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Create Spaces Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

Registration number: 13517514

 

Create Spaces Group Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Create Spaces Group Limited

(Registration number: 13517514)
Statement of financial position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

103,105

27,623

Current assets

 

Debtors

5

388,068

16,930

Cash at bank and in hand

 

36,693

33,750

 

424,761

50,680

Creditors: Amounts falling due within one year

6

(479,922)

(44,769)

Net current (liabilities)/assets

 

(55,161)

5,911

Total assets less current liabilities

 

47,944

33,534

Creditors: Amounts falling due after more than one year

6

(47,678)

(31,546)

Net assets

 

266

1,988

Capital and reserves

 

Called up share capital

100

100

Retained earnings

166

1,888

Shareholders' funds

 

266

1,988

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Mrs E Windsor
Director

 

Create Spaces Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Woburn Road
Crawley
West Sussex
RH11 8NF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Create Spaces Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Reducing Balance

Motor vehicles

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Create Spaces Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

-

-

34,529

34,529

Additions

48,000

12,717

21,990

82,707

At 31 July 2024

48,000

12,717

56,519

117,236

Depreciation

At 1 August 2023

-

-

6,906

6,906

Charge for the year

-

1,242

5,983

7,225

At 31 July 2024

-

1,242

12,889

14,131

Carrying amount

At 31 July 2024

48,000

11,475

43,630

103,105

At 31 July 2023

-

-

27,623

27,623

Included within the net book value of land and buildings above is £48,000 (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

347,725

-

Other debtors

40,343

16,930

 

388,068

16,930

 

Create Spaces Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

33,966

5,300

Trade creditors

 

11,063

-

Taxation and social security

 

201,177

38,410

Accruals and deferred income

 

500

490

Other creditors

 

233,216

569

 

479,922

44,769

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

47,678

31,546

7

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

13,905

-

Later than one year and not later than five years

51,551

-

65,456

-

8

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mrs E Windsor

Loan

5,815

79,263

(65,156)

19,922

Mr A Windsor

Loan

5,815

79,263

(65,156)

19,922

 

Create Spaces Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mrs E Windsor

Loan

-

5,815

5,815

Mr A Windsor

Loan

-

5,815

5,815