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REGISTERED NUMBER: 08764122 (England and Wales)














AB CREATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


AB CREATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Ms A Mehta
Dr G S Mehta





REGISTERED OFFICE: 24 Landgate
Rye
East Sussex
TN31 7LJ





REGISTERED NUMBER: 08764122 (England and Wales)





ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ

AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 80,830 41,140
80,830 41,140

CURRENT ASSETS
Stocks 15,000 25,000
Debtors 6 509,583 509,583
Cash at bank 422,490 193,299
947,073 727,882
CREDITORS
Amounts falling due within one year 7 500,452 305,274
NET CURRENT ASSETS 446,621 422,608
TOTAL ASSETS LESS CURRENT
LIABILITIES

527,451

463,748

CREDITORS
Amounts falling due after more than
one year

8

(31,002

)

(10,646

)

PROVISIONS FOR LIABILITIES (7,322 ) (7,280 )
NET ASSETS 489,127 445,822

CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Retained earnings 389,127 345,822
SHAREHOLDERS' FUNDS 489,127 445,822

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

BALANCE SHEET - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





Ms A Mehta - Director


AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

AB Creations Limited 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.

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 represents net invoiced sales of services, excluding vale added tax.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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.

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.
Long leasehold improvements - Straight line over 10 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 41,425
AMORTISATION
At 1 April 2023
and 31 March 2024 41,425
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 April 2023 29,578 69,264 27,533
Additions - 5,574 952
At 31 March 2024 29,578 74,838 28,485
DEPRECIATION
At 1 April 2023 17,559 47,472 21,737
Charge for year 2,957 5,738 1,488
At 31 March 2024 20,516 53,210 23,225
NET BOOK VALUE
At 31 March 2024 9,062 21,628 5,260
At 31 March 2023 12,019 21,792 5,796

AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 - 7,313 133,688
Additions 56,640 2,071 65,237
At 31 March 2024 56,640 9,384 198,925
DEPRECIATION
At 1 April 2023 - 5,780 92,548
Charge for year 14,160 1,204 25,547
At 31 March 2024 14,160 6,984 118,095
NET BOOK VALUE
At 31 March 2024 42,480 2,400 80,830
At 31 March 2023 - 1,533 41,140

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 16,578
DEPRECIATION
At 1 April 2023 4,145
Charge for year 3,108
At 31 March 2024 7,253
NET BOOK VALUE
At 31 March 2024 9,325
At 31 March 2023 12,433

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by associates 495,000 495,000
Other debtors 14,583 14,583
509,583 509,583

AB CREATIONS LIMITED (REGISTERED NUMBER: 08764122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 9,368 3,083
Trade creditors 24,103 24,103
Taxation and social security 22,906 8,949
Other creditors 444,075 269,139
500,452 305,274

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 31,002 10,646

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 100,000 100,000

10. RELATED PARTY DISCLOSURES

Dr G Mehta who is a director of AB Creations Ltd is also a director of Mehta Property Limited. There is a loan balance brought forward to Mehta Property Limited of £225,000. The loan is interest free with no fixed terms for repayment. The amount outstanding owed from Mehta Property Limited at the year end was £225,000 (2023 - £225,000).

Dr G Mehta is also a director of G Mehta Auction Limited. There is a loan advanced in the year to G Mehta Auction Limited of £270,000. The loan is interest free with no fixed terms for repayment. The amount outstanding owed from G Mehta Auction Limited at the year end was £270,000 (2023 - £270,000)

Dr G Mehta is also a director of G Mehta Ltd. There is a loan owed in the year to G Mehta Ltd of £22,974. The loan is interest free with no fixed terms for repayment. The amount outstanding owed to G Mehta Ltd at the year end was £22,974. (2023 - £22,974)

Dr G Mehta is also a director of Mehta Property Limited. There is a loan owed in the year to Mehta Property Limited of £1,128. The loan is interest free with no fixed terms for repayment. The amount outstanding owed to Mehta Property Limited at the year end was £1,128. (2023 - £1,128)