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Registered number: 09300926
Creokinetics Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09300926
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 2,100
Tangible Assets 5 228,644 317,991
228,644 320,091
CURRENT ASSETS
Stocks 6 47,090 38,497
Debtors 7 5,979 10,165
Investments 8 59,276 -
Cash at bank and in hand 75,014 4,753
187,359 53,415
Creditors: Amounts Falling Due Within One Year 9 (167,050 ) (175,317 )
NET CURRENT ASSETS (LIABILITIES) 20,309 (121,902 )
TOTAL ASSETS LESS CURRENT LIABILITIES 248,953 198,189
Creditors: Amounts Falling Due After More Than One Year 10 - (55,486 )
NET ASSETS 248,953 142,703
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 248,952 142,702
SHAREHOLDERS' FUNDS 248,953 142,703
Page 1
Page 2
For the year ending 31 December 2023 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
Mr Jonathan Shepley
Director
16/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Creokinetics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09300926 . The registered office is 23 High Street, Bagshot, Surrey, GU19 5AF.
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. 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
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 Ranges from 4 years to 10 years straight line
Motor Vehicles 4 years straight line
Fixtures & Fittings 4 years straight line
Computer Equipment 3 years straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 10,500
As at 31 December 2023 10,500
Amortisation
As at 1 January 2023 8,400
Provided during the period 2,100
As at 31 December 2023 10,500
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 2,100
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 729,805 1,850 15,185 3,312 750,152
Additions 106,721 - - 1,833 108,554
As at 31 December 2023 836,526 1,850 15,185 5,145 858,706
Depreciation
As at 1 January 2023 419,886 1,850 7,788 2,637 432,161
Provided during the period 193,123 - 3,797 981 197,901
As at 31 December 2023 613,009 1,850 11,585 3,618 630,062
Net Book Value
As at 31 December 2023 223,517 - 3,600 1,527 228,644
As at 1 January 2023 309,919 - 7,397 675 317,991
6. Stocks
2023 2022
£ £
Stock 47,090 38,497
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 874 -
Prepayments and accrued income 3,938 500
Other debtors 1,167 1,750
5,979 2,250
Due after more than one year
Other debtors - 6,748
Other debtors (1) - 1,167
- 7,915
5,979 10,165
8. Current Asset Investments
2023 2022
£ £
Unlisted investments 59,276 -
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 7,907 4,099
Bank loans and overdrafts - 10,000
Corporation tax 21,913 (189 )
Other taxes and social security 1,505 2,664
VAT 26,867 11,189
Other creditors 9,434 50,509
Deferred tax - charged to the profit and loss account 57,161 79,497
Accruals and deferred income - 488
Director's loan account 42,263 17,060
167,050 175,317
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 24,167
Directors loan account - 31,319
- 55,486
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 5