Company registration number 13457881 (England and Wales)
SARAH WARD CREATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SARAH WARD CREATIVE LIMITED
COMPANY INFORMATION
Director
Mrs S Ward
Company number
13457881
Registered office
13 Bluebell Way
Shifnal
Shropshire
TF11 8FD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP
SARAH WARD CREATIVE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SARAH WARD CREATIVE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SARAH WARD CREATIVE LIMITED FOR THE PERIOD ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sarah Ward Creative Limited for the Period ended 31 May 2024 which comprise, the balance sheet 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 Sarah Ward Creative Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sarah Ward Creative Limited and state those matters that we have agreed to state to the board of directors of Sarah Ward Creative Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sarah Ward Creative Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Sarah Ward Creative Limited 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 Sarah Ward Creative Limited. You consider that Sarah Ward Creative Limited is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Sarah Ward Creative Limited. 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.
Ormerod Rutter Limited
29 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SARAH WARD CREATIVE LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,089
25,091
Current assets
Debtors
4
8,710
5,998
Cash at bank and in hand
32,295
43,445
41,005
49,443
Creditors: amounts falling due within one year
5
(41,912)
(51,157)
Net current liabilities
(907)
(1,714)
Total assets less current liabilities
20,182
23,377
Creditors: amounts falling due after more than one year
6
(15,048)
(17,677)
Provisions for liabilities
(3,740)
(4,447)
Net assets
1,394
1,253
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,294
1,153
Total equity
1,394
1,253
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period 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 director acknowledges her 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 Period 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.
SARAH WARD CREATIVE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mrs S Ward
Director
Company registration number 13457881 (England and Wales)
SARAH WARD CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Sarah Ward Creative Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Bluebell Way, Shifnal, Shropshire, United Kingdom, TF11 8FD.
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 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 services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures and fittings
25% reducing balance
Computer equipment
33% on cost
Motor vehicles
20% reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
SARAH WARD CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
1
1
SARAH WARD CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
1,632
4,198
34,595
40,425
Additions
2,039
819
2,858
At 31 May 2024
3,671
5,017
34,595
43,283
Depreciation and impairment
At 1 July 2023
637
2,243
12,454
15,334
Depreciation charged in the Period
759
1,673
4,428
6,860
At 31 May 2024
1,396
3,916
16,882
22,194
Carrying amount
At 31 May 2024
2,275
1,101
17,713
21,089
At 30 June 2023
995
1,955
22,141
25,091
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,500
5,800
Other debtors
210
198
8,710
5,998
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
6,743
2,357
Other creditors
35,169
48,800
41,912
51,157
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
15,048
17,677
SARAH WARD CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
17,915
20,544
Hire purchase contracts are secured against the assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
76
76
76
76
Ordinary B of £1 each
24
24
24
24
100
100
100
100
9
Ultimate controlling party
The ultimate controlling party is Mrs S Ward