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REGISTERED NUMBER: 11614317 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 1 January 2023 to 31 January 2024

for

Creaton Holdings Limited

Creaton Holdings Limited (Registered number: 11614317)






Contents of the Consolidated Financial Statements
for the period 1 January 2023 to 31 January 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Creaton Holdings Limited

Company Information
for the period 1 January 2023 to 31 January 2024







DIRECTORS: D M Hughes
A J Hughes



REGISTERED OFFICE: Manor Park Farm
Warwick Road
Solihull
West Midlands
B93 0ED



REGISTERED NUMBER: 11614317 (England and Wales)



AUDITORS: Derek Young & Co Accountants LLP
Statutory Auditors
Chartered Accountants
Estate House
Evesham Street
Redditch
Worcestershire
B97 4HP



ACCOUNTANTS: Athos Business Solutions Limited
1623 Warwick Road
Knowle
Solihull
West Midlands
B93 9LF

Creaton Holdings Limited (Registered number: 11614317)

Group Strategic Report
for the period 1 January 2023 to 31 January 2024

The directors present their strategic report of the company and the group for the period 1 January 2023 to 31 January 2024.

REVIEW OF BUSINESS
The directors consider group financial performance for the period to be satisfactory and in line with expectations.

The group achieved a gross profit of £2.8m, or 20.3% of sales revenue, and a net profit before tax of £818k, or 5.9% of sales revenue.

The shareholders' funds increased by 20% to £3m after the addition of the post-tax profit of £661k less the dividends of £155k.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a number of financial risks that include price risk & credit risk.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the directors are implemented by the group's finance department as required.

Price risk

The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the cost of actively managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. The group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made.

ON BEHALF OF THE BOARD:





D M Hughes - Director


28 October 2024

Creaton Holdings Limited (Registered number: 11614317)

Report of the Directors
for the period 1 January 2023 to 31 January 2024

The directors present their report with the financial statements of the company and the group for the period 1 January 2023 to 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of groundwork contractors.

DIVIDENDS
The total distribution of dividends for the period ended 31 January 2024 will be £ 155,000 .

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. However, they believe that the group is in a good financial position and they are confident in the group's ability to maintain and build on this position, albeit with cautious growth expectations.

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

D M Hughes
A J Hughes

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Derek Young & Co Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D M Hughes - Director


28 October 2024

Report of the Independent Auditors to the Members of
Creaton Holdings Limited

Opinion
We have audited the financial statements of Creaton Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Creaton Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Creaton Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As required by International Standard on Quality Management 1, the engagement partner is responsible for overseeing that the audit is conducted in accordance with the firm's quality management policies and procedures. The engagement partner's responsibilities include taking appropriate actions where necessary to address any identified deficiencies or deviations from the firm's policies and procedures.

The firm's policies and procedures are designed to ensure that the audit is conducted in accordance with ISAs UK and applicable legal and regulatory requirements, and that reports issued are appropriate in the circumstances.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the group’s and the parent company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- the results of our enquiries of management about their own identification and assessment of the risks of irregularities

- any matters we identified having obtained and reviewed the group’s and the parent company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the group and parent company operate in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s and the parent company's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified management override of controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements ;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Report of the Independent Auditors to the Members of
Creaton Holdings Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The period to 31 January 2024 is the first in which the parent company and group required an audit to be carried out. This is also the period in which the period end for group companies was aligned. As a consequence, the comparative figures have not been audited, and the included figures for the parent company's subsidiary, which represent 38% of group profits, are actually for the year ended 31 January 2024, rather than the 13 months to 31 January 2024.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Young BSc FCA (Senior Statutory Auditor)
for and on behalf of Derek Young & Co Accountants LLP
Statutory Auditors
Chartered Accountants
Estate House
Evesham Street
Redditch
Worcestershire
B97 4HP

28 October 2024

Creaton Holdings Limited (Registered number: 11614317)

