Company registration number 09026966 (England and Wales)
4 REAL CREATIVE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
4 REAL CREATIVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
4 REAL CREATIVE LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,627
14,850
Current assets
Debtors
4
195,251
109,198
Cash at bank and in hand
48,678
55,432
243,929
164,630
Creditors: amounts falling due within one year
5
(161,566)
(103,587)
Net current assets
82,363
61,043
Total assets less current liabilities
91,990
75,893
Creditors: amounts falling due after more than one year
6
(10,833)
(20,833)
Provisions for liabilities
(2,407)
(3,713)
Net assets
78,750
51,347
Capital and reserves
Called up share capital
7
140
140
Capital redemption reserve
60
60
Profit and loss reserves
78,550
51,147
Total equity
78,750
51,347
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr J P Barry
Director
Company Registration No. 09026966
4 REAL CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
4 Real Creative Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 St Andrews Place, Cardiff, CF10 3BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for creative services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% reducing balance
Plant and equipment
33% straight line
Fixtures and fittings
20% reducing balance
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
4 REAL CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
7
4 REAL CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2023
64,854
8,985
73,839
Additions
1,193
200
1,393
At 31 May 2024
1,193
64,854
9,185
75,232
Depreciation and impairment
At 1 June 2023
56,547
2,442
58,989
Depreciation charged in the year
219
5,079
1,318
6,616
At 31 May 2024
219
61,626
3,760
65,605
Carrying amount
At 31 May 2024
974
3,228
5,425
9,627
At 31 May 2023
8,307
6,543
14,850
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
183,096
100,149
Other debtors
12,155
9,049
195,251
109,198
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
11,437
10,884
Taxation and social security
134,376
74,194
Other creditors
5,753
8,509
161,566
103,587
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
20,833
4 REAL CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary A of £1 each
10
10
10
10
Ordinary C of £1 each
10
10
10
10
Ordinary D of £1 each
10
10
10
10
Ordinary E of £1 each
10
10
10
10
140
140
140
140
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
36,833
49,833
9
Directors' transactions
Dividends totalling £161,147 (2023 - £94,200) were paid in the year in respect of shares held by the company's directors.
The directors operate current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the directors was £947 (2023 - £3,000); this amount being included in creditors: amounts falling due within one year.