Creative Advantage West Midlands Limited Small abridged accounts

CREATIVE ADVANTAGE WEST MIDLANDS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Creative Advantage West Midlands Limited have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 03914725

Creative Advantage West Midlands Limited

Filleted Unaudited Abridged Financial Statements

31 March 2017

Creative Advantage West Midlands Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Creative Advantage West Midlands Limited

Officers and Professional Advisers

The board of directors	S Soar OBE
	H Henry
	S K Luton
	S Patel
	T W M Dillon
	K E Stokes

Registered office	C/O PKF Cooper Parry Group Ltd
	One Central Boulevard
	Blythe Valley Business Park
	Solihull
	West Midlands
	B90 8BG

Accountants	Free Spirit (UK) Limited
	Accountants
	107 High Mount Street
	Hednesford
	Cannock
	Staffs
	WS12 4BN

Bankers	Bank of Scotland plc
	PO Box 1000
	BX2 1LB

Creative Advantage West Midlands Limited

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Creative Advantage West Midlands Limited

Year ended 31 March 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Free Spirit (UK) Limited Accountants

107 High Mount Street Hednesford Cannock Staffs WS12 4BN

28 December 2017

Creative Advantage West Midlands Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4		24,417	24,417

Current assets

Debtors	2,130	728
Cash at bank and in hand	96,695	111,350
	--------	---------
	98,825	112,078

Creditors: amounts falling due within one year	5,024		8,212
	--------		---------
Net current assets		93,801	103,866
		---------	---------
Total assets less current liabilities		118,218	128,283

Creditors: amounts falling due after more than one year	24,417	24,417
	---------	---------
Net assets	93,801	103,866
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	93,701	103,766
	--------	---------
Members funds	93,801	103,866
	--------	---------

These abridged 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 income statement 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 abridged 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 abridged financial statements .

Creative Advantage West Midlands Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 28 December 2017 , and are signed on behalf of the board by:

T W M Dillon	K E Stokes
Director	Director

Company registration number: 03914725

Creative Advantage West Midlands Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O PKF Cooper Parry Group Ltd, One Central Boulevard, Blythe Valley Business Park, Solihull, B90 8BG, West Midlands.

2. Statement of compliance

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

Group relief

Creative Advantage West Midlands Limited and its group companies are able to relieve their taxable losses by surrendering them to other group companies where capacity to utilise those losses exists. There is an agreement between members of the group that such losses will be paid for by the recipient company. Where there is reasonable certainty that taxable losses can be relieved, the group relief receivable or payable is included in the tax charge or credit for the period.

Government grants

Grants received for investment purposes are treated as deferred income and released to the profit and loss account when the investment is realised or provision for permanent diminution in the value of the investment is made. Revenue grants are credited to the profit and loss account as the related expenditure is incurred.

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 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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. Deferred tax is recognised in respect of all timing differences at the reporting date.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

4. Investments

	£
Cost
At 1 April 2016	334,417
Disposals	( 160,000)
	---------
At 31 March 2017	174,417
	---------
Impairment
At 1 April 2016	310,000
Disposals	( 160,000)
	---------
At 31 March 2017	150,000
	---------
Carrying amount
At 31 March 2017	24,417
	---------
At 31 March 2016	24,417
	---------

5. Fixed asset investments

Details of investments in which the company has an interest of more than 10% of any class of shares are shown below:

Name of undertaking Description %class of %equity

shares held

Lighting Reality Ltd Redeemable ordinary shares 100% 20%

Zed Cee Ltd Ordinary shares 25% 25%

All of the above investments are incorporated in England and Wales

The company does not exert significant influence over the operating and financial policies of the above mentioned companies, which are therefore not considered to be associated companies. The total value of investments (net of provisions) in which the company has an interest of 15% or more as at 31 March 2017 was £24,417 (2016: £24,417)

The directors have reviewed the trading results of the company's investments and have made no further provision in the year under review (2016: £nil) against the cost of investments.

6. Related party transactions

During the year the following payments were made in respect of: Board attendance expenses to T W M Dillon totalling £125 (2016: £250), S Soar OBE totalling £125 (2016: £125), S Luton £125 (2016: £125) and H Henry £125 (2016: £375) Professional services to Free Spirit (UK) limited and AS VEntures Limited, companies co-owned by K E Stokes , a director of the company totalling £1,641 (2016: £4,230)and £3,030 (2016: £nil) respectively. £609 was due to AS Ventures at the year end (2016: £nil) Project fees for The CAF Sprint mentoring scheme to Birmingham Hippodrome Limited, a company in which H Henry is employed as a director £5,502 (2016: £3,469). Consultancy fees relating to CAF Strategic Review project to S Soar OBE a director of the company £2,400 (2016: £nil). Lighting Reality Limited, a company in which Creative Advantage West Midlands Limited invests and of which K E Stokes is a director, paid monitoring fees of £3,600 (2016: £3,600) to this company in the year under review.

7. Transition to FRS 102

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

No transitional adjustments were required in equity or profit or loss for the year.

8. Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary undertaking of Birmingham Venture Capital Limited

With effect from 22 October 2014, the ultimate parent undertaking and controlling party became Birmingham City Council.

The parent company accounts and the ultimate parent company accounts are available from Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