Consolidated
Income Statement
for the period 1 January 2023 to 31 January 2024

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
Notes £    £   

TURNOVER 3 13,940,795 16,647,905

Cost of sales 11,105,743 14,600,896
GROSS PROFIT 2,835,052 2,047,009

Administrative expenses 1,951,026 1,229,038
OPERATING PROFIT 5 884,026 817,971

Interest receivable and similar income 12,995 245
897,021 818,216

Interest payable and similar expenses 6 79,277 51,777
PROFIT BEFORE TAXATION 817,744 766,439

Tax on profit 7 150,996 (7,477 )
PROFIT FOR THE FINANCIAL PERIOD 666,748 773,916
Profit attributable to:
Owners of the parent 666,748 773,916

Creaton Holdings Limited (Registered number: 11614317)

Consolidated
Other Comprehensive Income
for the period 1 January 2023 to 31 January 2024

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
Notes £    £   

PROFIT FOR THE PERIOD 666,748 773,916


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

666,748

773,916
Note
Prior year adjustment 10 (608,546 ) (525,783 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

58,202

248,133

Total comprehensive income attributable to:
Owners of the parent 58,202 248,133

Creaton Holdings Limited (Registered number: 11614317)

Consolidated Balance Sheet
31 January 2024

2024 2022 2022
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 2,427,624 2,070,165 1,063,885
Investments 12 - - -
2,427,624 2,070,165 1,063,885

CURRENT ASSETS
Debtors 13 2,906,317 3,209,256 1,824,393
Cash at bank 620,122 902,615 1,388,839
3,526,439 4,111,871 3,213,232
CREDITORS
Amounts falling due within one year 14 (1,754,448 ) (2,545,024 ) (1,818,736 )
NET CURRENT ASSETS 1,771,991 1,566,847 1,394,496
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,199,615

3,637,012

2,458,381

CREDITORS
Amounts falling due after more than one year 15 (645,465 ) (745,606 ) (419,745 )

PROVISIONS FOR LIABILITIES 18 (540,040 ) (389,044 ) (180,191 )
NET ASSETS 3,014,110 2,502,362 1,858,445

CAPITAL AND RESERVES
Called up share capital 19 100 100 100
Retained earnings 20 3,014,010 2,502,262 1,858,345
SHAREHOLDERS' FUNDS 3,014,110 2,502,362 1,858,445

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





D M Hughes - Director


Creaton Holdings Limited (Registered number: 11614317)

Company Balance Sheet
31 January 2024

2024 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,314,939 1,934,134
Investments 12 100 100
2,315,039 1,934,234

CURRENT ASSETS
Debtors 13 531,921 93,333
Cash at bank 387,581 339,257
919,502 432,590
CREDITORS
Amounts falling due within one year 14 607,577 425,811
NET CURRENT ASSETS 311,925 6,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,626,964

1,941,013

CREDITORS
Amounts falling due after more than one year 15 (466,905 ) (518,106 )

PROVISIONS FOR LIABILITIES 18 (511,869 ) (363,199 )
NET ASSETS 1,648,190 1,059,708

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,648,090 1,059,608
SHAREHOLDERS' FUNDS 1,648,190 1,059,708

Company's profit for the financial year 743,482 404,790

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





D M Hughes - Director


Creaton Holdings Limited (Registered number: 11614317)

Consolidated Statement of Changes in Equity
for the period 1 January 2023 to 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 2,384,129 2,384,229
Prior year adjustment - (525,783 ) (525,783 )
As restated 100 1,858,346 1,858,446

Changes in equity
Dividends - (130,000 ) (130,000 )
Total comprehensive income - 1,382,462 1,382,462
Balance at 31 December 2022 100 3,110,808 3,110,908
Prior year adjustment - (608,546 ) (608,546 )
As restated 100 2,502,262 2,502,362

Changes in equity
Dividends - (155,000 ) (155,000 )
Total comprehensive income - 666,748 666,748
Balance at 31 January 2024 100 3,014,010 3,014,110

Creaton Holdings Limited (Registered number: 11614317)

Company Statement of Changes in Equity
for the period 1 January 2023 to 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 784,818 784,918

Changes in equity
Dividends - (130,000 ) (130,000 )
Total comprehensive income - 404,790 404,790
Balance at 31 December 2022 100 1,059,608 1,059,708

