Registered number
04559964
CREATING IT LIMITED
Unaudited Filleted Accounts
31 March 2024
CREATING IT LIMITED
Registered number: 04559964
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 21,582 17,030
Current assets
Stocks 455 430
Debtors 4 18,068 33,527
Cash at bank and in hand 58,835 15,413
77,358 49,370
Creditors: amounts falling due within one year 5 (43,731) (34,993)
Net current assets 33,627 14,377
Total assets less current liabilities 55,209 31,407
Creditors: amounts falling due after more than one year 6 (11,746) (20,545)
Provisions for liabilities (5,154) (3,012)
Net assets 38,309 7,850
Capital and reserves
Called up share capital 1 1
Profit and loss account 38,308 7,849
Shareholder's funds 38,309 7,850
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L ANDERSON
Director
Approved by the board on 24 September 2024
CREATING IT LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33.3% on cost
Plant and machinery 20% on book values
Motor vehicles 25% on book values
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 7,419 26,112 36,276 69,807
Additions 1,900 9,582 - 11,482
At 31 March 2024 9,319 35,694 36,276 81,289
Depreciation
At 1 April 2023 5,382 22,980 24,415 52,777
Charge for the year 787 3,178 2,965 6,930
At 31 March 2024 6,169 26,158 27,380 59,707
Net book value
At 31 March 2024 3,150 9,536 8,896 21,582
At 31 March 2023 2,037 3,132 11,861 17,030
4 Debtors 2024 2023
£ £
Trade debtors 18,068 30,016
Other debtors - 3,511
18,068 33,527
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Obligations under finance lease and hire purchase contracts 3,558 3,558
Trade creditors 337 2,182
Taxation and social security costs 27,347 19,714
Director's loan account 3,439 739
Accruals 3,050 2,800
43,731 34,993
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,967 15,207
Obligations under finance lease and hire purchase contracts 1,779 5,338
11,746 20,545
7 Related party transactions
Dividends paid to the director during the year amounted to £60,000 (2023 - £55,000).
8 Controlling party
Throughout this and the previous period the company was under the control of Mr L Anderson, a director and shareholder.
9 Other information
CREATING IT LIMITED is a private company limited by shares and incorporated in England. Its registered office is Dawes Court House, Dawes Court, High Street, Esher, KT10 9QD.
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