Creative Interior Contracts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03749511 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Creative Interior Contracts Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I S Munro

A Teague

G M Monks

SECRETARY:

A Teague

REGISTERED OFFICE:

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

REGISTERED NUMBER:

03749511 (England and Wales)

ACCOUNTANTS:

Thompsons Accountancy Services Limited

Chartered Accountants

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

BANKERS:

Natwest Bank plc

81 High Street

Bedford

MK40 1YN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,339

13,545

3,339

13,545

CURRENT ASSETS

Stocks

145,292

268,841

Debtors

6

335,211

666,508

Cash at bank and in hand

893,298

473,253

1,373,801

1,408,602

CREDITORS

Amounts falling due within one year

7

980,191

1,070,567

NET CURRENT ASSETS

393,610

338,035

TOTAL ASSETS LESS CURRENT LIABILITIES

396,949

351,580

PROVISIONS FOR LIABILITIES

-

28

NET ASSETS

396,949

351,552

CAPITAL AND RESERVES

Called up share capital

109

109

Share premium

24,972

24,972

Capital redemption reserve

28

28

Retained earnings

371,840

326,443

SHAREHOLDERS' FUNDS

396,949

351,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 19 October 2018 and were signed on its behalf by:

A Teague - Director

1.	STATUTORY INFORMATION

Creative Interior Contracts 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Turnover represents net amounts invoiced in the period, excluding VAT, together with amounts receivable on

long term contracts, determined on the basis of the stage of completion of the job.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Long-Term Contracts

Long-term contract work-in-progress is shown at net cost after deducting foreseeable losses and payments on

account.

Turnover on long-term contracts is determined on the basis of the stage of completion of the job plus any extra

services provided above the original contract value.

Operating profit includes attributable profit on long-term contracts completed and amounts recoverable on

contracts uncompleted, the latter also being included under debtors due within one year and after one year.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss

account for the year in which they are payable to the scheme. Differences between contributions payable and

contributions actually paid in the year are shown as either accruals or prepayments at the year end.

Employer-financed retirement benefit scheme and employee benefit trust

The company has established trusts for the benefit of employees and persons connected to them. Monies held in

these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to

provide both retirement and other employee benefits.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of

the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an

allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust

vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the

business and the company can obtain no future economic benefit from those monies, such monies, whether in

trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Where monies held in a trust are determined by the company on the basis of employees' past services to the

business and are payable after completion of the employment, such monies are charged to the profit and loss

account in the period during which services are rendered by employees.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2017

and 31 March 2018

36,000

AMORTISATION

At 1 April 2017

and 31 March 2018

36,000

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2017

1,277

42,329

40,267

83,873

Additions

-

1,033

-

1,033

At 31 March 2018

1,277

43,362

40,267

84,906

DEPRECIATION

At 1 April 2017

1,277

38,129

30,922

70,328

Charge for year

-

2,570

8,669

11,239

At 31 March 2018

1,277

40,699

39,591

81,567

NET BOOK VALUE

At 31 March 2018

-

2,663

676

3,339

At 31 March 2017

-

4,200

9,345

13,545

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

180,534

311,570

Amounts recoverable on contracts

101,279

168,657

Other debtors

11,362

152,362

Directors' current accounts

9,395

-

Prepayments

32,641

33,919

335,211

666,508

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

522,076

762,574

Tax

79,442

20,196

Social security and other taxes

24,500

28,170

VAT

80,905

18,499

Other creditors

38,181

37,031

Directors' current accounts

-

59,760

Accrued expenses

235,087

144,337

980,191

1,070,567

8.	CONTINGENT LIABILITIES

The company has appointed assets to an Employer Financed Retirement Benefit Scheme. The company is liable

to PAYE/NIC that may arise on awards made by the Trustees.The Directors are of the opinion that the Trustees

will award most of the benefits in a way that will not result in a PAYE/NIC liability.

9.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £101,646 (2016 £115,996).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within trade debtors is a balance of £43,362 (2017 £43,362) due from A Teague which remains

outstanding outside of the company's normal credit terms.