CREATIVE_MODELS_LTD - Accounts

CREATIVE MODELS LTD - Company Information

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Company Registration No. 04671499 (England and Wales)

CREATIVE MODELS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

CREATIVE MODELS LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

CREATIVE MODELS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

104,615

80,509

Current assets

Stocks

1,168,410

931,126

Debtors

220,845

141,996

Cash at bank and in hand

280,150

279,580

1,669,405

1,352,702

Creditors: amounts falling due within one year

(535,351)

(334,290)

Net current assets

1,134,054

1,018,412

Total assets less current liabilities

1,238,669

1,098,921

Creditors: amounts falling due after more than one year

(305,517)

(213,418)

Provisions for liabilities

(20,923)

(16,102)

912,229

869,401

Capital and reserves

Called up share capital

320,008

Profit and loss account

592,221

549,393

Shareholders' funds

912,229

869,401

CREATIVE MODELS LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 19 July 2016

R L Prance

Chairman

Company Registration No. 04671499

CREATIVE MODELS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

10% reducing balance

Computer equipment

25% reducing balance

Fixtures, fittings & equipment

10% reducing balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Tangible assets

Cost

At 1 April 2015

116,457

Additions

35,587

At 31 March 2016

152,044

Depreciation

At 1 April 2015

35,947

Charge for the year

11,482

At 31 March 2016

47,429

Net book value

At 31 March 2016

104,615

At 31 March 2015

80,509

CREATIVE MODELS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £98,913 (2015 - £117,676).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £305,517 (2015 - £213,418).

Share capital

2016

2015

Allotted, called up and fully paid

8 Ordinary shares of £1 each

320,000 Cumulative Redeemable preference shares of £1 each

320,000

320,008

The preference shares in issue are redeemable at the option of the company at par. There is no fixed redemption date.

The directors understand that, in accordance with Financial Reporting Standard 25 : Financial Instruments Presentation, the preference shares should be presented as a liability in the financial statements and not as share capital. However it is not envisaged that the company will redeem the preference shares or that the shareholders will sell the entire issued share capital of the company. Therefore the directors are of the opinion that the preference shares represent long term funding for the business and should be shown as part of Capital and Reserves rather than as a long term liability.