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Company registration number: 15007370
Creasey Investment Group Limited
Unaudited filleted financial statements
31 July 2024
Creasey Investment Group Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Creasey Investment Group Limited
Statement of financial position
31 July 2024
2024
Note £ £
Fixed assets
Tangible assets 5 93,000
_______
93,000
Current assets
Cash at bank and in hand 1,423
_______
1,423
Creditors: amounts falling due
within one year 6 ( 24,085)
_______
Net current liabilities ( 22,662)
_______
Total assets less current liabilities 70,338
Creditors: amounts falling due
after more than one year 7 ( 79,975)
_______
Net liabilities ( 9,637)
_______
Capital and reserves
Called up share capital 100
Fair value reserve ( 8,470)
Profit and loss account ( 1,267)
_______
Shareholders deficit ( 9,637)
_______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr M Creasey
Director
Company registration number: 15007370
Creasey Investment Group Limited
Statement of changes in equity
Year ended 31 July 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 August 2023 - - - -
Loss for the year ( 9,737) ( 9,737)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account (8,470) 8,470 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 8,470) ( 1,267) ( 9,737)
Issue of shares 100 100
_______ _______ _______ _______
Total investments by and distributions to owners 100 - - 100
_______ _______ _______ _______
At 31 July 2024 100 ( 8,470) ( 1,267) ( 9,637)
_______ _______ _______ _______
Creasey Investment Group Limited
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office FF10, Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 August 2023 - -
Additions 101,470 101,470
Revaluation ( 8,470) ( 8,470)
_______ _______
At 31 July 2024 93,000 93,000
_______ _______
Depreciation
At 1 August 2023 and 31 July 2024 - -
_______ _______
Carrying amount
At 31 July 2024 93,000 93,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 101,470
Fair value adjustments ( 8,470)
_______
At 31 July 2024 93,000
_______
6. Creditors: amounts falling due within one year
2024
£
Other creditors 24,085
_______
7. Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts 79,975
_______
Included within creditors: amounts falling due after more than one year is an amount of £ 79,975 in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Amounts totalling £79,975 are secrured over the investment properties of the business.
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
£
Financial assets measured at fair value through profit or loss
Investment Properties 93,000
_______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr T Creasey - ( 22,863) ( 22,863)
Mr M Creasey - ( 262) ( 262)
_______ _______ _______
- ( 23,125) ( 23,125)
_______ _______ _______
Loans provided to the company by the directors are made on an interest free basis and are repayable on demand