Creed Communications Limited - Period Ending 2015-03-31

Registration number: 06128303

Creed Communications Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Phillip Carroll Associates Limited
Chartered Certified Accountants
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

Creed Communications Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Creed Communications Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Creed Communications Limited for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Creed Communications Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Creed Communications Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creed Communications Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Creed Communications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Creed Communications Limited. You consider that Creed Communications Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Creed Communications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Phillip Carroll Associates Limited
Chartered Certified Accountants
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

12 August 2015

Page 1

Creed Communications Limited
(Registration number: 06128303)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					14,894			2,696
Current assets
Stocks					655			-
Debtors		3			136,860			136,922
Cash at bank and in hand					264,162			170,044
					401,677			306,966
Creditors: Amounts falling due within one year					(263,418)			(250,999)
Net current assets					138,259			55,967
Total assets less current liabilities					153,153			58,663
Creditors: Amounts falling due after more than one year					(5,163)			-
Provisions for liabilities					(2,979)			-
Net assets					145,011			58,663
Capital and reserves
Called up share capital		4			10,000			10,000
Profit and loss account					135,011			48,663
Shareholders' funds					145,011			58,663

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 12 August 2015 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Creed Communications Limited
(Registration number: 06128303)
Abbreviated Balance Sheet at 31 March 2015
......... continued

.........................................
Mrs C A Hill
Director

.........................................
Mr S J McLoughlin
Company secretary and director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Creed Communications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	33.3% straight line basis

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

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, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

Creed Communications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

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

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		18,270			18,270
Additions		13,778			13,778
At 31 March 2015		32,048			32,048
Depreciation
At 1 April 2014		15,574			15,574
Charge for the year		1,580			1,580
At 31 March 2015		17,154			17,154
Net book value
At 31 March 2015		14,894			14,894
At 31 March 2014		2,696			2,696

3

Debtors

Debtors includes £599 (2014 - £nil) receivable after more than one year.

 

Page 5

Creed Communications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A shares of £1 each		6,375			6,375			6,375			6,375
Ordinary B shares of £1 each		3,625			3,625			3,625			3,625
		10,000			10,000			10,000			10,000

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mrs C A Hill
The loan is made on normal commercial terms and is repayable over 10 years. Interest will be charged at 3.25%	2,396	-	-	-

6

Control

The company is controlled by Mr Simon McLoughlin who is a director of the company and also holds the majority shareholding of the company.

Page 6