203 Creative Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07661704 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

203 Creative Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr J B Eaton

Mr J R Eaton

SECRETARY:

Mr J B Eaton

REGISTERED OFFICE:

203 Tooley Street

Bankside

London

SE1 2JX

REGISTERED NUMBER:

07661704 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

1,293

1,090

Investment property

5

230,000

220,000

231,293

221,090

CURRENT ASSETS

Debtors

6

7,000

964

Cash at bank

6,233

21,407

13,233

22,371

CREDITORS

Amounts falling due within one year

7

120,953

124,318

NET CURRENT LIABILITIES

(107,720

)

(101,947

)

TOTAL ASSETS LESS CURRENT LIABILITIES

123,573

119,143

PROVISIONS FOR LIABILITIES

8

1,076

-

NET ASSETS

122,497

119,143

CAPITAL AND RESERVES

Called up share capital

9

2,000

2,000

Fair value reserve

10

3,540

-

Retained earnings

10

116,957

117,143

SHAREHOLDERS' FUNDS

122,497

119,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 15 March 2024 and were signed on its behalf by:

Mr J B Eaton - Director

Mr J R Eaton - Director

1.	STATUTORY INFORMATION

203 Creative 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Having discussed the projected results and cash flows of the company, the directors plan that the company will continue to generate cash in the following year and beyond. The company currently has the support of its directors, who will continue to provide and extend loans in order that the cash demands can be met. Whilst there is always considerable uncertainty in predicting cash flows more than a few months into the future, the directors are confident that the cash demands of the company will be satisfied, and it is therefore appropriate to prepare the financial statements on the going concern basis.

Turnover

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

Furnished holiday let income is recognised in the period in which it is let.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually, with any change recognised in the profit and loss account.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment policy

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2022

3,577

Additions

553

At 30 June 2023

4,130

DEPRECIATION

At 1 July 2022

2,487

Charge for year

350

At 30 June 2023

2,837

NET BOOK VALUE

At 30 June 2023

1,293

At 30 June 2022

1,090

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

220,000

Additions

3,538

Revaluations

6,462

At 30 June 2023

230,000

NET BOOK VALUE

At 30 June 2023

230,000

At 30 June 2022

220,000

Fair value at 30 June 2023 is represented by:

£

Valuation in 2023

3,770

Cost

226,230

230,000

If investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

226,230

222,092

Investment property was valued on a fair value basis on 30 June 2023 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

7,000

964

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

441

-

Other creditors

120,512

124,318

120,953

124,318

Included in other creditors is an amount due to the directors.

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

246

-

Other timing differences

830

-

1,076

-

Deferred

tax

£

Charge to Income Statement during year

1,076

Balance at 30 June 2023

1,076

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary B

£1

100

100

100

Ordinary C

£1

100

100

100

Ordinary D

£1

100

100

100

Ordinary E

£1

100

100

1,600

Ordinary A

£1

1,600

1,600

2,000

2,000

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 July 2022

117,143

-

117,143

Profit for the year

7,354

7,354

Dividends

(4,000

)

(4,000

)

Non-distributable transfer

(3,540

)

3,540

-

At 30 June 2023

116,957

3,540

120,497

The fair value reserve is not available for distribution as it is unrealised.