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Registered number: 05252388
Kreation Laboratory Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05252388
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 62,695 42,288
62,695 42,288
CURRENT ASSETS
Debtors 5 120,180 74,010
Cash at bank and in hand 43,834 62,271
164,014 136,281
Creditors: Amounts Falling Due Within One Year 6 (171,576 ) (123,704 )
NET CURRENT ASSETS (LIABILITIES) (7,562 ) 12,577
TOTAL ASSETS LESS CURRENT LIABILITIES 55,133 54,865
Creditors: Amounts Falling Due After More Than One Year 7 (32,772 ) (24,373 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,322 ) (10,143 )
NET ASSETS 7,039 20,349
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 6,939 20,249
SHAREHOLDERS' FUNDS 7,039 20,349
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christopher Woods
Director
9th June 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kreation Laboratory Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05252388 . The registered office is Unit D5, Spectrum Business Centre, Anthonys Way, Medway City Estate, Rochester, Kent, ME2 4NP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.
Leasehold 10% on cost
Plant & Machinery 20% on cost
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% on cost
Computer Equipment 15% on cost
2.4. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Debtors
Short term debtors are measured at transaction price, less any impairments for bad and doubtful debts.
2.8. Creditors
Short term creditors are measured at the transaction price.
2.9. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2023 17,768 110,967 5,644 8,480
Additions - 31,047 - 915
As at 31 October 2024 17,768 142,014 5,644 9,395
Depreciation
As at 1 November 2023 10,661 77,549 4,639 8,480
Provided during the period 1,777 10,789 251 35
As at 31 October 2024 12,438 88,338 4,890 8,515
Net Book Value
As at 31 October 2024 5,330 53,676 754 880
As at 1 November 2023 7,107 33,418 1,005 -
Computer Equipment Total
£ £
Cost
As at 1 November 2023 7,694 150,553
Additions 1,621 33,583
As at 31 October 2024 9,315 184,136
Depreciation
As at 1 November 2023 6,936 108,265
Provided during the period 324 13,176
As at 31 October 2024 7,260 121,441
Net Book Value
As at 31 October 2024 2,055 62,695
As at 1 November 2023 758 42,288
Page 4
Page 5
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 120,180 74,010
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 54,773 37,698
Bank loans and overdrafts 38,063 22,838
Other creditors 13,269 13,415
Taxation and social security 65,471 49,753
171,576 123,704
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 32,772 24,373
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5