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Registered number: 11681742









NEVERLAND CREATIVE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NEVERLAND CREATIVE LIMITED
REGISTERED NUMBER: 11681742

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
102,075
87,723

  
102,075
87,723

Current assets
  

Debtors: amounts falling due within one year
 5 
1,951,549
1,045,151

Cash at bank and in hand
 6 
1,462,132
1,993,753

  
3,413,681
3,038,904

Creditors: amounts falling due within one year
 7 
(2,605,959)
(2,553,725)

Net current assets
  
 
 
807,722
 
 
485,179

Total assets less current liabilities
  
909,797
572,902

Creditors: amounts falling due after more than one year
 8 
(19,043)
(29,070)

  

Net assets
  
890,754
543,832


Capital and reserves
  

Called up share capital 
 10 
100
100

Other reserves
  
37,976
19,072

Profit and loss account
  
852,678
524,660

  
890,754
543,832


Page 1

 
NEVERLAND CREATIVE LIMITED
REGISTERED NUMBER: 11681742
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S Massey
Director

Date: 7 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Neverland Creative Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11681742). 
The registered office and principal place of business address is 135 Curtain Road, Floor 3, London, EC2A 3BX.
The principal activity of the Company is that of a brand strategy and creative communications agency.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the life of the lease
Office equipment
-
4 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

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

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2022 - 30).

Page 6

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
105,354
40,444
70,456
216,254


Additions
47,783
6,696
30,165
84,644



At 31 December 2023

153,137
47,140
100,621
300,898



Depreciation


At 1 January 2023
76,953
21,847
29,731
128,531


Charge for the year on owned assets
32,286
11,409
26,597
70,292



At 31 December 2023

109,239
33,256
56,328
198,823



Net book value



At 31 December 2023
43,898
13,884
44,293
102,075



At 31 December 2022
28,401
18,597
40,725
87,723

Page 7

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
928,644
593,264

Other debtors
202,246
83,302

Prepayments and accrued income
820,659
363,817

Deferred taxation
-
4,768

1,951,549
1,045,151



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,462,132
1,993,753

1,462,132
1,993,753



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
860,972
388,497

Corporation tax
180,630
60,351

Other taxation and social security
218,850
133,903

Other creditors
6,356
4,748

Accruals and deferred income
1,329,095
1,956,410

Bank loans
10,056
9,816

2,605,959
2,553,725



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,043
29,070

19,043
29,070


Page 8

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within 1 year

Bank loans
10,056
9,816

Amounts falling due 1-2 years

Bank loans
10,301
20,358

Amounts falling due 2-5 years

Bank loans
8,742
8,712


29,099
38,886



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,000 (2022 - 5,000) Ordinary shares of £0.01 each
50
50
5,000 (2022 - 5,000) B Ordinary shares of £0.01 each
50
50

100

100



11.


Reserves

Other reserves

Other reserves relate to share-based payments pertaining to an EMI Share Option Scheme.

Profit and loss account

The profit and loss account comprises all realised, accumulated profits less all realised, accumulated losses.

Page 9

 
NEVERLAND CREATIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share-based payments

The Company created an EMI Option Scheme for employees. Upon vesting, each option allows the holder to purchase an agreed allotment of shares at the pre-agreed option price. The maximum term of the current the scheme ends 10 years after grant. The fair value of the options granted were determined by management using a Black-Scholes option pricing model with a vesting period of 10 years and a risk-free interest rate of 5.25%. This method was chosen as it is an industry-standard, and was adjudged to reflect the fair value of the options most accurately. 1,806 such options were granted during the year, and 2,250 remained outstanding at the year-end.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.

 
Page 10