ACCOUNTS - Final Accounts preparation

Registered number: 14523139

SCOTCH CREATIVES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

SCOTCH CREATIVES LIMITED

REGISTERED NUMBER: 14523139

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		4,834		1,090
			4,834		1,090
Current assets
Debtors: amounts falling due within one year	5	392,652		83,111
Cash at bank and in hand	6	131,271		128,269
		523,923		211,380
Creditors: amounts falling due within one year	7	(322,057)		(133,659)
Net current assets			201,866		77,721
Total assets less current liabilities			206,700		78,811

Net assets			206,700		78,811

Capital and reserves
Called up share capital	100	100
Profit and loss account	206,600	78,711
	206,700	78,811

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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SCOTCH CREATIVES LIMITED

REGISTERED NUMBER: 14523139

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Barrie Wilson

Director

Date: 23 September 2025

The notes on pages 3 to 7 form part of these financial statements.

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SCOTCH CREATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Scotch Creatives Limited is a private company, limited by shares. The company is registered in England and Wales and domiciled in the UK. The address of the registered office is Second Floor, Riverside Studios, 101 Queen Caroline Street, London W6 9BN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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SCOTCH CREATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33%

on cost

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 amount and are recognised in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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SCOTCH CREATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the period was 4 (2023 - 4).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2024	1,263
	Additions	5,200
	At 31 December 2024	6,463
	Depreciation
	At 1 January 2024	174
	Charge for the period on owned assets	1,455
	At 31 December 2024	1,629
	Net book value
	At 31 December 2024	4,834
	At 31 December 2023	1,090

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SCOTCH CREATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	97,489	83,111
Prepayments and accrued income	295,163	-
	392,652	83,111

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	131,271	128,269
	131,271	128,269

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	15,766	19,777
Corporation tax	44,194	23,010
Other taxation and social security	41,951	19,896
Other creditors	19,049	36,100
Accruals and deferred income	201,097	34,876
	322,057	133,659

8.	Pension commitments

The Company contributes to defined contribution pension scheme for the benefit of its employees. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the funds and amounted to £2,551 (2023 - £4,134). Contributions totaling £1,943 (2023 - £2,587) were payable to the fund at the balance sheet date.

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SCOTCH CREATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Related party transactions

Included within trade debtors is an amount of £60,000 (2023 - £23,095) due from Chorus Agency Limited, a company under common control.
Included within trade creditors is an amount of £11,902 (2023 - £12,917) due to Chorus Agency Limited
At the period end, an amount of £8,820 (2023 - £26,884) was owed to Chorus Agency Limited, included within other creditors due within one year.
Managment charges of £39,672 (2023 - £10,765) were made to Chorus Agency Limited.

10.	Controlling party

The company considers there to be no individual controlling party.

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