The Creative Colony Limited
The Creative Colony Limited
Registered number: 07507758
Unaudited Financial Statements
For The Year Ended
31 May 2022
Finerva
The Creative Colony Limited
Unaudited Financial Statements
For The Year Ended
31 May 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
The Creative Colony Limited
Balance Sheet
As at
31 May 2022
Balance Sheet
Registered number:
07507758
For the year ending 31 May 2022 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (8,149) | (8,036) | |||
The Creative Colony Limited
Balance Sheet (continued)
As at
31 May 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
The Creative Colony Limited
Notes to the Financial Statements
For The Year Ended
31 May 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors believe that notwithstanding net liabilities of £8,149 (2021: £8,036), the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from the parent company will be adequate to meet the company’s needs for a period of at least 12 months from the date of approval of these financial statements.
1.3.
Turnover
Revenue is recognised to the extent there is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
1.5.
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:
| Plant & Machinery |
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| Computer Equipment |
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1.6.
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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Related Party Exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned group companies.
The Creative Colony Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2022
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 3)
3.
Intangible Assets
| Goodwill | |||
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4.
Tangible Assets
| Plant & Machinery | Computer Equipment | Total | |
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| Depreciation | |||
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| Net Book Value | |||
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5.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 2,567 | 7,655 | |
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The Creative Colony Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2022
6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors | 38,110 | 34,387 | |
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8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Within 1 year | 8,200 | 8,200 |
| Between 1 and 5 years | 4,100 | 12,300 |
| 12,300 | 20,500 | |
9.
Ultimate Parent Undertaking and Controlling Party
The company is a 100% subsidiary of
Core Ldn Ltd
, the company registered in England and Wales, whose registered office is
215-221 Borough High Street, London, SE1 1JA
.
No consolidated financial statements are drawn up for any group of which the company is a member.
10.
General Information
The Creative Colony Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07507758
. The registered office is 215-221 Borough High Street, London, SE1 1JA.