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Registration number: 07520725

Creative Learning Systems Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

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Creative Learning Systems Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Creative Learning Systems Ltd

Company Information

Directors

Mr M Eaves

Mr H Maclean

Company secretary

Mr H Maclean

Registered office

Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

Accountants

Viewpoint Accountants Ltd
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

 

Creative Learning Systems Ltd

(Registration number: 07520725)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1

945

Current assets

 

Debtors

6

43,243

69,689

Cash at bank and in hand

 

29,171

53,965

 

72,414

123,654

Creditors: Amounts falling due within one year

7

(23,805)

(33,130)

Net current assets

 

48,609

90,524

Total assets less current liabilities

 

48,610

91,469

Creditors: Amounts falling due after more than one year

7

(10,670)

(20,624)

Net assets

 

37,940

70,845

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

37,938

70,843

Shareholders' funds

 

37,940

70,845

For the financial year ending 31 May 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.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr M Eaves
Director

 

Creative Learning Systems Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

The principal place of business is:
Moulsham Mill
Parkway
Chelmsford
Essex
CM2 7PX

These financial statements were authorised for issue by the Board on 7 October 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.

Going concern

The financial statements have been prepared on a going concern basis. During the year the company invested in new software to tender for contracts and as a result the company should fully benefit from enhanced trading prospects in 2023.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Creative Learning Systems Ltd

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

Tax

The tax expense for the period comprises current 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.

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

Computer Equipment

33% straight line method

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.

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.

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.

 

Creative Learning Systems Ltd

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

944

944

 

Creative Learning Systems Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

5,747

5,747

Disposals

(2,914)

(2,914)

At 31 May 2024

2,833

2,833

Depreciation

At 1 June 2023

4,802

4,802

Charge for the year

944

944

Eliminated on disposal

(2,914)

(2,914)

At 31 May 2024

2,832

2,832

Carrying amount

At 31 May 2024

1

1

At 31 May 2023

945

945

6

Debtors

2024
£

2023
£

Trade debtors

3,882

36,487

Other debtors

39,361

33,202

43,243

69,689

 

Creative Learning Systems Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

17,373

16,051

Trade creditors

 

429

429

Taxation and social security

 

6,123

16,650

Other creditors

 

(120)

-

 

23,805

33,130

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Related party transactions

Summary of transactions with key management

Transactions with directors

2024

At 1 June 2023
£

Repayments by director
£

At 31 May 2024
£

Directors' Loan

6,121

1,048

7,169

       
     

 

Summary of transactions with other related parties

At the year end the company was owed funds from companies under common control totalling £12,300 (2023: £25,124). The company also owed funds totalling £18,982 (2023: £9,273) to a company under common control.