Changes in equity
Dividends - (155,000 ) (155,000 )
Total comprehensive income - 743,482 743,482
Balance at 31 January 2024 100 1,648,090 1,648,190

Creaton Holdings Limited (Registered number: 11614317)

Consolidated Cash Flow Statement
for the period 1 January 2023 to 31 January 2024

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 923,954 571,595
Interest paid (27,648 ) (19,697 )
Interest element of hire purchase payments paid (51,629 ) (32,080 )
Tax paid - (22,198 )
Net cash from operating activities 844,677 497,620

Cash flows from investing activities
Purchase of tangible fixed assets (1,010,371 ) (1,520,838 )
Sale of tangible fixed assets 68,842 166,265
Interest received 12,995 245
Net cash from investing activities (928,534 ) (1,354,328 )

Cash flows from financing activities
Loan repayments in year (78,666 ) (60,500 )
Capital repayments in year 137,847 567,519
Amount withdrawn by directors (102,817 ) (6,535 )
Equity dividends paid (155,000 ) (130,000 )
Net cash from financing activities (198,636 ) 370,484

Decrease in cash and cash equivalents (282,493 ) (486,224 )
Cash and cash equivalents at beginning of
period

2

902,615

1,388,839

Cash and cash equivalents at end of period 2 620,122 902,615

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Cash Flow Statement
for the period 1 January 2023 to 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Profit before taxation 817,744 766,439
Depreciation charges 571,392 368,570
Loss/(profit) on disposal of fixed assets 12,679 (20,278 )
Finance costs 79,277 51,777
Finance income (12,995 ) (245 )
1,468,097 1,166,263
Decrease/(increase) in trade and other debtors 398,501 (1,371,012 )
(Decrease)/increase in trade and other creditors (942,644 ) 776,344
Cash generated from operations 923,954 571,595

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 January 2024
31.1.24 1.1.23
£    £   
Cash and cash equivalents 620,122 902,615
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 902,615 1,388,839


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 902,615 (282,493 ) 620,122
902,615 (282,493 ) 620,122
Debt
Finance leases (902,563 ) (137,847 ) (1,040,410 )
Debts falling due within 1 year (78,000 ) - (78,000 )
Debts falling due after 1 year (246,833 ) 78,666 (168,167 )
(1,227,396 ) (59,181 ) (1,286,577 )
Total (324,781 ) (341,674 ) (666,455 )

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements
for the period 1 January 2023 to 31 January 2024

1. STATUTORY INFORMATION

Creaton Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Creaton Holdings Limited & its subsidiary undertaking, Creaton Construction Limited up to 31 January.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date such control ceases.

Significant judgements and estimates
The financial statements do not contain any significant judgements or estimation uncertainty.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 period 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

2. ACCOUNTING POLICIES - continued

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

Revenue recognition
The group recognises revenue from contracts with customers based on the stage of completion, so revenue is matched with the contract costs incurred.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Loans
Interest on loans entered into on an arm's length basis is recognised in the profit and loss account in the period during which it accrued.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Construction contracts 13,940,795 16,647,905
13,940,795 16,647,905

4. EMPLOYEES AND DIRECTORS
period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Wages and salaries 409,245 324,460
Social security costs 39,637 31,435
Other pension costs 6,494 6,180
455,376 362,075

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
period
1.1.23
to year ended
31.1.24 31.12.22
as restated

Accounts 3 3
Operational 7 7
10 10

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Directors' remuneration 26,000 26,000
Directors' pension contributions to money purchase schemes 406 406

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

The directors consider their own remuneration to be the only significant key management remuneration.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Depreciation - owned assets 227,139 204,245
Depreciation - assets on hire purchase contracts 344,252 164,326
Loss/(profit) on disposal of fixed assets 12,679 (20,278 )
Auditors' remuneration 13,500 -

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Bank loan interest 20,077 15,375
Other loan interest 7,524 4,118
Late payment interest 47 204
Hire purchase 51,629 32,080
79,277 51,777

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the period was as follows:
period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Current tax:
UK corporation tax - (216,330 )

Deferred tax 150,996 208,853
Tax on profit 150,996 (7,477 )

UK corporation tax has been charged at 25 % .

