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COMPANY REGISTRATION NUMBER: 10233141
(UK) Creative Leisure Ltd
Filleted Unaudited Financial Statements
30 June 2024
(UK) Creative Leisure Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,800
6,998
Current assets
Stocks
5,789
6,527
Debtors
6
444
2,984
Cash at bank and in hand
10,532
4,365
--------
--------
16,765
13,876
Creditors: amounts falling due within one year
7
34,455
31,329
--------
--------
Net current liabilities
17,690
17,453
--------
--------
Total assets less current liabilities
( 11,890)
( 10,455)
Creditors: amounts falling due after more than one year
8
1,833
3,833
--------
--------
Net liabilities
( 13,723)
( 14,288)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 13,725)
( 14,290)
--------
--------
Shareholders deficit
( 13,723)
( 14,288)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
(UK) Creative Leisure Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
Mr A Smith
Director
Company registration number: 10233141
(UK) Creative Leisure Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Averon Rise, Oldham, OL1 4NX, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
14,715
10,700
2,596
28,011
Additions
833
833
Disposals
( 719)
( 719)
--------
--------
-------
--------
At 30 June 2024
14,715
10,700
2,710
28,125
--------
--------
-------
--------
Depreciation
At 1 July 2023
11,258
8,161
1,594
21,013
Charge for the year
865
635
436
1,936
Disposals
( 624)
( 624)
--------
--------
-------
--------
At 30 June 2024
12,123
8,796
1,406
22,325
--------
--------
-------
--------
Carrying amount
At 30 June 2024
2,592
1,904
1,304
5,800
--------
--------
-------
--------
At 30 June 2023
3,457
2,539
1,002
6,998
--------
--------
-------
--------
6. Debtors
2024
2023
£
£
Other debtors
444
2,984
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,000
2,000
Trade creditors
24
Social security and other taxes
696
2,323
Other creditors
31,735
27,006
--------
--------
34,455
31,329
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,833
3,833
-------
-------
9. Directors' advances, credits and guarantees
Included within creditors due within one year are loans from the directors totalling £31,135 (2023: £26,406) on which no interest is being charged. The loans are repayable in full or in part on demand. There were no dividends paid during the year in respect of shares held by the company's directors.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8