BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principle activity is that of specialised design acitivities. 9 July 2024 18 15 NI628511 2024-03-31 NI628511 2023-03-31 NI628511 2022-03-31 NI628511 2023-04-01 2024-03-31 NI628511 2022-04-01 2023-03-31 NI628511 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI628511 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI628511 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI628511 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI628511 uk-bus:Director1 2023-04-01 2024-03-31 NI628511 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI628511 uk-bus:Agent1 2023-04-01 2024-03-31 NI628511 uk-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI628511 uk-core:ShareCapital 2024-03-31 NI628511 uk-core:ShareCapital 2023-03-31 NI628511 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI628511 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI628511 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI628511 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI628511 uk-bus:FRS102 2023-04-01 2024-03-31 NI628511 uk-core:Land 2023-04-01 2024-03-31 NI628511 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI628511 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI628511 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI628511 uk-core:CurrentFinancialInstruments 2024-03-31 NI628511 uk-core:CurrentFinancialInstruments 2023-03-31 NI628511 uk-core:WithinOneYear 2024-03-31 NI628511 uk-core:WithinOneYear 2023-03-31 NI628511 uk-core:WithinOneYear 2024-03-31 NI628511 uk-core:WithinOneYear 2023-03-31 NI628511 uk-core:AfterOneYear 2024-03-31 NI628511 uk-core:AfterOneYear 2023-03-31 NI628511 uk-core:AfterOneYear 2024-03-31 NI628511 uk-core:AfterOneYear 2023-03-31 NI628511 uk-core:WithinOneYear 2024-03-31 NI628511 uk-core:WithinOneYear 2023-03-31 NI628511 uk-core:BetweenOneTwoYears 2024-03-31 NI628511 uk-core:BetweenOneTwoYears 2023-03-31 NI628511 uk-core:BetweenTwoFiveYears 2024-03-31 NI628511 uk-core:BetweenTwoFiveYears 2023-03-31 NI628511 uk-core:BetweenOneFiveYears 2024-03-31 NI628511 uk-core:BetweenOneFiveYears 2023-03-31 NI628511 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI628511
 
 
Off the Wall Creative Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024



Off the Wall Creative Limited
DIRECTOR AND OTHER INFORMATION

 
Director Patrick McGowan
 
 
Company Registration Number NI628511
 
 
Registered Office and Business Address Units 1 and 2,
Somerton Industrial Park,
Dargan Crescent,
Belfast
Antrim
BT3 9JB
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG



Off the Wall Creative Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of Off the Wall Creative Limited
for the financial year ended 31 March 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2024 as set out on pages  to 12 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of Off the Wall Creative Limited, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 March 2024 your duty to ensure that Off the Wall Creative Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Off the Wall Creative Limited. You consider that Off the Wall Creative Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Off the Wall Creative Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
9 July 2024



Off the Wall Creative Limited
Company Registration Number: NI628511
STATEMENT OF FINANCIAL POSITION
as at 31 March 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 376,862 260,573
───────── ─────────
 
Current Assets
Inventories 5 51,120 55,117
Receivables 6 272,774 237,305
Cash and cash equivalents 285,146 139,868
───────── ─────────
609,040 432,290
───────── ─────────
Payables: amounts falling due within one year 7 (318,217) (215,990)
───────── ─────────
Net Current Assets 290,823 216,300
───────── ─────────
Total Assets less Current Liabilities 667,685 476,873
 
Payables:
amounts falling due after more than one year 8 (88,794) (107,363)
───────── ─────────
Net Assets 578,891 369,510
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 578,791 369,410
───────── ─────────
Equity attributable to owners of the company 578,891 369,510
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 9 July 2024
           
           
________________________________          
Patrick McGowan          
Director          
           



Off the Wall Creative Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Off the Wall Creative Limited is a company limited by shares incorporated in Northern Ireland. Units 1 and 2,, Somerton Industrial Park,, Dargan Crescent,, Belfast, Antrim, BT3 9JB is the registered office, which is also the principal place of business of the company. . The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 2% Straight line
  Plant and machinery - 20% Straight line
  Fixtures, fittings and equipment - 15% Straight line
  Motor vehicles - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Work in progress
Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company currrently does not offer any employee benefits.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 18, (2023 - 15).
 
  2024 2023
  Number Number
 
Average Employees during the year 18 15
  ═════════ ═════════
             
4. Property, plant and equipment
  Long Plant and Fixtures, Motor Total
  leasehold machinery fittings and vehicles  
  property   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 April 2023 153,566 174,554 22,945 74,005 425,070
Additions - 4,199 120,232 42,750 167,181
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 153,566 178,753 143,177 116,755 592,251
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 - 111,318 19,575 33,604 164,497
Charge for the financial year - 22,807 12,137 15,948 50,892
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 - 134,125 31,712 49,552 215,389
  ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 March 2024 153,566 44,628 111,465 67,203 376,862
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 153,566 63,236 3,370 40,401 260,573
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Inventories 2024 2023
  £ £
 
Work in progress 11,748 24,895
Finished goods and goods for resale 39,372 30,222
  ───────── ─────────
  51,120 55,117
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Receivables 2024 2023
  £ £
 
Trade receivables 262,838 227,260
Prepayments and accrued income 9,936 10,045
  ───────── ─────────
  272,774 237,305
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Other Loan 33,647 33,647
Net obligations under finance leases
and hire purchase contracts 8,547 14,377
Trade payables 156,510 66,567
Taxation  (Note 9) 105,910 54,597
Director's current account 10,468 44,802
Other creditors 1,135 -
Accruals 2,000 2,000
  ───────── ─────────
  318,217 215,990
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 65,733 92,404
Finance leases and hire purchase contracts 23,061 14,959
  ───────── ─────────
  88,794 107,363
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 33,647 33,647
Repayable between one and two years 33,647 33,647
Repayable between two and five years 32,086 58,757
  ───────── ─────────
  99,380 126,051
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 8,547 14,377
Repayable between one and five years 23,061 14,959
  ───────── ─────────
  31,608 29,336
  ═════════ ═════════
       
9. Taxation 2024 2023
  £ £
 
Payables:
VAT 56,577 27,696
Corporation tax 43,405 18,107
PAYE / NI 5,928 8,794
  ───────── ─────────
  105,910 54,597
  ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
   
11. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.