The Creative Place Limited Company Accounts

THE CREATIVE PLACE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02735802

The Creative Place Limited

Filleted Unaudited Financial Statements

31 March 2017

The Creative Place Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The Creative Place Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		360,603	321,350

Current assets

Stocks		58,213	65,308
Debtors	6	533,688	478,233
Cash at bank and in hand		38,438	44,622
		----------	----------
		630,339	588,163

Creditors: amounts falling due within one year	7	711,492		675,575
		----------		----------
Net current liabilities			81,153	87,412
			----------	----------
Total assets less current liabilities			279,450	233,938

Creditors: amounts falling due after more than one year	8		95,015	91,999

Provisions

Taxation including deferred tax	64,842	55,394
	----------	----------
Net assets	119,593	86,545
	----------	----------

Capital and reserves

Called up share capital	227	227
Profit and loss account	119,366	86,318
	----------	---------
Members funds	119,593	86,545
	----------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 .

The Creative Place Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 14 September 2017 , and are signed on behalf of the board by:

Mr D Hunt

Director

Company registration number: 02735802

The Creative Place Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in . The address of the registered office is c/o Messrs Elliot, Woolfe and Rose, Equity House, 128-136 High Street, Edgware, Middlesex, HA8 7TT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Improvements to leasehold	-	10% reducing balance
Computer Hardware and software	-	10% reducing balance
Motor vehicles	-	10% reducing balance
Fixtures, fittings and equipment	-	7% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2016: 23 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	9,000	63,035	35,708	480,145	587,888
Additions	–	71,010	–	–	71,010
	-------	----------	---------	----------	----------
At 31 March 2017	9,000	134,045	35,708	480,145	658,898
	-------	----------	---------	----------	----------
Depreciation
At 1 April 2016	6,847	58,959	19,747	180,985	266,538
Charge for the year	215	7,509	1,596	22,437	31,757
	-------	----------	---------	----------	----------
At 31 March 2017	7,062	66,468	21,343	203,422	298,295
	-------	----------	---------	----------	----------
Carrying amount
At 31 March 2017	1,938	67,577	14,365	276,723	360,603
	-------	----------	---------	----------	----------
At 31 March 2016	2,153	4,076	15,961	299,160	321,350
	-------	----------	---------	----------	----------

6. Debtors

	2017	2016
	£	£
Trade debtors	528,417	477,869
Other debtors	5,271	364
	----------	----------
	533,688	478,233
	----------	----------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	10,300	9,391
Trade creditors	236,587	230,528
Social security and other taxes	77,276	115,113
Other creditors	387,329	320,543
	----------	----------
	711,492	675,575
	----------	----------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	25,180	36,389
Other creditors	69,835	55,610
	---------	---------
	95,015	91,999
	---------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Hunt	( 29,901)	6,480	( 23,421)
Mr B J Lepard	( 7,568)	3,603	( 3,965)
Mr J Hunt	( 31)	( 16)	( 47)
Mrs S Hunt	( 687)	( 20,000)	( 20,687)
	---------	---------	---------
	( 38,187)	( 9,933)	( 48,120)
	---------	---------	---------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Hunt	( 11,921)	( 17,980)	( 29,901)
Mr B J Lepard	( 10,396)	2,828	( 7,568)
Mr J Hunt	99	( 130)	( 31)
Mrs S Hunt	( 687)	–	( 687)
	---------	---------	---------
	( 22,905)	( 15,282)	( 38,187)
	---------	---------	---------

10. Related party transactions

The ultimate controlling parties of this company during the year was Mr D Hunt .

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	345,640	–	345,640	321,350	–	321,350
Current assets	487,189	–	487,189	588,163	–	588,163
Creditors: amounts falling due within one year	( 570,743)	–	( 570,743)	( 675,575)	–	( 675,575)
	----------	----	----------	----------	----	----------
Net current liabilities	( 83,554)	–	( 83,554)	( 87,412)	–	( 87,412)
	----------	----	----------	----------	----	----------
Total assets less current liabilities	262,086	–	262,086	233,938	–	233,938

Creditors: amounts falling due after more than one year	( 135,875)	–	( 135,875)	( 91,999)	–	( 91,999)
Provisions	–	( 58,303)	( 58,303)	–	( 55,394)	( 55,394)
	----------	---------	----------	----------	---------	----------
Net assets	126,211	( 58,303)	67,908	141,939	( 55,394)	86,545
	----------	---------	----------	----------	---------	----------

	----------	---------	----------	----------	---------	----------
Capital and reserves	125,524	( 58,303)	67,221	141,939	( 55,394)	86,545
	----------	---------	----------	----------	---------	----------

To comply with the new FRS102 accounting standard, a provision for deferred tax has now been provided for where it was not done previously and comparatives have been restated.