Company registration number 09730389 (England and Wales)
KREATE ALTERNATIVE MEDIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
KREATE ALTERNATIVE MEDIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
KREATE ALTERNATIVE MEDIA LIMITED (REGISTERED NUMBER: 09730389)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,073
31,899
Current assets
Debtors
4
248,290
223,507
Cash at bank and in hand
22,027
192,393
270,317
415,900
Creditors: amounts falling due within one year
5
(60,444)
(87,276)
Net current assets
209,873
328,624
Total assets less current liabilities
251,946
360,523
Creditors: amounts falling due after more than one year
6
(9,165)
(19,166)
Net assets
242,781
341,357
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
242,681
341,257
Total equity
242,781
341,357
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KREATE ALTERNATIVE MEDIA LIMITED (REGISTERED NUMBER: 09730389)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr K McCarthy
Director
KREATE ALTERNATIVE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Kreate Alternative Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, United Kingdom, WC2R 0LT.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents net invoiced sales of media production services, excluding value added tax. Turnover is recognised when the service has been provided to the customer.
1.4
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, fittings & equipment
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KREATE ALTERNATIVE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
1,901
6,817
43,799
52,517
Additions
658
18,795
19,453
At 31 July 2024
1,901
7,475
62,594
71,970
Depreciation and impairment
At 1 August 2023
1,605
6,011
13,002
20,618
Depreciation charged in the year
74
723
8,482
9,279
At 31 July 2024
1,679
6,734
21,484
29,897
Carrying amount
At 31 July 2024
222
741
41,110
42,073
At 31 July 2023
296
806
30,797
31,899
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,212
54,218
Other debtors
247,078
169,289
248,290
223,507
KREATE ALTERNATIVE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
3,392
2,940
Taxation and social security
34,802
62,086
Other creditors
12,250
12,250
60,444
87,276
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,165
19,166
7
Financial commitments, guarantees and contingent liabilities
During the year ended 31 July 2020, the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advance and paid the interest and fees due for the first 12 months. As at the balance sheet date, the balance outstanding on this loan was £19,165.
8
Directors' transactions
As at the balance sheet date, the company was owed £247,078 (2023 - £169,289) by the directors by way of an interest free loan. This balance is included in other debtors and is repayable on demand.