PRE Creative Studios Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06778876 (England and Wales)

PRE CREATIVE STUDIOS LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Stoneham

P McLoughlin

REGISTERED OFFICE:

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

06778876 (England and Wales)

ACCOUNTANTS:

Tudor John Limited

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

FIXED ASSETS

Intangible assets

4

23,682

-

Tangible assets

5

4,352

1,742

28,034

1,742

CURRENT ASSETS

Debtors

6

25,816

46,316

Cash at bank

66,933

99,544

92,749

145,860

CREDITORS

Amounts falling due within one year

7

39,118

29,724

NET CURRENT ASSETS

53,631

116,136

TOTAL ASSETS LESS CURRENT LIABILITIES

81,665

117,878

CREDITORS

Amounts falling due after more than one year

8

39,690

49,217

NET ASSETS

41,975

68,661

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

11

41,775

68,461

SHAREHOLDERS' FUNDS

41,975

68,661

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 22 September 2022 and were signed on its behalf by:

M Stoneham - Director

P McLoughlin - Director

1.	STATUTORY INFORMATION

PRE Creative Studios Limited 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.

The financial statements are presented in Sterling which is the functional currency of the company.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS

The intangible assets are made up of crytocurrency, which are valued at cost.

TANGIBLE FIXED ASSETS

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

Plant and machinery etc

-

33% on cost and 25% on reducing balance

FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

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.

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 4 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

23,682

At 31 December 2021

23,682

NET BOOK VALUE

At 31 December 2021

23,682

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

24,241

Additions

3,837

Disposals

(4,680

)

At 31 December 2021

23,398

DEPRECIATION

At 1 January 2021

22,499

Charge for year

1,227

Eliminated on disposal

(4,680

)

At 31 December 2021

19,046

NET BOOK VALUE

At 31 December 2021

4,352

At 31 December 2020

1,742

6.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

21,871

22,826

Other debtors

450

19,995

22,321

42,821

Amounts falling due after more than one year:

Other debtors

3,495

3,495

Aggregate amounts

25,816

46,316

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,527

783

Taxation and social security

29,302

28,652

Other creditors

289

289

39,118

29,724

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

39,690

49,217

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

9,640

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

-

4,354

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

100

A shares

£1

100

100

200

200

11.

RESERVES

Retained

earnings

£

At 1 January 2021

68,461

Profit for the year

82,314

Dividends

(109,000

)

At 31 December 2021

41,775

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Amounts advanced at the year end, are interest free and repayable on demand.