Company registration number 04078602 (England and Wales)
NEOS CREATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NEOS CREATIVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NEOS CREATIVE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,350
2,751
Current assets
Stocks
5,000
5,000
Debtors
4
156,192
201,361
Cash at bank and in hand
48,295
72,897
209,487
279,258
Creditors: amounts falling due within one year
5
(207,467)
(310,119)
Net current assets/(liabilities)
2,020
(30,861)
Total assets less current liabilities
3,370
(28,110)
Creditors: amounts falling due after more than one year
6
(15,426)
(25,174)
Net liabilities
(12,056)
(53,284)
Capital and reserves
Called up share capital
1,203
1,203
Profit and loss reserves
(13,259)
(54,487)
Total equity
(12,056)
(53,284)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 year 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.

NEOS CREATIVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr I R M Chinnock
Mr T Toumasiou
Director
Director
Company registration number 04078602 (England and Wales)
NEOS CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Neos Creative Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Parc House Studios, 25-37 Cowleaze Road, Kingston Upon Thames, Surrey, England, KT2 6DZ.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

 

Going concern

Whilst there remains a negative balance sheet position, the directors have confirmed their intention to continue to financially support the company.

 

Therefore the financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised based on the service delivery date of when goods and services are delivered to the customer, such that the risks and rewards of ownership have passed to them.

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
20% on cost
Computers
33% on cost
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks are recognised as an expense in the period in which the related revenue is recognised.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NEOS CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
NEOS CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
19,238
8,395
27,633
Depreciation and impairment
At 1 January 2023
18,914
5,968
24,882
Depreciation charged in the year
101
1,300
1,401
At 31 December 2023
19,015
7,268
26,283
Carrying amount
At 31 December 2023
223
1,127
1,350
At 31 December 2022
324
2,427
2,751
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
9,896
Corporation tax recoverable
32,091
32,091
Other debtors
124,101
159,374
156,192
201,361
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,646
9,646
Trade creditors
27,663
73,932
Taxation and social security
65,096
115,960
Other creditors
105,062
110,581
207,467
310,119
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,426
25,174

The loan is unsecured.

NEOS CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Operating lease commitments
Lessee

The operating lease relates to property.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
96,250
357,500
8
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr I R M Chinnock -
-
9,019
(9,019)
-
Mr T Toumasiou -
-
106,206
(312)
105,894
115,225
(9,331)
105,894

The loans have been provided interest free and with no fixed repayment terms.

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