Creative Products Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07079498 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Creative Products Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Hall

R A Booker

REGISTERED OFFICE:

Creative House

Unit 7 Alma Park Road

Alma Park Industrial Estate

Grantham

Lincolnshire

NG31 9SE

REGISTERED NUMBER:

07079498 (England and Wales)

ACCOUNTANTS:

Bostockwhite Limited

Cabourn House

Station Street

Bingham

Nottinghamshire

NG13 8AQ

FIXED ASSETS

Tangible assets

4

440,469

575,101

CURRENT ASSETS

Stocks

765,112

1,069,343

Debtors

5

1,892,623

1,117,441

Cash at bank and in hand

55,353

88,344

2,713,088

2,275,128

CREDITORS

Amounts falling due within one year

6

1,186,254

925,090

NET CURRENT ASSETS

1,526,834

1,350,038

TOTAL ASSETS LESS CURRENT LIABILITIES

1,967,303

1,925,139

CREDITORS

Amounts falling due after more than one year

7

(90,085

)

(229,378

)

PROVISIONS FOR LIABILITIES

(47,504

)

(54,196

)

NET ASSETS

1,829,714

1,641,565

CAPITAL AND RESERVES

Called up share capital

600

600

Retained earnings

1,829,114

1,640,965

SHAREHOLDERS' FUNDS

1,829,714

1,641,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2020 and were signed on its behalf by:

M A Hall - Director

1.	STATUTORY INFORMATION

Creative Products Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Equally over the period of the lease

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2018 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

26,396

1,798,598

1,824,994

Additions

9,627

188,692

198,319

Disposals

-

(151,657

)

(151,657

)

At 31 December 2019

36,023

1,835,633

1,871,656

DEPRECIATION

At 1 January 2019

2,560

1,247,333

1,249,893

Charge for year

4,249

257,412

261,661

Eliminated on disposal

-

(80,367

)

(80,367

)

At 31 December 2019

6,809

1,424,378

1,431,187

NET BOOK VALUE

At 31 December 2019

29,214

411,255

440,469

At 31 December 2018

23,836

551,265

575,101

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

1,111,930

497,284

Amounts owed by group undertakings

687,488

491,361

Other debtors

93,205

128,796

1,892,623

1,117,441

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

437,531

434,455

Hire purchase contracts

19,639

52,030

Trade creditors

122,346

68,245

Taxation and social security

259,545

158,253

Other creditors

347,193

212,107

1,186,254

925,090

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

16,993

83,066

Hire purchase contracts

19,424

68,804

Other creditors

53,668

77,508

90,085

229,378

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

116,566

146,199

Hire purchase contracts

39,063

120,834

Invoice finance

337,958

371,322

493,587

638,355

The bank loan is secured by an fixed and floating charge over the assets of the company.

The obligations held under hire purchase contracts are secured on the asset to which they relate.

The invoice factoring creditor is secured against trade debtors.

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £267,000 (2017 : £303,000) relating

to payments for a lease of land and buildings expiring after 5 years.