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Registered number: 10884509
Creative Work Studios Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10884509
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,673 6,231
Investments 5 16,005 16,005
20,678 22,236
CURRENT ASSETS
Debtors 6 342 3,494
Cash at bank and in hand 69,901 -
70,243 3,494
Creditors: Amounts Falling Due Within One Year 7 (197,824 ) (103,420 )
NET CURRENT ASSETS (LIABILITIES) (127,581 ) (99,926 )
TOTAL ASSETS LESS CURRENT LIABILITIES (106,903 ) (77,690 )
NET LIABILITIES (106,903 ) (77,690 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (107,003 ) (77,790 )
SHAREHOLDERS' FUNDS (106,903) (77,690)
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Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
James Edmiston
Director
23 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Creative Work Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10884509 . The registered office is .
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% RB
Computer Equipment 25% RB
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 August 2023 12,639 6,091 18,730
As at 31 July 2024 12,639 6,091 18,730
Depreciation
As at 1 August 2023 8,558 3,941 12,499
Provided during the period 1,020 538 1,558
As at 31 July 2024 9,578 4,479 14,057
Net Book Value
As at 31 July 2024 3,061 1,612 4,673
As at 1 August 2023 4,081 2,150 6,231
5. Investments
Unlisted
£
Cost
As at 1 August 2023 16,005
As at 31 July 2024 16,005
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 16,005
As at 1 August 2023 16,005
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 342 3,494
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,349 14,711
Bank loans and overdrafts 31,607 42,489
Other taxes and social security 1,364 1,998
Accruals and deferred income 117,056 -
Director's loan account 45,448 44,222
197,824 103,420
Included in "accruals and deferred income" is a grant of £115,306 received from St Jude Childrens Research Hospital to provide working capital to fund a project, creating, promoting and selling artwork.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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