57-Creative Limited - Period Ending 2014-11-29

Registration number: 07863300

57-Creative Limited

Unaudited Abbreviated Accounts

for the Period from 1 December 2013 to 29 November 2014

 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

57-Creative Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

57-Creative Limited
(Registration number: 07863300)
Abbreviated Balance Sheet at 29 November 2014

		Note			29 November 2014 £			30 November 2013 £
Fixed assets
Tangible fixed assets					1,669			2,225
Current assets
Stocks					5,800			12,325
Debtors					24,878			19,507
					30,678			31,832
Creditors: Amounts falling due within one year					(48,431)			(33,042)
Net current liabilities					(17,753)			(1,210)
Net (liabilities)/assets					(16,084)			1,015
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(16,184)			915
Shareholders' (deficit)/funds					(16,084)			1,015

For the year ending 29 November 2014 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 director acknowledges his 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 director on 6 November 2015

......................................... Mr D Sharma Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

57-Creative Limited
Notes to the Abbreviated Accounts for the Period from 1 December 2013 to 29 November 2014
......... 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).

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the director that he will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the director consider its appropriate to prepare the accounts on a going concern. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

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 and fittings	25% reducing balance

Stock

Stock 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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

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57-Creative Limited
Notes to the Abbreviated Accounts for the Period from 1 December 2013 to 29 November 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2013		3,955			3,955
At 29 November 2014		3,955			3,955
Depreciation
At 1 December 2013		1,730			1,730
Charge for the period		556			556
At 29 November 2014		2,286			2,286
Net book value
At 29 November 2014		1,669			1,669
At 30 November 2013		2,225			2,225

3	Share capital

Allotted, called up and fully paid shares

	29 November 2014						30 November 2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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