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Profit before tax 817,744 766,439
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 -
19 %)

204,436

145,623

Effects of:
Expenses not deductible for tax purposes 7,766 2,978
Capital allowances in excess of depreciation (101,575 ) (283,655 )
Utilisation of tax losses (110,627 ) (67,425 )
Adjustments to tax charge in respect of previous periods - (13,851 )
Deferred tax 150,996 208,853
Total tax charge/(credit) 150,996 (7,477 )

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
period
1.1.23
to year ended
31.1.24 31.12.22
as restated
£    £   
Interim 155,000 130,000

10. PRIOR YEAR ADJUSTMENT

The prior year included an accrued income figure of £608,546 which was based on a calculation method adopted by the subsidiary company some years earlier. Whilst appropriate when this calculation was first introduced, by the time that the prior year's figures were reported some years later, the company had moved to a system of billing all work carried out to date at the end of each month, so continuing to include a sales reserve in the accounts was no longer appropriate.

As the prior years figures also included an opening sales reserve which has also now been removed, the impact on the prior period's figures was a reduction in turnover of £82,763, a reduction in trade debtors of £608,546 and a reduction in profit and loss reserves of £525,783.

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 2,365,567 101,677 403,012 24,274 2,894,530
Additions 907,811 2,165 99,000 1,395 1,010,371
Disposals (109,715 ) - (39,899 ) - (149,614 )
At 31 January 2024 3,163,663 103,842 462,113 25,669 3,755,287
DEPRECIATION
At 1 January 2023 630,730 25,743 154,508 13,384 824,365
Charge for period 468,686 12,382 85,422 4,901 571,391
Eliminated on disposal (47,876 ) - (20,217 ) - (68,093 )
At 31 January 2024 1,051,540 38,125 219,713 18,285 1,327,663
NET BOOK VALUE
At 31 January 2024 2,112,123 65,717 242,400 7,384 2,427,624
At 31 December 2022 1,734,837 75,934 248,504 10,890 2,070,165

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 1,343,397 35,445 1,378,842
Additions 783,336 - 783,336
Transfer to ownership (158,775 ) - (158,775 )
At 31 January 2024 1,967,958 35,445 2,003,403
DEPRECIATION
At 1 January 2023 227,961 2,194 230,155
Charge for period 335,247 9,005 344,252
Transfer to ownership (85,218 ) - (85,218 )
At 31 January 2024 477,990 11,199 489,189
NET BOOK VALUE
At 31 January 2024 1,489,968 24,246 1,514,214
At 31 December 2022 1,115,436 33,251 1,148,687

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 2,181,195 91,788 249,826 7,341 2,530,150
Additions 871,811 2,165 99,000 1,395 974,371
Disposals (39,925 ) - (24,000 ) - (63,925 )
At 31 January 2024 3,013,081 93,953 324,826 8,736 3,440,596
DEPRECIATION
At 1 January 2023 524,101 23,266 46,495 2,154 596,016
Charge for period 448,285 11,270 74,526 2,663 536,744
Eliminated on disposal (796 ) - (6,307 ) - (7,103 )
At 31 January 2024 971,590 34,536 114,714 4,817 1,125,657
NET BOOK VALUE
At 31 January 2024 2,041,491 59,417 210,112 3,919 2,314,939
At 31 December 2022 1,657,094 68,522 203,331 5,187 1,934,134

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

11. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 1,343,397 35,445 1,378,842
Additions 747,336 - 747,336
Transfer to ownership (158,775 ) - (158,775 )
At 31 January 2024 1,931,958 35,445 1,967,403
DEPRECIATION
At 1 January 2023 227,961 2,194 230,155
Charge for period 328,647 9,005 337,652
Transfer to ownership (85,218 ) - (85,218 )
At 31 January 2024 471,390 11,199 482,589
NET BOOK VALUE
At 31 January 2024 1,460,568 24,246 1,484,814
At 31 December 2022 1,115,436 33,251 1,148,687

