Celf Creative Design Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Celf Creative Design Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04050417 . The registered office is 58 Mount Stuart Square, Cardiff Bay, Cardiff, CF10 5LR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	15 year straight line
Plant & Machinery	33% reducing balance
Fixtures & Fittings	20% reducing balance
Computer Equipment	33% reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Financial Instruments

The company only has financial assets and financial liabilities of a kind that qualify as a basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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Celf Creative Design Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.11. Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary

course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.12. Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost

using the effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 21 (2024: 20)

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Celf Creative Design Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 November 2024	50,752	233,570	57,666	341,988
Additions	-	6,553	-	6,553
Disposals	-	(2,593 )	-	(2,593 )

As at 31 October 2025	50,752	237,530	57,666	345,948

Depreciation
As at 1 November 2024	40,138	196,006	47,474	283,618
Provided during the period	949	14,070	2,011	17,030
Disposals	-	(143 )	-	(143 )

As at 31 October 2025	41,087	209,933	49,485	300,505

Net Book Value
As at 31 October 2025	9,665	27,597	8,181	45,443

As at 1 November 2024	10,614	37,564	10,192	58,370

5. Stocks

	2025	2024
	£	£
Work in progress	1,000	1,000

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	606,526	547,716

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	22,952	22,917
Corporation tax	78,055	51,438
Other taxes and social security	31,855	9,938
VAT	36,547	31,034
Other creditors	40,382	22,826
Accruals and deferred income	1,600	11,126
Directors' loan accounts	9,119	12,795
Amounts owed to group undertakings	308,015	408,015

	528,525	570,089

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Celf Creative Design Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	11,361	14,593

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	112	112

The shares stated above include;

100 Ordinary A shares of £1 each.

1 Ordinary B share of £1 each.

1 Ordinary C share of £1 each.

1 Ordinary D share of £1 each.

2 Ordinary E shares of £1 each.

1 Ordinary F share of £1 each.

1 Ordinary G share of £1 each.

1 Ordinary H share of £1 each.

1 Ordinary I share of £1 each.

1 Ordinary J share of £1 each.

1 Ordinary K share of £1 each.

1 Ordinary L share of £1 each.

10. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	344,000	344,000

Dividends of £3,440 (2023:£3,440) per each Ordinary A share.

11. Related Party Transactions

The directors remuneration for the year was £18,192 (2024:£18,192) and contributions paid to directors pension schemes £45,600 (2024:£98,400).

Celf Creative Design Ltd owed Creative Property (Cardiff) Limited £308,015 (2024: £408,015) at the balance sheet date. A dividend of £344,000 (2024 : £344,000) was voted by the company on the Ordinary A shares. A rent charge has been paid of £45,000 (2024: £45,000).

Included within creditors are loans to directors. Amount owed to M Thomas £6,344 (2024 : £10,083). Amount owed to E Evans of £2,774 (2024: £2,712). The loans are unsecured, interest free and repayable on demand.

Within debtors is £38,007 (2024: 24,947) which is due from Tidal Exhibitions Limited. The value of gross sales to Tidal Exhibitions Limited in the year were £54,172 (2024:£24,947), the value of gross purchases were £214,254 (2024:£154,482).

12. Ultimate Controlling Party

The company's ultimate controlling party is Creative Property (Cardiff) Limited by virtue of his ownership of 100% of the issued ordinary a share capital in the company. The Directors of the company are also directors and shareholders of Creative Property (Cardiff) Limited.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		45,443		58,370

			45,443		58,370
CURRENT ASSETS
Stocks	5	1,000		1,000
Debtors	6	606,526		547,716
Cash at bank and in hand		119,907		186,653

		727,433		735,369
Creditors: Amounts Falling Due Within One Year	7	(528,525 )		(570,089 )

NET CURRENT ASSETS (LIABILITIES)			198,908		165,280

TOTAL ASSETS LESS CURRENT LIABILITIES			244,351		223,650

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(11,361 )		(14,593 )

NET ASSETS			232,990		209,057

CAPITAL AND RESERVES
Called up share capital	9		112		112
Profit and Loss Account			232,878		208,945

SHAREHOLDERS' FUNDS			232,990		209,057