CREAR SPACE TO CREATE LIMITED


Director	LITHGOW, K M


Registered Address	Crear
	Kilberry
	By Tarbert
	PA29 6YD


Registered Number	SC472851 (Scotland)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Land and buildings	10
	Plant and machinery	25
	Fixtures and fittings	15
	Vehicles	25

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	9		9

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 April 24	73,447	16,856	37,496	141,924	23,382	293,105
Additions	-	-	14,398	3,485	1,621	19,504
Disposals	-	-	(10,997)	-	-	(10,997)
At 31 March 25	73,447	16,856	40,897	145,409	25,003	301,612
Depreciation and impairment
At 01 April 24	27,765	11,356	22,590	83,778	17,295	162,784
Charge for year	4,568	561	6,166	8,770	1,916	21,981
On disposals	-	-	(6,358)	-	-	(6,358)
At 31 March 25	32,333	11,917	22,398	92,548	19,211	178,407
Net book value
At 31 March 25	41,114	4,939	18,499	52,861	5,792	123,205
At 31 March 24	45,682	5,500	14,906	58,146	6,087	130,321

4.	Fixed asset investments

	Other investments¹	Total
	£	£
Cost or valuation
At 01 April 24	1,178,248	1,178,248
Additions	323,264	323,264
Revaluations	(66,149)	(66,149)
Disposals	(267,549)	(267,549)
At 31 March 25	1,167,814	1,167,814
Net book value
At 31 March 25	1,167,814	1,167,814
At 31 March 24	1,178,248	1,178,248

	Notes
	¹Other investments other than loans

5.	Stocks

	2025	2024
	£	£
Other stocks	6,588	3,687
Total	6,588	3,687

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	6,300	27,131
Other debtors	13,249	32,688
Prepayments and accrued income	5,909	4,058
Total	25,458	63,877

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	52,067	22,985
Taxation and social security	23,530	47,240
Finance lease and HP contracts	1,727	1,335
Other creditors	551	470
Accrued liabilities and deferred income	165,385	338,113
Total	243,260	410,143

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	11,291	5,881
Total	11,291	5,881

9.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	13,018		7,215

10.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	19,166	32,210
Total	19,166	32,210

11.	Directors advances, credits and guarantees
	On 1 April 2024, a Director owed £22,228 to the company. During this period this Director was advanced £3,589 and repaid £23,327. As at 31 March 2025, the Director owed the company £2,490. The loan is unsecured, interest free and repayable upon demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		123,205		130,321
Investments	4		1,167,814		1,178,248
			1,291,019		1,308,569
Current assets
Stocks	5	6,588		3,687
Debtors	6	25,458		63,877
Cash at bank and on hand		379,682		487,138
		411,728		554,702
Creditors amounts falling due within one year	7	(243,260)		(410,143)
Net current assets (liabilities)			168,468		144,559
Total assets less current liabilities			1,459,487		1,453,128
Creditors amounts falling due after one year	8		(11,291)		(5,881)
Provisions for liabilities	10		(19,166)		(32,210)
Net assets			1,429,030		1,415,037
Capital and reserves
Called up share capital			1		1
Profit and loss account			1,429,029		1,415,036
Shareholders' funds			1,429,030		1,415,037