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REGISTERED NUMBER: 08401423 (England and Wales)
















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 June 2024

for


OD Create Limited


OD Create Limited (Registered number: 08401423)







Contents of the Financial Statements

for the Year Ended 30 June 2024





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

5



Report of the Independent Auditors  

6



Income Statement  

10



Other Comprehensive Income  

11



Balance Sheet  

12



Statement of Changes in Equity  

13



Notes to the Financial Statements

14




OD Create Limited


Company Information

for the Year Ended 30 June 2024









DIRECTORS:

G S Pinchin


J P Kearney


S A Cherry





REGISTERED OFFICE:

8th Floor


24 Chiswell Street


London


EC1Y 4TY





REGISTERED NUMBER:

08401423 (England and Wales)





SENIOR STATUTORY AUDITOR:

Jonathan Bregman BSc FCA FCCA





AUDITORS:

TC Group


Statutory Auditor


First Floor


Spitalfields House


Stirling Way


Borehamwood


Hertfordshire


WD6 2FX


OD Create Limited (Registered number: 08401423)


Strategic Report

for the Year Ended 30 June 2024


The principal activity of the business during the year remains commercial office fit out and refurbishment with the majority of our projects being carried out in London and the South East.


Trading year

The Directors recognise that 2023-24 was a year of change for OD Create.  As the financial year concluded, we were pleased to announce the appointment of Gavin Hawkins as Managing Director of OD Create. With 18 years of experience within the Group, Gavin brings a wealth of industry knowledge to the role and is already playing a key part in driving the business forward and exceeding our YE25 targets.


The financial year 2023-24 also marked both our 20th anniversary and a pivotal moment for the business. As part of our long-term strategy to enhance employee engagement and align the interests of our workforce with the Group's success, we are pleased to announce the successful implementation of an Employee Ownership Trust (EOT) structure in March 2024. This initiative marks a significant milestone, and we are excited about the opportunities the EOT presents. We are confident that the EOT will be instrumental in driving the company's success while benefiting our dedicated employees. Our commitment remains to create a supportive environment that fosters growth, innovation, and shared prosperity among all members of the company.


Throughout the year, our company values - accountability, integrity, quality, and working together - remained central to our operations. We continued to strengthen relationships with all stakeholders, ensuring these values were upheld at every level.


Sustainability and ESG Strategy


Sustainability continues to be a key area for the business. In line with this focus, we proudly launched our first Environmental, Social, and Governance (ESG) strategy during the financial year. This strategy, based around five key pillars, includes clear targets aimed at generating a positive impact from our activities, conforming to best practices in environmental, social, and governance standards.


Investment in People and Systems


We understand that our people and systems are key to our ongoing success, and as a result, we made significant investments in both throughout the year. These strategic moves strengthen our ability to better serve clients and stay agile in an ever-evolving market.


Our ongoing commitment to Diversity, Equity, and Inclusion (DE&I) has been enhanced this year through initiatives such as mental health first aid training for all managers and the appointment of mental health ambassadors across each business unit. Additionally, we are proud to have created career opportunities for individuals who have undertaken work experience within the company, as well as to have continued providing professional development sponsorship to employees undertaking further education courses. We have also introduced across-industry mentoring, fostering the sharing of best practices and expanding professional networks.


Charitable Initiatives


Our employees' passion for charitable works has been truly inspirational this year. We have continued to raise significant amounts of money for charities in communities local to both our sites and head office. With the introduction of volunteering days, we have been able to contribute time to worthy initiatives as well as financial support. Furthermore, we launched a payroll giving scheme, enabling our employees to voluntarily donate to a charity of their choice directly from their salary.


Outlook and Financial Position


OD Create has welcomed an array of work from both new and existing clients during the period, and the Directors are excited by the strong pipeline of tenders and recent project wins.


We continue to successfully manage our liquidity requirements and remain in a strong financial position, trading without any external funding.



OD Create Limited (Registered number: 08401423)


Strategic Report

for the Year Ended 30 June 2024


REVIEW OF BUSINESS

Turnover & Profitability


A summary of the Company's financial results for the year ended 30 June 2024 are set out below:



June 2024  


    June 2023


Turnover    


£5,716,391


  £7,520,346


Gross Profit


£1,210,589


£ 2,023,396


Profit / (Loss) before tax  


     £32,797


     £655,275  


Shareholders' Funds


   £435,233


     £865,223




The forecast turnover for the next financial years is anticipated to be in the region of:

                                                                                             June 2025    June 2026

Forecast Turnover                                                                   £15m            £15m

Secured workload                                                                   £15.5m           £2m


The outlook for the new year is encouraging with a good pipeline of projects .



Future Developments


The decarbonisation of the built environment continues to be a priority for landlords and developers to reach net zero targets. In this financial year, we have observed an increased commitment to sustainability through green building certifications. With the recent launch of the UK Net Zero Carbon Buildings Standard, we anticipate sustainability commitments to continue to increase in the commercial building market, filtering through the pipeline for the next financial year.


Our secured workload and forecasts will strengthen our balance sheet position and allow us to continue with the planned growth of the business.


The directors recognise that the economic outlook for the coming year remains challenging but the pipeline of tenders for office fit out and refurbishment in London and the South East remains strong.


The directors are therefore satisfied that OD Create has sufficient resources and liquidity to enable it to not only to continue as a going concern for the foreseeable future but to also ensure we continue to invest in our infrastructure and staff so that we are in a stable and profitable position going forward.



OD Create Limited (Registered number: 08401423)


Strategic Report

for the Year Ended 30 June 2024


PRINCIPAL RISKS AND UNCERTAINTIES

Information on financial risks and other risks is set out below:


The company's principal financial assets are bank balances, trade debtors, trade creditors and loans to/from group companies. The directors continually monitor these areas and ensure that sufficient funds are available for ongoing operations and future developments.


The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.


The company has no significant concentration of credit risk, with exposure spread over a large number of customers.


The other risks relate to the state of the property market and the likehood of a downturn due to current economic circumstances.The directors are closely monitoring the external factors.


ON BEHALF OF THE BOARD:






G S Pinchin - Director



25 March 2025


OD Create Limited (Registered number: 08401423)


Report of the Directors

for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.


DIVIDENDS

During the year, the company paid a dividend of £400,000 to it's parent company, OD Project (Holdings) Limited, as a payment to a Employee Ownership Trust which was set up in the year.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.


G S Pinchin

J P Kearney

S A Cherry


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






G S Pinchin - Director



25 March 2025


Report of the Independent Auditors to the Members of

OD Create Limited


Opinion

We have audited the financial statements of OD Create Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

OD Create Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

OD Create Limited



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through:


- Obtaining an understanding of the  Company and its industry  through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.


- Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to principal accounting estimates and uncertainties.


Our audit procedures were designed  to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements.


Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to:

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and

- Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and

- Considering the risk of non-compliance with laws and regulations; and

- Considering whether the financial statement disclosures fairly represent the underlying transactions.


Our audit procedures in relation to irregularities and fraud included, but were not limited to:

- Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and

- Gaining an understanding of the internal controls established to mitigate risks relating to fraud; and

- Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and

- Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates


There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management.


Because of these inherent limitations, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Report of the Independent Auditors to the Members of

OD Create Limited



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Bregman BSc FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX


25 March 2025


OD Create Limited (Registered number: 08401423)


Income Statement

for the Year Ended 30 June 2024



30.6.24


30.6.23


Notes

£   

£   



REVENUE

5,716,391


7,520,346




Cost of sales

(4,505,802

)

(5,496,950

)


GROSS PROFIT

1,210,589


2,023,396




Administrative expenses

(1,218,338

)

(1,368,121

)


(7,749

)

655,275




Other operating income

38,647


-



OPERATING PROFIT

4

30,898


655,275




Interest receivable and similar income

2,555


-



33,453


655,275




Interest payable and similar expenses

5

(656

)

-



PROFIT BEFORE TAXATION

32,797


655,275




Tax on profit

6

(12,787

)

(135,857

)


PROFIT FOR THE FINANCIAL YEAR

20,010


519,418




OD Create Limited (Registered number: 08401423)


Other Comprehensive Income

for the Year Ended 30 June 2024



30.6.24


30.6.23


Notes

£   

£   



PROFIT FOR THE YEAR

20,010


519,418





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

20,010


519,418




OD Create Limited (Registered number: 08401423)


Balance Sheet

30 June 2024



30.6.24


30.6.23


Notes

£   

£   


CURRENT ASSETS

Debtors

9

1,558,233


2,300,385



Cash at bank

429,779


1,795,315



1,988,012


4,095,700



CREDITORS

Amounts falling due within one year

10

(1,552,779

)

(3,230,477

)


NET CURRENT ASSETS

435,233


865,223



TOTAL ASSETS LESS CURRENT

LIABILITIES

435,233


865,223




CAPITAL AND RESERVES

Called up share capital

11

300


300



Retained earnings

434,933


864,923



SHAREHOLDERS' FUNDS

435,233


865,223




The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:






G S Pinchin - Director



OD Create Limited (Registered number: 08401423)


Statement of Changes in Equity

for the Year Ended 30 June 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 July 2022

300


345,505


345,805




Changes in equity

Total comprehensive income

-


519,418


519,418



Balance at 30 June 2023

300


864,923


865,223




Changes in equity

Dividends

-


(450,000

)

(450,000

)


Total comprehensive income

-


20,010


20,010



Balance at 30 June 2024

300


434,933


435,233




OD Create Limited (Registered number: 08401423)


Notes to the Financial Statements

for the Year Ended 30 June 2024


1.

STATUTORY INFORMATION



OD Create 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.


The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows;



the requirement of paragraph 33.7.



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of recognition of turnover, accrued income and accrued job costs have had the most significant effects on amounts recognized in the financial statements.


Revenue recognition


Turnover comprises the fair value of the consideration received or receivable for sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.



Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the services provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.  


Computer equipment

-

33% on cost


OD Create Limited (Registered number: 08401423)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


2.

ACCOUNTING POLICIES - continued



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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


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.


OD Create Limited (Registered number: 08401423)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


2.

ACCOUNTING POLICIES - continued


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.


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


30.6.24


30.6.23

£   

£   



Wages and salaries

1,103,854


808,107




Social security costs

66,242


62,523




Other pension costs

12,416


10,417



1,182,512


881,047





The average number of employees during the year was as follows:


30.6.24


30.6.23



Sales, management and marketing

9


7





30.6.24


30.6.23

£   

£   



Directors' remuneration

-


-




4.

OPERATING PROFIT



The operating profit is stated after charging:



30.6.24


30.6.23

£   

£   



Depreciation - owned assets

-


429




Auditors' remuneration

7,000


7,750




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.6.24


30.6.23

£   

£   



Other interest

656


-




OD Create Limited (Registered number: 08401423)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


30.6.24


30.6.23

£   

£   



Current tax:


UK corporation tax

12,787


135,857




Tax on profit

12,787


135,857





UK corporation tax has been charged at 25% .



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



30.6.24


30.6.23

£   

£   



Profit before tax

32,797


655,275




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 25%)  

8,199


163,819





Effects of:


Expenses not deductible for tax purposes

14,249


1,787




Income not taxable for tax purposes

(9,661

)

-




Depreciation in excess of capital allowances

-


107




Tax adjustments in respect of tax rate  

-


(29,856

)



Total tax charge

12,787


135,857




7.

DIVIDENDS


30.6.24


30.6.23

£   

£   



Ordinary share shares of 0.10 each


Interim

450,000


-




8.

PROPERTY, PLANT AND EQUIPMENT


Computer


equipment

£   



COST


At 1 July 2023


and 30 June 2024

5,900




DEPRECIATION


At 1 July 2023


and 30 June 2024

5,900




NET BOOK VALUE


At 30 June 2024

-




At 30 June 2023

-




OD Create Limited (Registered number: 08401423)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.6.24


30.6.23

£   

£   



Trade debtors

1,110,590


1,252,077




Amounts recoverable on contract

94,641


1,030,025




Other debtors

41,500


-




Prepayments

311,502


18,283



1,558,233


2,300,385




10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.6.24


30.6.23

£   

£   



Trade creditors

458,681


183,825




Amounts owed to group undertakings

3,203


-




Tax

12,787


151,496




Social security and other taxes

34,214


19,500




VAT

287,695


466,782




Other creditors

10,441


21,361




Accrued expenses

745,758


2,387,513



1,552,779


3,230,477




11.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.6.24


30.6.23


value:

£   

£   



3,000

Ordinary share

0.10

300


300




12.

PENSION COMMITMENTS


The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £12,416 (2023 - £10,417).

13.

ULTIMATE PARENT COMPANY



OD Projects (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.



The ultimate controlling party is the OD Group Trustees Limited.



The Group Consolidated Financial Statements are available upon request from  8th Floor, 24 Chiswell Street, London, EC1Y 4TY.