Company registration number 14615723 (England and Wales)
THE CREATIVE INDUSTRIES ISA
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
THE CREATIVE INDUSTRIES ISA
COMPANY INFORMATION
Directors
Dame H Rabbatts
J Smith
Company number
14615723
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Evelyn Partners LLP
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
THE CREATIVE INDUSTRIES ISA
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Notes to the financial statements
5 - 7
THE CREATIVE INDUSTRIES ISA
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The company was incorporated on 25 January 2023 and immediately commenced its activities.

 

The principal activity of the company is that of upholding and improving standards of behaviour across the creative industries.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Dame H Rabbatts
C Norbury
(Resigned 27 September 2024)
J Smith
(Appointed 21 February 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Dame H Rabbatts
Director
18 October 2024
THE CREATIVE INDUSTRIES ISA
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE CREATIVE INDUSTRIES ISA FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Creative Industries ISA for the period ended 31 March 2024 which comprise the income and expenditure account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of The Creative Industries ISA, as a body, in accordance with the terms of our engagement letter dated 26/07/2024. Our work has been undertaken solely to prepare for your approval the financial statements of The Creative Industries ISA and state those matters that we have agreed to state to the board of directors of The Creative Industries ISA, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Creative Industries ISA and its board of directors as a body, for our work or for this report.

It is your duty to ensure that The Creative Industries ISA has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Creative Industries ISA. You consider that The Creative Industries ISA is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of The Creative Industries ISA. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Evelyn Partners LLP
22 October 2024
Chartered Accountants
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
THE CREATIVE INDUSTRIES ISA
INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Period
ended
31 March
2024
£
Income
460,810
Administrative expenses
(378,339)
Surplus before taxation
82,471
Tax on surplus
(18,130)
Surplus for the financial period
64,341

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

THE CREATIVE INDUSTRIES ISA
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
Notes
£
£
Current assets
Debtors
3
147,694
Cash at bank and in hand
94,453
242,147
Creditors: amounts falling due within one year
4
(177,806)
Net current assets
64,341
Reserves
Income and expenditure account
64,341
Members' funds
64,341

For the financial period ended 31 March 2024 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 period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Dame H Rabbatts
Director
Company registration number 14615723 (England and Wales)
THE CREATIVE INDUSTRIES ISA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

The Creative Industries ISA is a private company limited by guarantee incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

1.1
Reporting period

The entity's reporting period is greater than one year as these are the first financial statements prepared since the entity incorporated on the 25 January 2023.

1.2
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.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Other debtors receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

THE CREATIVE INDUSTRIES ISA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Taxation

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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.8
Retirement benefits

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

2
Employees

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

2024
Number
Total
1
3
Debtors
2024
Amounts falling due within one year:
£
Funding contributions receivable
145,000
Other debtors
2,694
147,694
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
24,965
Corporation tax
18,130
Other taxation and social security
7,603
Other creditors
53,976
Accruals and deferred income
73,132
177,806
THE CREATIVE INDUSTRIES ISA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Related party transactions

At the balance-sheet date, £2,584 included in other debtors was owed by The CIISA Board of Finance, a company limited by guarantee which shared certain key management personnel with the company during the financial period.

 

At the balance-sheet date, £53,976 included in other creditors was owed to UK Time's UP, a charitable company in which Dame H Rabbatts is a Trustee.

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