Ignition Creative London Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 07802310 (England and Wales)
Ignition Creative London Limited
Company Information
Directors
L David
M Kistler
M Cornell
Company number
07802310
Registered office
3rd Floor
40-44 Newman Street
London
W1T 1QD
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
3rd Floor
40-44 Newman Street
London
United Kingdom
W1T 1QD
Ignition Creative London Limited
Contents
Page
Statement of changes in equity
Notes to the financial statements
3 - 7
Ignition Creative London Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
366,094
288,964
Current assets
Debtors
4
2,831,144
2,597,490
Cash at bank and in hand
231,348
180,432
3,062,492
2,777,922
Creditors: amounts falling due within one year
5
(1,479,877)
(1,357,189)
Net current assets
1,582,615
1,420,733
Total assets less current liabilities
1,948,709
1,709,697
Provisions for liabilities
(107,822)
(87,509)
Net assets
1,840,887
1,622,188
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
1,840,885
1,622,186
Total equity
1,840,887
1,622,188
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 December 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.
Ignition Creative London Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Director
Company Registration No. 07802310
Ignition Creative London Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information
Ignition Creative London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 44 Newman Street, London, W1T 1QD.
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 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
Going concern
These financial statements are prepared on the going concern basis. The directors expect the company to have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue 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 calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Leasehold improvements
over the life of the lease
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line
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.
Ignition Creative London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.5
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.
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.
1.6
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost with no financial instruments classified as other, or basic financial instruments measured at fair value.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 profit and loss account 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.
Ignition Creative London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
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
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.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
47
50
Ignition Creative London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
195,627
406,434
602,061
Additions
191,751
191,751
Disposals
(2,798)
(2,798)
At 31 December 2024
195,627
595,387
791,014
Depreciation and impairment
At 1 January 2024
69,178
243,919
313,097
Depreciation charged in the year
39,125
75,022
114,147
Eliminated in respect of disposals
(2,324)
(2,324)
At 31 December 2024
108,303
316,617
424,920
Carrying amount
At 31 December 2024
87,324
278,770
366,094
At 31 December 2023
126,449
162,515
288,964
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,077,761
1,415,572
Other debtors
178,113
188,345
Prepayments and accrued income
575,270
993,573
2,831,144
2,597,490
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
110,752
105,773
Corporation tax
204,296
169,743
Other taxation and social security
337,579
251,100
Other creditors
481,731
351,161
Accruals and deferred income
345,519
479,412
1,479,877
1,357,189
Ignition Creative London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
200
200
2
2
7
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
£
£
Within one year
156,690
265,103
Between two and five years
140,205
512,820
296,895
777,923
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Ignition Creative London Limited is related to Ignition Creative LLC by virtue of common control. During the year Ignition Creative London Limited made purchases of £43,401 from Ignition Creative LLC. At the year end, a balance of £23,211 (2023: £nil) was due to Ignition Creative LLC.
9
Directors' transactions
As at the year end, a balance of £448,308 (2023: £340,635) was owed to the directors of the company.
During the year, dividends of £450,000 (2023: £360,000) were declared to the directors.
10
Ultimate controlling party
The ultimate controlling party is M Kistler by virtue of his majority shareholding.