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Registered number: 3995816
Think Creative Consultants Limited
Financial Statements
For The Year Ended 31 March 2024
Applewood LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 3995816
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,736 12,319
9,736 12,319
CURRENT ASSETS
Debtors 5 67,010 86,016
Cash at bank and in hand 63,272 85,668
130,282 171,684
Creditors: Amounts Falling Due Within One Year 6 (64,564 ) (74,569 )
NET CURRENT ASSETS (LIABILITIES) 65,718 97,115
TOTAL ASSETS LESS CURRENT LIABILITIES 75,454 109,434
Creditors: Amounts Falling Due After More Than One Year 7 (12,756 ) (22,705 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,815 ) (2,298 )
NET ASSETS 60,883 84,431
CAPITAL AND RESERVES
Called up share capital 8 20 20
Profit and Loss Account 60,863 84,411
SHAREHOLDERS' FUNDS 60,883 84,431
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Carre
Director
28/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Think Creative Consultants Limited Registered number 3995816 is a limited by shares company incorporated in England & Wales. The Registered Office is 88-89 High Street, Winchester, SO23 9AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% of written down value
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 90,295
Additions 662
As at 31 March 2024 90,957
Depreciation
As at 1 April 2023 77,976
Provided during the period 3,245
As at 31 March 2024 81,221
Net Book Value
As at 31 March 2024 9,736
As at 1 April 2023 12,319
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 62,510 82,129
Amounts recoverable on contracts 4,500 3,500
Other debtors - 387
67,010 86,016
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,961 7,104
Bank loans and overdrafts 9,684 9,684
Corporation tax 2,425 5,049
Other taxes and social security 4,695 4,276
VAT 22,640 29,110
Other creditors 2,063 2,031
Accruals and deferred income 1,781 3,000
Directors' loan accounts 14,125 14,125
Payments on account 190 190
64,564 74,569
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,756 22,705
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 20 20
9. Ultimate Controlling Party
The company's ultimate controlling party are the directors by virtue of their ownership of 100% of the issued share capital in the company.
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