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REGISTERED NUMBER: 10033132 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

CREATIVE ASSET LTD

CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CREATIVE ASSET LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R K Akhlaq
Ms A L Ewing





REGISTERED OFFICE: Suite 1, Hawthorn House
Ransom Wood Business Park
Southwell Road West
Mansfield
Nottinghamshire
NG21 0HJ





REGISTERED NUMBER: 10033132 (England and Wales)





ACCOUNTANTS: Lemans
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,427 10,335
Tangible assets 5 289,849 232,618
300,276 242,953

CURRENT ASSETS
Stocks 19,575 20,407
Debtors 6 104,375 72,934
Cash at bank 478,177 741,263
602,127 834,604
CREDITORS
Amounts falling due within one year 7 267,062 202,567
NET CURRENT ASSETS 335,065 632,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,341

874,990

CREDITORS
Amounts falling due after more than one
year

8

(491,007

)

(534,277

)

PROVISIONS FOR LIABILITIES (67,997 ) (39,522 )
NET ASSETS 76,337 301,191

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 76,237 301,091
SHAREHOLDERS' FUNDS 76,337 301,191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)

BALANCE SHEET - continued
29 FEBRUARY 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




R K Akhlaq - Director



Ms A L Ewing - Director


CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Creative Asset Ltd 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website Development Costs are being amortised evenly over their estimated useful life of five years.

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.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying value of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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 year 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.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Website
Development
Costs
£   
COST
At 1 March 2023 23,815
Additions 5,654
At 29 February 2024 29,469
AMORTISATION
At 1 March 2023 13,480
Amortisation for year 5,562
At 29 February 2024 19,042
NET BOOK VALUE
At 29 February 2024 10,427
At 28 February 2023 10,335

CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 7,702 247,988 19,033 274,723
Additions 12,884 136,495 16,897 166,276
Disposals - (43,999 ) - (43,999 )
At 29 February 2024 20,586 340,484 35,930 397,000
DEPRECIATION
At 1 March 2023 2,788 29,301 10,016 42,105
Charge for year 2,670 59,511 8,552 70,733
Eliminated on disposal - (5,687 ) - (5,687 )
At 29 February 2024 5,458 83,125 18,568 107,151
NET BOOK VALUE
At 29 February 2024 15,128 257,359 17,362 289,849
At 28 February 2023 4,914 218,687 9,017 232,618

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 243,489 - 243,489
Additions 136,495 12,482 148,977
Disposals (43,999 ) - (43,999 )
At 29 February 2024 335,985 12,482 348,467
DEPRECIATION
At 1 March 2023 28,457 - 28,457
Charge for year 58,597 4,119 62,716
Eliminated on disposal (5,687 ) - (5,687 )
At 29 February 2024 81,367 4,119 85,486
NET BOOK VALUE
At 29 February 2024 254,618 8,363 262,981
At 28 February 2023 215,032 - 215,032

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 104,375 72,934

CREATIVE ASSET LTD (REGISTERED NUMBER: 10033132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 98,515 91,964
Hire purchase contracts (see note 9) 47,374 31,977
Trade creditors 8,019 -
Corporation tax - 17,901
Social security and other taxes 52,340 42,349
Other creditors 13,787 10,008
Directors' current accounts 45,378 6,767
Accrued expenses 1,649 1,601
267,062 202,567

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 259,087 357,612
Hire purchase contracts (see note 9) 231,920 176,665
491,007 534,277

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 47,374 31,977
Between one and five years 231,920 176,665
279,294 208,642

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 10,271 18,957
Between one and five years - 10,271
10,271 29,228

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary £1 100 100