Company Registration No. 12227301 (England and Wales)
Crestview Strategy Ltd
Financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Crestview Strategy Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Crestview Strategy Ltd
Statement of financial position
As at 30 April 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,464
11,210
Current assets
Debtors
5
404,251
365,841
Cash at bank and in hand
147,634
335,421
551,885
701,262
Creditors: amounts falling due within one year
6
(582,096)
(612,515)
Net current (liabilities)/assets
(30,211)
88,747
Net (liabilities)/assets
(9,747)
99,957
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(9,748)
99,956
Total equity
(9,747)
99,957
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on
25 April 2025.
2025-04-25
Matthew John
Director
Company Registration No. 12227301
Crestview Strategy Ltd
Notes to the financial statements
For the year ended 30 April 2024
2
1
Accounting policies
Company information
Crestview Strategy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is One Fleet Place, London, EC4M 7WS.
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
Turnover
Turnover represents amounts receivable for consultancy services net of VAT. Turnover includes rechargeable expenses incurred on behalf of clients. Turnover is recognised on an accruals basis at the point the company obtains the right to consideration in exchange for services provided.
Revenue for the provision of professional services is recognised with reference to the service level contract or agreement in the period in which the agreed level of service has been provided, usually in the form of a monthly fixed fee.
Revenue for the provision of ad hoc services is recognised in the period in which the service was provided.
1.3
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:
Fixtures and fittings
33.33% straight line basis
Computers
33.33% straight line 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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
3
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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, 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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
4
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
1.7
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.
1.8
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
6
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue Recognition
Management uses judgement to consider if all services have been provided in accordance with the fees received, including whether accrued or deferred income is required.
Management uses judgement and historical insights to review trade debtors and consider whether provisions for bad debts are necessary.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
14,755
Additions
19,125
At 30 April 2024
33,880
Depreciation and impairment
At 1 May 2023
3,545
Depreciation charged in the year
9,871
At 30 April 2024
13,416
Carrying amount
At 30 April 2024
20,464
At 30 April 2023
11,210
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
286,052
119,336
Corporation tax recoverable
20,140
Amounts owed by group undertakings
201,415
Other debtors
98,059
45,090
404,251
365,841
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,344
7,688
Amounts owed to group undertakings
243,513
371,214
Corporation tax
23,657
Other taxation and social security
48,662
71,946
Other creditors
228,577
138,010
582,096
612,515
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
8
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lucy Brennan
Statutory Auditors:
Saffery LLP
Date of audit report:
28/04/2025
9
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
£
£
371,325
16,000
10
Financial commitments, guarantees and contingent liabilities
During the year, a non-revolving credit facility was agreed with the Crestview Strategy Inc, secured by an unlimited multilateral guarantee involving Crestview Limited and 7 other group companies. At 30 April 2024, an amount of CD$4,617,111 had been drawn down.
11
Related party transactions
As at the year ended 30 April 2024, in respect of Crestview Strategy Inc, Crestview Strategy Limited owed £243,513 (2023: £371,214).
12
Parent company
The parent company is Crestview Strategy Inc, registered address 80 Richmond Street, West, Suite 400, Toronto, Ontario, Canada, M5H 2A4.
Crestview Strategy Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
9
13
Prior period adjustment
Reconciliation of changes in equity
30 April
2023
£
Adjustments to prior year
Adjustment to expense accruals
23,839
Total adjustments
23,839
Equity as previously reported
76,118
Equity as adjusted
99,957
Analysis of the effect upon equity
Profit and loss reserves
23,839
23,839
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Adjustment to expense accruals
23,839
Profit as previously reported
157,307
Profit as adjusted
181,146
Notes to reconciliation
Adjustment to expense accruals
The prior period adjustment was undertaken to adjust the accrual balances as at the year ended 30 April 2023 for direct costs, bonuses and admin costs to agree to the post year end payments. The adjustment has increased the profit as previously reported within Crestview Strategy Limited by £23,839, from £157,308 to £181,146.
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