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COMPANY REGISTRATION NUMBER: 07776542
Cre8for Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Cre8for Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,240
Current assets
Stocks
404
356
Debtors
7
10,794
30,691
Cash at bank and in hand
4,372
1,235
--------
--------
15,570
32,282
Creditors: amounts falling due within one year
8
9,603
26,084
--------
--------
Net current assets
5,967
6,198
-------
-------
Total assets less current liabilities
5,967
8,438
-------
-------
Net assets
5,967
8,438
-------
-------
Capital and reserves
Called up share capital
4
4
Profit and loss account
5,963
8,434
-------
-------
Shareholders funds
5,967
8,438
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cre8for Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 December 2024 , and are signed on behalf of the board by:
Ms S Hawkes
Director
Company registration number: 07776542
Cre8for Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 3 Wellbrook Court, Girton, Cambridge, CB3 0NA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts due for goods and services supplied during the period, exclusive of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangibles
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
20,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
20,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
1,698
13,634
11,372
26,704
Disposals
( 13,634)
( 13,634)
-------
--------
--------
--------
At 31 March 2024
1,698
11,372
13,070
-------
--------
--------
--------
Depreciation
At 1 April 2023
1,698
11,394
11,372
24,464
Charge for the year
2,240
2,240
Disposals
( 13,634)
( 13,634)
-------
--------
--------
--------
At 31 March 2024
1,698
11,372
13,070
-------
--------
--------
--------
Carrying amount
At 31 March 2024
-------
--------
--------
--------
At 31 March 2023
2,240
2,240
-------
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
7,141
30,377
Other debtors
3,653
314
--------
--------
10,794
30,691
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,196
3,488
Social security and other taxes
1,390
1,247
Other creditors
3,017
21,349
-------
--------
9,603
26,084
-------
--------
9. Directors' advances, credits and guarantees
During the current year the company made advances to and received repayments from the directors. Interest has been charged at the official HMRC rate on any overdrawn loan account balances, there are no repayment terms.
2024 2023
£ £
Advances 2,985
Repayments 312
Balance due to company 2,673