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 December 2022 100

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Creaton Construction Ltd
Registered office: Creaton Cottage, Freer Street, Nuneaton, CV11 4PR.
Nature of business: Construction of commercial buildings
%
Class of shares: holding
Ordinary 100.00
2024 31.1.23
£    £   
Aggregate capital and reserves 1,366,020 1,442,969
Profit for the year 310,624 285,812


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2022 2024 2022
as restated as restated
£    £    £    £   
Trade debtors 2,517,427 2,888,225 - -
Amounts owed by group undertakings - - 420,806 59,833
Directors' current accounts 95,563 - 96,800 -
Tax 13,851 13,851 13,851 13,851
VAT 262,730 294,135 - 18,282
Prepayments 16,746 13,045 464 1,367
2,906,317 3,209,256 531,921 93,333

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2022 2024 2022
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 16) 78,000 78,000 8,000 8,000
Hire purchase contracts (see note 17) 563,112 403,790 556,632 403,790
Trade creditors 909,215 1,794,150 501 4,811
Purchase reserves 32,788 156,230 - -
Social security and other taxes 40,635 13,614 - -
Pension fund 288 600 - -
VAT - - 29,899 -
Net wages - 4,195 - -
Credit card 95,608 66,537 - -
Directors' current accounts 14,291 21,545 3,950 7,900
Accrued expenses 20,511 6,363 8,595 1,310
1,754,448 2,545,024 607,577 425,811

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2022 2024 2022
as restated as restated
£    £    £    £   
Bank loans (see note 16) 168,167 246,833 10,667 19,333
Hire purchase contracts (see note 17) 477,298 498,773 456,238 498,773
645,465 745,606 466,905 518,106

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2022 2024 2022
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 78,000 78,000 8,000 8,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 78,000 78,000 8,000 8,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 90,167 168,833 2,667 11,333

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2022
as restated
£    £   
Net obligations repayable:
Within one year 563,112 403,790
Between one and five years 477,298 498,773
1,040,410 902,563

Company
Hire purchase contracts
2024 2022
£    £   
Net obligations repayable:
Within one year 556,632 403,790
Between one and five years 456,238 498,773
1,012,870 902,563

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2022 2024 2022
as restated as restated
£    £    £    £   
Deferred tax 540,040 389,044 511,869 363,199

Group
Deferred
tax
£   
Balance at 1 January 2023 389,044
Charge to Income Statement during period 150,996
Balance at 31 January 2024 540,040

Company
Deferred
tax
£   
Balance at 1 January 2023 363,199
Charge to Income Statement during period 148,670
Balance at 31 January 2024 511,869

The closing deferred tax liability for the group is split as follows: accelerated capital allowances of £606,906, less taxable losses of £66,866.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: as restated
£    £   
100 Ordinary £1 100 100

20. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 3,110,808
Prior year adjustment (608,546 )
2,502,262
Profit for the period 666,748
Dividends (155,000 )
At 31 January 2024 3,014,010

Creaton Holdings Limited (Registered number: 11614317)

Notes to the Consolidated Financial Statements - continued
for the period 1 January 2023 to 31 January 2024

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 January 2023 1,059,608
Profit for the period 743,482
Dividends (155,000 )
At 31 January 2024 1,648,090


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 January 2024 and the year ended 31 December 2022:

2024 2022
as restated
£    £   
A J Hughes
Balance outstanding at start of period (15,169 ) (18,443 )
Amounts advanced 878 3,274
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (14,291 ) (15,169 )

D M Hughes
Balance outstanding at start of period (6,376 ) (9,637 )
Amounts advanced 101,939 3,261
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 95,563 (6,376 )

Interest was charged on the £100K advance to D M Hughes at a rate of 2.25% per annum. The advance was repaid in May 2024.

22. RELATED PARTY DISCLOSURES

During the period, total dividends of £155,000 were paid to the directors .

23. ULTIMATE CONTROLLING PARTY

The group is jointly controlled by the directors, each holding 50% of the issued share capital. There is no single ultimate controlling party.