IRIS Accounts Production v24.2.0.383 04462704 Board of Directors 1.7.23 30.6.24 30.6.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure044627042023-06-30044627042024-06-30044627042023-07-012024-06-30044627042022-06-30044627042022-07-012023-06-30044627042023-06-3004462704ns16:EnglandWales2023-07-012024-06-3004462704ns15:PoundSterling2023-07-012024-06-3004462704ns11:Director12023-07-012024-06-3004462704ns11:PrivateLimitedCompanyLtd2023-07-012024-06-3004462704ns11:SmallEntities2023-07-012024-06-3004462704ns11:AuditExempt-NoAccountantsReport2023-07-012024-06-3004462704ns11:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3004462704ns11:SmallCompaniesRegimeForAccounts2023-07-012024-06-3004462704ns11:FullAccounts2023-07-012024-06-3004462704ns11:Director22023-07-012024-06-3004462704ns11:RegisteredOffice2023-07-012024-06-3004462704ns6:CurrentFinancialInstruments2024-06-3004462704ns6:CurrentFinancialInstruments2023-06-3004462704ns6:Non-currentFinancialInstruments2024-06-3004462704ns6:Non-currentFinancialInstruments2023-06-3004462704ns6:ShareCapital2024-06-3004462704ns6:ShareCapital2023-06-3004462704ns6:LeaseholdImprovements2023-07-012024-06-3004462704ns6:PlantMachinery2023-07-012024-06-3004462704ns6:FurnitureFittings2023-07-012024-06-3004462704ns6:ComputerEquipment2023-07-012024-06-3004462704ns6:LeaseholdImprovements2023-06-3004462704ns6:PlantMachinery2023-06-3004462704ns6:FurnitureFittings2023-06-3004462704ns6:ComputerEquipment2023-06-3004462704ns6:LeaseholdImprovements2024-06-3004462704ns6:PlantMachinery2024-06-3004462704ns6:FurnitureFittings2024-06-3004462704ns6:ComputerEquipment2024-06-3004462704ns6:LeaseholdImprovements2023-06-3004462704ns6:PlantMachinery2023-06-3004462704ns6:FurnitureFittings2023-06-3004462704ns6:ComputerEquipment2023-06-3004462704ns6:WithinOneYearns6:CurrentFinancialInstruments2024-06-3004462704ns6:WithinOneYearns6:CurrentFinancialInstruments2023-06-3004462704ns6:CurrentFinancialInstruments2023-07-012024-06-3004462704ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2024-06-3004462704ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-06-3004462704ns6:Non-currentFinancialInstruments2023-07-012024-06-30
REGISTERED NUMBER: 04462704 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 June 2024

for

Think Creative Studio Limited

Think Creative Studio Limited (Registered number: 04462704)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


Think Creative Studio Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S K Grigg
Mrs F Grigg





REGISTERED OFFICE: Suite 2
The Mill Stuart Works
High Street
Stourbridge
DY8 4FA





REGISTERED NUMBER: 04462704 (England and Wales)





ACCOUNTANTS: Taylor Hobbs
Cherry Tree Barn
Walcot Lane
Drakes Broughton
Pershore
Worcestershire
WR10 2AL

Think Creative Studio Limited (Registered number: 04462704)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of graphic design.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S K Grigg
Mrs F Grigg

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S K Grigg - Director


2 October 2024

Think Creative Studio Limited (Registered number: 04462704)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,170 16,997

CURRENT ASSETS
Debtors 5 151,280 133,823
Cash at bank 88,273 145,646
239,553 279,469
CREDITORS
Amounts falling due within one year 6 162,509 122,015
NET CURRENT ASSETS 77,044 157,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

96,214

174,451

CREDITORS
Amounts falling due after more than one year 7 (9,168 ) (19,167 )

PROVISIONS FOR LIABILITIES (4,591 ) (2,950 )
NET ASSETS 82,455 152,334

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 81,455 151,334
SHAREHOLDERS' FUNDS 82,455 152,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Think Creative Studio Limited (Registered number: 04462704)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





S K Grigg - Director


Think Creative Studio Limited (Registered number: 04462704)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Think Creative Studio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Camera Equipment - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Think Creative Studio Limited (Registered number: 04462704)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Camera
property machinery fittings Equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 16,853 74,843 17,320 20,260 129,276
Additions - - - 8,019 8,019
At 30 June 2024 16,853 74,843 17,320 28,279 137,295
DEPRECIATION
At 1 July 2023 16,108 65,262 14,797 16,112 112,279
Charge for year 745 2,163 505 2,433 5,846
At 30 June 2024 16,853 67,425 15,302 18,545 118,125
NET BOOK VALUE
At 30 June 2024 - 7,418 2,018 9,734 19,170
At 30 June 2023 745 9,581 2,523 4,148 16,997

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 141,045 121,654
Prepayments 10,235 12,169
151,280 133,823

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 64,474 73,883
Amounts owed to group undertakings 5,684 -
Tax 23,915 (13,110 )
Social security and other taxes 2,528 5,366
Pension Contributions 755 778
Wages Control Account 341 170
VAT 40,356 32,341
Directors' current accounts 163 110
Accrued expenses 14,293 12,477
162,509 122,015

Think Creative Studio Limited (Registered number: 04462704)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The Company took out a Bounce Back Loan of £50,000 on 21st May 2020, repayable over a six year term with a fixed interest rate of 2.5%. There is automatically one year with no repayments or interest and the Business Interruption payment of £1,250, is payable by the government. Included within creditors due within 1 year is an amount of £10,000. Repayments of £833.33 commenced in June 2021.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 2-5 years 9,168 19,167

The Company took out a Bounce Back Loan of £50,000 on 21st May 2020, repayable over a six year term with a fixed interest rate of 2.5%. There is automatically one year with no repayments or interest and the Business Interruption payment of £1,250, is payable by the government. Included within creditors due after more than 1 year is an amount of £9,168. Repayments of £833.33 commenced in June 2021.