| Company registration number | |
| for the year ended |
|
| Cavendish Bond | |
| Chartered Accountants & Statutory Auditor | |
| Bentinck House | |
| 3 - 8 Bolsover Street | |
| London | |
| W1W 6AB | |
| Financial statements for the year ended |
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| Balance Sheet | |||||||
| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 4 | ||||||
| Current assets | |||||||
| Debtors | 5 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 6 | ( |
( |
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| Net current assets | |||||||
| Total assets less current liabilities | |||||||
| Creditors: amounts falling due after more than one year | 7 | ( |
( |
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| Provisions for liabilities | ( |
( |
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| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | |||||||
| Profit and loss account | |||||||
| Shareholder's funds | |||||||
| These financial statements were approved by the board on |
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| D H Stern | |||||||
| Director | |||||||
| Company registration number 06790063 | |||||||
| Financial statements for the year ended |
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| Notes to the Financial Statements | ||||||||
| 1 | Accounting policies | |||||||
| Basis of preparation | ||||||||
| Going concern | ||||||||
| The company has prepared forecasts that indicate that it should have sufficient resources to continue in operational existence for the foreseeable future and at least one year from the date of approval of these financial statements. The company has also received confirmation from its parent company, Create Advertising Group LLC, that it will not require repayment of any part of its loan to the company to the detriment of the company's ability to continue as a going concern. In light of this the director is satisfied that the company should have sufficient resources to continue in operational existence for the foreseeable future, and at least one year from the date of approval of these financial statements, and these financial statements have therefore been prepared on a going concern basis. |
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| Turnover | ||||||||
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is determined by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, to anticipated total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that the expenses recognised are recoverable. |
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| Tangible fixed assets | ||||||||
| Leasehold property | over the term of the lease | |||||||
| Plant and machinery | 25% straight line to 60% 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. | ||||||||
| Debtors | ||||||||
| Creditors | ||||||||
| Taxation | ||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| Provisions | ||||||||
| Foreign currency translation | ||||||||
Monetary assets and liabilities denominated in foreign currencies are retranslated at the balance sheet date using the rates of exchange prevailing at the balance sheet date. Gains and losses arising from retranslation are recognised in the profit and loss account. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated at the rate ruling at the date of the transaction and are not subsequently retranslated. |
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| Leased assets | ||||||||
The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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| Financial instruments | ||||||||
| 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 entity after deducting all of its liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classified as financial liabilities and are presented as such in the balance sheet. Where the contractual terms of financial instruments do not meet the definition of a financial liability those financial instruments are classified as equity instruments. Dividends and other distributions relating to equity instruments are debited direct to equity. |
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| Pensions | ||||||||
| 2 | Audit information | |||||||
| Auditor: | ||||||||
| Senior Statutory Auditor: | ||||||||
| Audit report date: | ||||||||
| 3 | Employees | 2024 | 2023 | |||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 4 | Tangible fixed assets | |||||||
| Leasehold property | Plant and machinery | Total | ||||||
| £ | £ | £ | ||||||
| Cost | ||||||||
| At 1 January 2024 | ||||||||
| Additions | - | |||||||
| At 31 December 2024 | ||||||||
| Depreciation | ||||||||
| At 1 January 2024 | ||||||||
| Charge for the year | ||||||||
| At 31 December 2024 | ||||||||
| Net book value | ||||||||
| At 31 December 2024 | ||||||||
| At 31 December 2023 | ||||||||
| Fixed assets include assets held under finance lease and hire purchase contracts. The finance lease and hire purchase liabilities are secured against the relevant fixed assets. | ||||||||
| 5 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade debtors | ||||||||
| Accrued income | 323,425 | 245,782 | ||||||
| Other debtors | ||||||||
| Other debtors include a deposit of £90,000 (2023: £90,000) held by the company's landlord as security for performance of the company's obligations under its lease. | ||||||||
| 6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank loans and overdrafts | ||||||||
| Obligations under finance lease and hire purchase contracts | ||||||||
| Trade creditors | ||||||||
| Amounts owed to group undertakings | ||||||||
| Taxes and social security costs | ||||||||
| Other creditors | ||||||||
| Bank loans falling due within one year include £50,000 (2023: £50,000) secured by way of fixed and floating charges over the company's assets. Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate. | ||||||||
| 7 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank loans | ||||||||
| Obligations under finance lease and hire purchase contracts | ||||||||
| Bank loans falling due after one year include £37,500 (2023: £87,500) secured by way of fixed and floating charges over the company's assets. Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate. | ||||||||
| 8 | Other financial commitments | 2024 | 2023 | |||||
| £ | £ | |||||||
| Total future minimum payments under non-cancellable operating leases | ||||||||
| 9 | Related party transactions | |||||||
| 10 | Parent company | |||||||
| 11 | Other information | |||||||
| Create Advertising Limited is a private company limited by shares and incorporated in England with its registered office at: | ||||||||
| 38A Warren Street | ||||||||
| London | ||||||||
| W1T 6AE | ||||||||