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Company No: 03082039 (England and Wales)

WOODREED CREATIVE CONSULTANCY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

WOODREED CREATIVE CONSULTANCY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

WOODREED CREATIVE CONSULTANCY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
WOODREED CREATIVE CONSULTANCY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 875
Tangible assets 4 0 734
0 1,609
Current assets
Debtors 5 578,254 482,718
Cash at bank and in hand 73,514 46,459
651,768 529,177
Creditors: amounts falling due within one year 6 ( 162,474) ( 179,308)
Net current assets 489,294 349,869
Total assets less current liabilities 489,294 351,478
Creditors: amounts falling due after more than one year 7 ( 5,000) ( 90,000)
Net assets 484,294 261,478
Capital and reserves
Called-up share capital 8 4 4
Profit and loss account 484,290 261,474
Total shareholder's funds 484,294 261,478

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Woodreed Creative Consultancy Limited (registered number: 03082039) were approved and authorised for issue by the Director on 16 May 2025. They were signed on its behalf by:

Lorna Caroline Alison Leeson
Director
WOODREED CREATIVE CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
WOODREED CREATIVE CONSULTANCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Woodreed Creative Consultancy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Liberty House, 222 Regent Street, London, W1B 5TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 January 2024 14,000 2,500 16,500
Disposals ( 14,000) ( 2,500) ( 16,500)
At 31 December 2024 0 0 0
Accumulated amortisation
At 01 January 2024 14,000 1,625 15,625
Charge for the financial year 0 875 875
Disposals ( 14,000) ( 2,500) ( 16,500)
At 31 December 2024 0 0 0
Net book value
At 31 December 2024 0 0 0
At 31 December 2023 0 875 875

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2024 2,033 2,033
At 31 December 2024 2,033 2,033
Accumulated depreciation
At 01 January 2024 1,299 1,299
Charge for the financial year 734 734
At 31 December 2024 2,033 2,033
Net book value
At 31 December 2024 0 0
At 31 December 2023 734 734

5. Debtors

2024 2023
£ £
Trade debtors 105,360 56,497
Amounts owed by Parent undertakings 466,605 421,347
Prepayments 6,289 4,874
578,254 482,718

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 15,513 6,009
Accruals and deferred income 73,473 154,224
Taxation and social security 61,787 8,377
Other creditors 1,701 698
162,474 179,308

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,000 15,000
Accruals 0 75,000
5,000 90,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

9. Events after the Balance Sheet date

Post year end, a £480,005 dividend was declared to the parent Company, Woodreed 2006 Limited, which cleared the intercompany balance.

On 24 January 2025, the Company was acquired by Seven Seas Ltd.