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Registered number: 04899203










CREATIVE RETAIL ENTERTAINMENT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024



 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

COMPANY INFORMATION


Directors
S Rajkumar 
C Payne 
A Meichtry 
D Collins 
S Lupton 




Company secretary
C Payne



Registered number
04899203



Registered office
1 London Street

Reading

Berkshire

RG1 4QW




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 8


 
CREATIVE RETAIL ENTERTAINMENT LIMITED
REGISTERED NUMBER: 04899203

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,797
13,370

Current assets
  

Stocks
 5 
97,963
79,344

Debtors: amounts falling due within one year
 6 
540,165
620,280

Cash at bank and in hand
 7 
20,877
11,030

  
659,005
710,654

Creditors: amounts falling due within one year
 8 
(794,138)
(671,143)

Net current (liabilities)/assets
  
 
 
(135,133)
 
 
39,511

Total assets less current liabilities
  
(122,336)
52,881

Creditors: amounts falling due after more than one year
 9 
(80,047)
(91,000)

  

Net liabilities
  
(202,383)
(38,119)


Capital and reserves
  

Called up share capital 
  
120,000
120,000

Profit and loss account
  
(322,383)
(158,119)

  
(202,383)
(38,119)


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Rajkumar
Director

Date: 25 February 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Creative Retail Entertainment Limited is a private company, limited by shares and incorporated in England (registered number 04899203). The company’s registered office is 1 London Street, Reading, Berkshire, RG1 4QW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company recorded a loss after taxation of £159,487 for the year (2023: profit  £4,611), and had net liabilities of £202,483 (2023 - £38,119) at the balance sheet date. 
The directors have prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the company remains a going concern. The outcome of the stress testing performed has indicated that 12 months after the balance sheet signing date there is some uncertainty with regards to the timing of cash flows, which gives rise to a material uncertainty in respect of going concern.
 
The financial statements do not include the adjustments that would be necessary should the going concern basis of preparation no longer be appropriate. However, after considering the uncertainties the directors have a reasonable expectation that the company will continue to successfully trade. Accordingly the Board considers it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Page 2

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant, machinery, fixtures & fittings
-
20% straight line
Operating assets
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.9

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.10

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

 
2.11

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 4

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 16).


4.


Tangible fixed assets







Operating assets
Motor vehicles
Plant, machinery, fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
586,466
62,130
54,107
39,534
742,237


Additions
6,775
-
-
-
6,775


Disposals
(48,814)
-
-
-
(48,814)



At 29 February 2024

544,427
62,130
54,107
39,534
700,198



Depreciation


At 1 March 2023
574,661
62,130
54,107
37,969
728,867


Charge for the year on owned assets
7,200
-
-
-
7,200


Disposals
(48,666)
-
-
-
(48,666)



At 29 February 2024

533,195
62,130
54,107
37,969
687,401



Net book value



At 29 February 2024
11,232
-
-
1,565
12,797



At 28 February 2023
11,805
-
-
1,565
13,370


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
97,963
79,344


Page 5

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
362,920
418,545

Other debtors
14,997
14,983

Prepayments and accrued income
134,290
173,925

Deferred taxation
27,958
12,827

540,165
620,280



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,877
11,030



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
45,000
45,000

Trade creditors
287,998
306,778

Other taxation and social security
117,168
197,098

Other creditors
237,453
101,577

Accruals and deferred income
106,519
20,690

794,138
671,143



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,000
75,000

Other creditors
50,047
16,000

80,047
91,000


Page 6

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
45,000
45,000

Amounts falling due 1-2 years

Bank loans
30,000
45,000

Amounts falling due 2-5 years

Bank loans
-
30,000


75,000
120,000


The Company has obtained loans in the form of a Coronavrius Business Interruption Loan Scheme ("CBILS") of £180,000. The loan is repayable over 60 months and interest is charged at 5% over base rate over the life of the loan.


11.


Deferred taxation






2024


£






At beginning of year
12,827


Charged to profit or loss
15,131



At end of year
27,958

2024
2023
£
£


Accelerated capital allowances
4,485
6,028

Tax losses carried forward
19,500
4,446

Short term timing differences
3,973
2,353

27,958
12,827

Page 7

 
CREATIVE RETAIL ENTERTAINMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

In their report, the auditors emphasised that following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which highlights the impact Covid-19 has had on the company. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 27 February 2025 by Darren O'Connor BSc (Hons) FCCA, ACA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 8