Company registration number 06910444 (England and Wales)
CREATIVE FUNDING SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CREATIVE FUNDING SOLUTIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CREATIVE FUNDING SOLUTIONS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CREATIVE FUNDING SOLUTIONS LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Creative Funding Solutions Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Creative Funding Solutions Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Creative Funding Solutions Limited and state those matters that we have agreed to state to the board of directors of Creative Funding Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creative Funding Solutions Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Creative Funding Solutions 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 Creative Funding Solutions Limited. You consider that Creative Funding Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Creative Funding Solutions Limited. For this reason, we have not verified the 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.

Carpenter Box
13 February 2025
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
CREATIVE FUNDING SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
105,605
401,131
Current assets
Stocks
-
11,315
Debtors
4
263,821
821,830
Cash at bank and in hand
201,775
199,197
465,596
1,032,342
Creditors: amounts falling due within one year
5
(365,932)
(832,500)
Net current assets
99,664
199,842
Total assets less current liabilities
205,269
600,973
Creditors: amounts falling due after more than one year
6
(26,902)
(49,296)
Provisions for liabilities
(9,400)
(83,500)
Net assets
168,967
468,177
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
168,867
468,077
Total equity
168,967
468,177

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

- 2 -
CREATIVE FUNDING SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
Mr M G Lowe
Director
Company registration number 06910444 (England and Wales)
- 3 -
CREATIVE FUNDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
Company information

Creative Funding Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director hatrued considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the director had concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% per annum on a straight line basis
Fixtures and fittings
25% per annum on a diminishing balance basis
Motor vehicles
25% per annum on a diminishing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

- 4 -
CREATIVE FUNDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

- 5 -
CREATIVE FUNDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 13).

3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
6,955
14,098
554,302
575,355
Additions
-
0
1,307
10,049
11,356
Disposals
-
0
-
0
(376,980)
(376,980)
At 31 May 2024
6,955
15,405
187,371
209,731
Depreciation and impairment
At 1 June 2023
4,090
6,192
163,942
174,224
Depreciation charged in the year
695
2,175
48,420
51,290
Eliminated in respect of disposals
-
0
-
0
(121,388)
(121,388)
At 31 May 2024
4,785
8,367
90,974
104,126
Carrying amount
At 31 May 2024
2,170
7,038
96,397
105,605
At 31 May 2023
2,865
7,906
390,360
401,131
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,714
127,628
Other debtors
204,107
694,202
263,821
821,830
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
22,729
120,547
Trade creditors
41,317
133,428
Taxation and social security
240,050
180,644
Other creditors
61,836
397,881
365,932
832,500
- 6 -
CREATIVE FUNDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Creditors: amounts falling due within one year
(Continued)

Included within other creditors are £8,319 (2023: £3,550) due on hire purchase contacts, which are secured against the assets they relate to.

 

The bank loan is secured against company assets.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
22,729
Other creditors
26,902
26,567
26,902
49,296

Included within other creditors are £26,902 (2023: £26,567) due on hire purchase contacts, which are secured against the assets they relate to.

 

The bank loan is secured against company assets.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

 

 

2024
2023
£
£
12,431
12,431
9
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director Loan
-
147
(147)
-
147
(147)
-
- 7 -
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