Creed Communications Limited 06128303 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of an advertising agency. Digita Accounts Production Advanced 6.30.9574.0 true 06128303 2023-04-01 2024-03-31 06128303 2024-03-31 06128303 core:CurrentFinancialInstruments 2024-03-31 06128303 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06128303 core:FurnitureFittingsToolsEquipment 2024-03-31 06128303 bus:SmallEntities 2023-04-01 2024-03-31 06128303 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06128303 bus:FilletedAccounts 2023-04-01 2024-03-31 06128303 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06128303 bus:RegisteredOffice 2023-04-01 2024-03-31 06128303 bus:Director1 2023-04-01 2024-03-31 06128303 bus:Director2 2023-04-01 2024-03-31 06128303 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06128303 bus:Agent1 2023-04-01 2024-03-31 06128303 core:FurnitureFittings 2023-04-01 2024-03-31 06128303 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06128303 countries:EnglandWales 2023-04-01 2024-03-31 06128303 2023-03-31 06128303 core:FurnitureFittingsToolsEquipment 2023-03-31 06128303 2022-04-01 2023-03-31 06128303 2023-03-31 06128303 core:CurrentFinancialInstruments 2023-03-31 06128303 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06128303 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06128303

Creed Communications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Creed Communications Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Creed Communications Limited

Company Information

Directors

Mrs C A Hill

Mr S J McLoughlin

Registered office

3 Tabley Court
Victoria Street
Altrincham
WA14 1EZ

Accountants

Xeinadin Phillip Carroll
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Creed Communications Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Creed Communications Limited for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Creed Communications Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Creed Communications Limited and state those matters that we have agreed to state to the Board of Directors of Creed Communications Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creed Communications Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Creed Communications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Creed Communications Limited. You consider that Creed Communications Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Creed Communications 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 accounts.

......................................


Xeinadin Phillip Carroll
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

19 September 2024

 

Creed Communications Limited

(Registration number: 06128303)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,238

15,743

Current assets

 

Debtors

5

1,850,630

1,080,619

Cash at bank and in hand

 

1,527,232

1,055,684

 

3,377,862

2,136,303

Creditors: Amounts falling due within one year

6

(3,006,285)

(1,659,401)

Net current assets

 

371,577

476,902

Total assets less current liabilities

 

388,815

492,645

Provisions for liabilities

(4,309)

(3,936)

Net assets

 

384,506

488,709

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

374,506

478,709

Shareholders' funds

 

384,506

488,709

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Creed Communications Limited

(Registration number: 06128303)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mrs C A Hill
Director

.........................................
Mr S J McLoughlin
Director

 

Creed Communications Limited

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 England and Wales.

The address of its registered office is:
3 Tabley Court
Victoria Street
Altrincham
WA14 1EZ
United Kingdom

These financial statements were authorised for issue by the Board on 19 September 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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Creed Communications Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixture, fittings & office equipment

33.3% Straight line basis

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.

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.

 

Creed Communications Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 22).

 

Creed Communications Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

61,954

61,954

Additions

11,776

11,776

Disposals

(11,460)

(11,460)

At 31 March 2024

62,270

62,270

Depreciation

At 1 April 2023

46,211

46,211

Charge for the year

10,088

10,088

Eliminated on disposal

(11,267)

(11,267)

At 31 March 2024

45,032

45,032

Carrying amount

At 31 March 2024

17,238

17,238

At 31 March 2023

15,743

15,743

5

Debtors

2024
£

2023
£

Trade debtors

1,816,339

1,054,763

Prepayments and accrued income

34,291

25,856

1,850,630

1,080,619

 

Creed Communications Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,270,771

431,201

Taxation and social security

689,065

534,014

Accruals and deferred income

969,657

601,899

Other creditors

76,792

92,287

3,006,285

1,659,401

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £99,414 (2023 - £102,947).

The total amount of guarantees not included in the balance sheet is £2,059,500 (2023 - £2,746,000).
The guarantee is secured by a fixed and floating charge over all the assets of the company.

8

Employee Ownership Trust

On 16 August 2022, Creed (EOT) Limited (14260525), in its capacity as sole trustee of the Creed Communications Employee Ownership Trust, acquired 100% of the company's share capital.