Creation Company (Films) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02071627

Creation Company (Films) Limited

Filleted Unaudited Financial Statements

31 December 2024

Creation Company (Films) Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Creation Company (Films) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5		182,071		252,465

Current assets

Debtors	6	16,187	95,333
Cash at bank and in hand		–	90
		--------	--------
		16,187	95,423

Creditors: amounts falling due within one year	7	351,844		268,211
		---------		---------
Net current liabilities			335,657		172,788
			---------		---------
Total assets less current liabilities			( 153,586)		79,677

Creditors: amounts falling due after more than one year	8		104,999		133,200

Provisions

Taxation including deferred tax	–	39,837
	---------	---------
Net liabilities	( 258,585)	( 93,360)
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		( 258,685)	( 93,460)
		---------	--------
Shareholders deficit		( 258,585)	( 93,360)
		---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Creation Company (Films) Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

J S Montgomery

Director

Company registration number: 02071627

Creation Company (Films) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7c Blake Mews, Kew Gardens, Richmond, Surrey, TW9 3GA, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the directors and creditors. The directors have indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. Therefore the directors consider the going concern basis is appropriate.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services, products and recoverable expenses supplied to clients during the year in the normal course of business.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or deemed cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Improvements to property	-	25% straight line
Camera and studio equipment	-	20% straight line
Other equipment	-	20% straight line
Motor vehicles	-	25% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).

5. Tangible assets

	Improvements to property	Camera and studio equipment	Other equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	10,090	657,177	80,322	78,296	825,885
Additions	–	629	–	–	629
Disposals	–	( 54,630)	–	–	( 54,630)
	--------	---------	--------	--------	---------
At 31 December 2024	10,090	603,176	80,322	78,296	771,884
	--------	---------	--------	--------	---------
Depreciation
At 1 January 2024	10,090	435,600	65,874	61,856	573,420
Charge for the year	–	10,153	8,450	7,420	26,023
Disposals	–	( 9,630)	–	–	( 9,630)
	--------	---------	--------	--------	---------
At 31 December 2024	10,090	436,123	74,324	69,276	589,813
	--------	---------	--------	--------	---------
Carrying amount
At 31 December 2024	–	167,053	5,998	9,020	182,071
	--------	---------	--------	--------	---------
At 31 December 2023	–	221,577	14,448	16,440	252,465
	--------	---------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Camera and studio equipment	Motor vehicles	Total
	£	£	£
At 31 December 2024	91,800	9,020	100,820
	--------	-------	---------
At 31 December 2023	91,800	16,440	108,240
	--------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	4,530	80,702
Prepayments and accrued income	7,600	6,850
Corporation tax repayable	–	6,724
Other debtors	4,057	1,057
	--------	--------
	16,187	95,333
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	68,444	92,628
Trade creditors	25,641	16,493
Social security and other taxes	2,119	15,510
Obligations under finance leases and hire purchase contracts	9,054	16,143
Director loan accounts	235,799	122,921
Other creditors	10,787	4,516
	---------	---------
	351,844	268,211
	---------	---------

There is a debenture owed to the Bank of Scotland which is secured on the assets of the company.

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

	2024	2023
	£	£
Bank loans and overdrafts	89,604	108,751
Obligations under finance leases and hire purchase contracts	15,395	24,449
	---------	---------
	104,999	133,200
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary "A" shares of £ 1 each	56	56	56	56
Ordinary "B" shares of £ 1 each	34	34	34	34
Ordinary "C" shares of £ 1 each	10	10	10	10
	----	----	----	----
	100	100	100	100
	----	----	----	----

10. Related party transactions

During the year the company paid rent of £27,400 (2023: £27,400) to a Self Invested Pension of which the directors are the sole beneficiaries. At the year end the company owed the directors £235,799 (2023: £122,921) in the form of a joint directors loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand.