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Registered Number: 09437001
England and Wales

 

 

 

CREATIVE WERKPLACES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 4 2,616    4,857 
Tangible fixed assets 5 38,759    62,764 
41,375    67,621 
Current assets      
Debtors: amounts falling due within one year 78,894    77,345 
Debtors: amounts falling due after one year 11,810    43,694 
Cash at bank and in hand 5,900    13,151 
96,604    134,190 
Creditors: amount falling due within one year (114,915)   (104,209)
Net current assets (18,311)   29,981 
 
Total assets less current liabilities 23,064    97,602 
Creditors: amount falling due after more than one year (94,120)   (90,429)
Net assets (71,056)   7,173 
 

Capital and reserves
     
Profit and loss account (71,056)   7,173 
Members' funds (71,056)   7,173 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 21 November 2024 and were signed on its behalf by:


-------------------------------
Ian Elwick
Director
1
General Information
Creative Werkplaces Ltd is a private company, limited by guarantee, registered in England and Wales, registration number 09437001, registration address 45 Church Road, Hove, East Sussex, BN3 2BE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Going concern basis
Following the year end, the Directors entered into negotiations with landlords and key suppliers in an attempt to control costs during this Cost of Living Crisis.  The cost of utilities, including internet connections, has risen massively creating imbalances in the cost of a building to run with staff present.  One Director now manages and runs the buildings in this company.

The Director has a positive working relationship with all suppliers and landlords and made new lease arrangements with them for the rental cost and arrears repayments following the Covid Pandemic and Cost of Living crisis that followed it.
At the time of signing the financial statements, work is underway to adjust to the current economic climate and demand for small office spaces, ensuring the company can meet its current obligations and risks.  The company continues to experience good levels of sales and growth in this area across its managed buildings.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of trade discounts.  The company is not registered for VAT.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.  This has been fully accounted for in the financial statements.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Land and Buildings evenly over 10 years Straight Line
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors gross of the finance charge allocated to future periods.
Capitalisation of borrowing costs
The full cost of the loan is shown in the accounts, with interest accruing across the whole term capitalised and released evenly over the length of the loan.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 4).
3.

Financial Commitments, Guarantees and Contingencies

The Directors have given personal guarantees for the bank loan.  Originally this expired in November 2021.
In October 2018, this bank loan was revised and extended.  The personal guarantees by the Directors have equally been revised and extended.  The revised and extended loan is repayable by April 2024 following a six month repayment holiday during the Coronavirus pandemic national lockdown of March 2020 to June 2020.  The final payment was paid just after the year end.
During the Coronavirus pandemic national lockdown in March 2020, the Directors applied for and were successful on 15 May 2020 in receiving a Coronavirus Business Interruption Loan (CBIL).  This is repayable by May 2026.  The Directors guarantee 20% of this loan and the United Kingdom government guarantees the remainder.

4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 22,417    22,417 
Additions  
Disposals  
At 31 March 2024 22,417    22,417 
Amortisation
At 01 April 2023 17,560    17,560 
Charge for year 2,241    2,241 
On disposals  
At 31 March 2024 19,801    19,801 
Net book values
At 31 March 2024 2,616    2,616 
At 31 March 2023 4,857    4,857 


5.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 16,519    227,835    19,324    1,546    265,224 
Additions        
Disposals        
At 31 March 2024 16,519    227,835    19,324    1,546    265,224 
Depreciation
At 01 April 2023 13,300    173,649    16,086    1,331    204,366 
Charge for year   21,236    809    54    22,099 
On disposals        
At 31 March 2024 13,300    194,885    16,895    1,385    226,465 
Net book values
Closing balance as at 31 March 2024 3,219    32,950    2,429    161    38,759 
Opening balance as at 01 April 2023 5,124    54,187    3,238    215    62,764 

The net book value of Plant and Machinery includes £ 7,909 (2023 £11,745) in respect of assets leased under finance leases or hire purchase contracts.

6.

Guarantees



Metrobank loan
In October 2018 a loan from Metrobank was taken out over a period of 5 years. Interest on this loan is capitalised in the accounts. The Directors have given personal guarantees for the repayment of this loan. The repayment completion date has been extended by six months during the Coronavirus pandemic national lockdown. This loan was repaid on 3 April 2024. There was £1,178.54 remaining to be paid and this is shown within creditors due within one year.
Maximum Liability Incurred Amount Paid
2024
£
 2023
£
 2024
£
 2023
£
Metrobank loan15,042 28,645 13,864 13,603 
15042286451386413603
7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Werk Hubs Limited(9,419)24,769 (19,658)(10,239)
Coachwerks Limited(33,369)15,519 21,927 
Rates SOS Limited480 (10)955 475 

Loans were made by Werk Hubs Limited to finance the improvement of buildings, repairs and maintenance during the pandemic for the company. Outstanding and owing to the company at the year end is £19,658 (2023: £10,239).
Loans were made to Coachwerks Limited to finance the operations within buildings it is managing. Outstanding and owing by this company at the year end of 2023 was £21,927. During the financial year this company closed its operations. The full cost of £33,369 owing by the company at the time of strike off was written off as a loss on the cessation of operations of a connected company.
Loans from Rates SOS Ltd to this company have been made during the year totalling £955 (2023: £475).
2