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 2021

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

357,089

340,307

CURRENT ASSETS

Stocks

727,478

610,106

Debtors

5

971,239

1,374,466

Cash at bank and in hand

1,296,352

1,298,179

2,995,069

3,282,751

CREDITORS

Amounts falling due within one year

6

1,011,881

1,174,632

NET CURRENT ASSETS

1,983,188

2,108,119

TOTAL ASSETS LESS CURRENT LIABILITIES

2,340,277

2,448,426

CREDITORS

Amounts falling due after more than one year

7

(258,101

)

(465,193

)

PROVISIONS FOR LIABILITIES

(59,446

)

(37,757

)

NET ASSETS

2,022,730

1,945,476

CAPITAL AND RESERVES

Called up share capital

600

600

Retained earnings

2,022,130

1,944,876

SHAREHOLDERS' FUNDS

2,022,730

1,945,476

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 20 May 2022 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

Government grants

Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 (2020 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

37,559

1,910,220

1,947,779

Additions

5,874

219,747

225,621

Disposals

-

(712,848

)

(712,848

)

At 31 December 2021

43,433

1,417,119

1,460,552

DEPRECIATION

At 1 January 2021

11,486

1,595,986

1,607,472

Charge for year

5,733

173,593

179,326

Eliminated on disposal

-

(683,335

)

(683,335

)

At 31 December 2021

17,219

1,086,244

1,103,463

NET BOOK VALUE

At 31 December 2021

26,214

330,875

357,089

At 31 December 2020

26,073

314,234

340,307

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

348,197

639,176

Amounts owed by group undertakings

509,723

673,466

Other debtors

113,319

61,824

971,239

1,374,466

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

360,118

482,968

Hire purchase contracts

11,742

16,482

Trade creditors

145,007

45,804

Taxation and social security

181,706

303,961

Other creditors

313,308

325,417

1,011,881

1,174,632

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

233,333

397,443

Hire purchase contracts

22,508

34,251

Other creditors

2,260

33,499

258,101

465,193

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Hire purchase contracts

34,250

50,733

Bank loans

408,333

59,844

Invoice finance

185,118

295,567

627,701

406,144

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 £226,348 (2020 : £360,602) relating to outstanding payments for operating leases falling due over the next 5 years.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2021 an amount of £12,967 (2020 : £nil) was payable to the company by a director.