Creative Graffix Ltd SC345599 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is The principal activity of the company during the year was photographic and creative services. Digita Accounts Production Advanced 6.30.9574.0 true SC345599 2023-04-01 2024-03-31 SC345599 2024-03-31 SC345599 bus:Director2 1 2024-03-31 SC345599 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-31 SC345599 bus:OrdinaryShareClass2 bus:CumulativeShares 2024-03-31 SC345599 bus:OrdinaryShareClass3 bus:CumulativeShares 2024-03-31 SC345599 bus:OrdinaryShareClass4 bus:CumulativeShares 2024-03-31 SC345599 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC345599 core:ShareCapital 2024-03-31 SC345599 core:SharePremium 2024-03-31 SC345599 core:CurrentFinancialInstruments 2024-03-31 SC345599 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC345599 core:Non-currentFinancialInstruments 2024-03-31 SC345599 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC345599 core:Goodwill 2024-03-31 SC345599 core:FurnitureFittingsToolsEquipment 2024-03-31 SC345599 core:LandBuildings 2024-03-31 SC345599 bus:SmallEntities 2023-04-01 2024-03-31 SC345599 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC345599 bus:FilletedAccounts 2023-04-01 2024-03-31 SC345599 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC345599 bus:RegisteredOffice 2023-04-01 2024-03-31 SC345599 bus:Director2 2023-04-01 2024-03-31 SC345599 bus:Director2 1 2023-04-01 2024-03-31 SC345599 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 SC345599 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC345599 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-04-01 2024-03-31 SC345599 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-04-01 2024-03-31 SC345599 bus:OrdinaryShareClass4 bus:CumulativeShares 2023-04-01 2024-03-31 SC345599 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC345599 core:Goodwill 2023-04-01 2024-03-31 SC345599 core:FurnitureFittings 2023-04-01 2024-03-31 SC345599 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC345599 core:LandBuildings 2023-04-01 2024-03-31 SC345599 countries:Scotland 2023-04-01 2024-03-31 SC345599 2023-03-31 SC345599 bus:Director2 1 2023-03-31 SC345599 core:Goodwill 2023-03-31 SC345599 core:FurnitureFittingsToolsEquipment 2023-03-31 SC345599 core:LandBuildings 2023-03-31 SC345599 2022-04-01 2023-03-31 SC345599 2023-03-31 SC345599 bus:Director2 1 2023-03-31 SC345599 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 SC345599 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-03-31 SC345599 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-03-31 SC345599 bus:OrdinaryShareClass4 bus:CumulativeShares 2023-03-31 SC345599 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC345599 core:ShareCapital 2023-03-31 SC345599 core:SharePremium 2023-03-31 SC345599 core:CurrentFinancialInstruments 2023-03-31 SC345599 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC345599 core:Non-currentFinancialInstruments 2023-03-31 SC345599 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC345599 core:Goodwill 2023-03-31 SC345599 core:FurnitureFittingsToolsEquipment 2023-03-31 SC345599 core:LandBuildings 2023-03-31 SC345599 bus:Director2 1 2022-04-01 2023-03-31 SC345599 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-04-01 2023-03-31 SC345599 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC345599 bus:Director2 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC345599

Creative Graffix Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Creative Graffix Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Creative Graffix Ltd

(Registration number: SC345599)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

45,200

50,850

Tangible assets

5

20,331

19,699

 

65,531

70,549

Current assets

 

Stocks

6

750

750

Debtors

7

110,015

110,215

Cash at bank and in hand

 

5,590

544

 

116,355

111,509

Creditors: Amounts falling due within one year

8

(117,876)

(116,456)

Net current liabilities

 

(1,521)

(4,947)

Total assets less current liabilities

 

64,010

65,602

Creditors: Amounts falling due after more than one year

8

(28,513)

(30,000)

Net assets

 

35,497

35,602

Capital and reserves

 

Called up share capital

9

100

100

Share premium reserve

35,008

35,008

Retained earnings

389

494

Shareholders' funds

 

35,497

35,602

For the financial year ending 31 March 2024 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 Income Statement.

 

Creative Graffix Ltd

(Registration number: SC345599)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the director on 21 August 2024
 

.........................................
Mr R Smyth
Director

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
12b Riverside Court
Mayo Avenue
Dundee
DD2 1XD

These financial statements were authorised for issue by the director on 21 August 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.

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.

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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 & Fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 5 (2023 - 5).

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

113,000

113,000

At 31 March 2024

113,000

113,000

Amortisation

At 1 April 2023

62,150

62,150

Amortisation charge

5,650

5,650

At 31 March 2024

67,800

67,800

Carrying amount

At 31 March 2024

45,200

45,200

At 31 March 2023

50,850

50,850

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

14,692

27,019

41,711

Additions

-

2,000

2,000

At 31 March 2024

14,692

29,019

43,711

Depreciation

At 1 April 2023

-

22,012

22,012

Charge for the year

-

1,368

1,368

At 31 March 2024

-

23,380

23,380

Carrying amount

At 31 March 2024

14,692

5,639

20,331

At 31 March 2023

14,692

5,007

19,699

Included within the net book value of land and buildings above is £14,692 (2023 - £14,692) in respect of freehold land and buildings.
 

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

750

750

7

Debtors

Current

2024
£

2023
£

Trade debtors

26,320

20,210

Prepayments

27

140

Other debtors

83,668

89,865

 

110,015

110,215

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

58,891

65,941

Trade creditors

 

18,911

19,951

Taxation and social security

 

25,913

16,455

Accruals and deferred income

 

5,727

5,815

Other creditors

 

8,434

8,294

 

117,876

116,456

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

28,513

30,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

66

66

66

66

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

25

25

25

25

Ordinary D Shares of £1 each

8

8

8

8

100

100

100

100

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

28,513

30,000

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,933

3,418

Other borrowings

54,958

62,523

58,891

65,941

11

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £330.12 (2023 - £236.36) per each Ordinary A Shares

21,788

15,600

Final dividend of £3,000.00 (2023 - £Nil) per each Ordinary B Shares

3,000

-

24,788

15,600

12

Related party transactions

Transactions with the Director

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

Mr R Smyth

Mr R Smyth

88,767

21,088

(26,188)

83,668

 

Creative Graffix Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

Mr R Smyth

Mr R Smyth

77,776

17,493

(6,502)

88,767