and who want to retrain and also support textile art for enjoyment and wellbeing of all ages, doing this as sustainably as possible by opting for a circular textile ethos.

Additional information

Creation Mill C.I.C is a private company limited by guarantee and incorporated in Scotland. Its registered office is:Buccleuch MillGlenesk RoadLangholm DG13 0ES



Directors

The directors shown below have held office during the whole of the period from
31 December 2022 to 30 December 2023

Emma Duncan
Judith Johnson
Gillian Stephenson
Stephanie MacKenzie


The director shown below has held office during the period of
10 November 2023 to 30 December 2023

Alan Green


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 June 2024

And signed on behalf of the board by:
Name: Emma Duncan
Status: Director

CREATION MILL C.I.C.

Profit And Loss Account

for the Period Ended 30 December 2023

2023 13 months to 30 December 2022


£

£
Turnover: 100,306 26,431
Cost of sales: ( 22,743 ) ( 12,704 )
Gross profit(or loss): 77,563 13,727
Administrative expenses: ( 76,601 ) ( 13,052 )
Operating profit(or loss): 962 675
Interest receivable and similar income: 25
Profit(or loss) before tax: 962 700
Profit(or loss) for the financial year: 962 700

CREATION MILL C.I.C.

Balance sheet

As at 30 December 2023

Notes 2023 13 months to 30 December 2022


£

£
Current assets
Debtors: 3 582 700
Cash at bank and in hand: 22,387 43,157
Total current assets: 22,969 43,857
Creditors: amounts falling due within one year: 4 ( 21,623 ) ( 43,290 )
Net current assets (liabilities): 1,346 567
Total assets less current liabilities: 1,346 567
Total net assets (liabilities): 1,346 567
Members' funds
Profit and loss account: 1,346 567
Total members' funds: 1,346 567

The notes form part of these financial statements

CREATION MILL C.I.C.

Balance sheet statements

For the year ending 30 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 20 June 2024
and signed on behalf of the board by:

Name: Judith Johnson
Status: Director

The notes form part of these financial statements

CREATION MILL C.I.C.

Notes to the Financial Statements

for the Period Ended 30 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, from the rendering of services and receipt of grant income. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services and grants is recognised by reference to the stage of completion of the contract or degree of spend of the funding received. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Other accounting policies

    StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.DebtorsShort term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.CreditorsShort term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.ProvisionsProvisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

CREATION MILL C.I.C.

Notes to the Financial Statements

for the Period Ended 30 December 2023

  • 2. Employees

    2023 13 months to 30 December 2022
    Average number of employees during the period 3 0

CREATION MILL C.I.C.

Notes to the Financial Statements

for the Period Ended 30 December 2023

3. Debtors

2023 13 months to 30 December 2022
£ £
Trade debtors 25 0
Other debtors 557 700
Total 582 700

CREATION MILL C.I.C.

Notes to the Financial Statements

for the Period Ended 30 December 2023

4. Creditors: amounts falling due within one year note

2023 13 months to 30 December 2022
£ £
Taxation and social security 316 133
Other creditors 21,307 43,157
Total 21,623 43,290

COMMUNITY INTEREST ANNUAL REPORT

CREATION MILL C.I.C.

Company Number: SC715640 (Scotland)

Year Ending: 30 December 2023

Company activities and impact

Creation Mill has runs a range of services in and around Langholm with the empathises on using up waste textiles to promote a more circular textiles practise. Creation Mill runs weekly and fortnightly meet up sessions called 'In Stitches'. There have been 103 'In Stitches' session in 4 locations over the course of the year. These are free to attend and there is light refreshments provided. Beneficiaries of the groups have said it has 'become a lifeline'. Creation Mill has also supported 60 weekly drop in sessions such as Mending Monday and Welcome Wednesday. These have appealed to the wider communities and encouraged friendships and social connections especially for those of retirement age that are more likely to experience social isolation and loneliness. For Creation Mill Youth work programme we have provides;- 21 after school club sessions- 16 holiday sessions- 60 in school workshops- 28 mental health and wellbeing knitting sessions- 10 sessions in partnership with Xcel Youth group- 11 other group sessions with young people. Creation Mill has also provide 15 fully funded for enjoyment sessions called Reuse, Recycle, Recreate - a program of workshops helping people to learn new skills and make useful items out of waste fabrics; such as draught excluders and padded house coats.Creation Mill runs a community scrap store that has been regularly visited in 2023. We have rescued fabrics, haberdashery, books, magazines and so much more from ending up in landfill - contributing to our goal to be Net Zero and Zero waste.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The Director E Duncan provided services to the company totalling £24,627 (2022: £4,952) during the year.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
20 June 2024

And signed on behalf of the board by:
Name: Emma Duncan
Status: Director