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Company registration number: 04963194
iCreate Limited
Trading as iCreate Limited
Unaudited filleted financial statements
31 August 2018
iCreate Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
iCreate Limited
Directors and other information
Directors Mr. Jake Major
Mrs. Dawn Lyle
Secretary Dawn Lyle
Company number 04963194
Registered office 28 Uplands Crescent
Uplands
Swansea
SA2 0PB
Business address 28 Uplands Crescent
Uplands
Swansea
SA2 0PB
Accountants Morgan Hemp
Swansea
SA1 5QF
Bankers Barclays Bank Plc
Kingsway Business Centre
iCreate Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of iCreate Limited
Year ended 31 August 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of iCreate Limited for the year ended 31 August 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of iCreate Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of iCreate Limited and state those matters that we have agreed to state to the board of directors of iCreate Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than iCreate Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that iCreate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of iCreate Limited. You consider that iCreate Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of iCreate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
104 Walter Road
Swansea
SA1 5QF
4 December 2018
iCreate Limited
Statement of financial position
31 August 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 121,406 129,290
_______ _______
121,406 129,290
Current assets
Debtors 6 54,292 46,992
Cash at bank and in hand 19,608 30,020
_______ _______
73,900 77,012
Creditors: amounts falling due
within one year 7 ( 122,635) ( 121,724)
_______ _______
Net current liabilities ( 48,735) ( 44,712)
_______ _______
Total assets less current liabilities 72,671 84,578
Provisions for liabilities ( 2,875) ( 3,045)
_______ _______
Net assets 69,796 81,533
_______ _______
Capital and reserves
Called up share capital 50 50
Profit and loss account 69,746 81,483
_______ _______
Shareholders funds 69,796 81,533
_______ _______
For the year ending 31 August 2018 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 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.
These financial statements were approved by the board of directors and authorised for issue on 04 December 2018 , and are signed on behalf of the board by:
Mrs. Dawn Lyle
Director
Company registration number: 04963194
iCreate Limited
Notes to the financial statements
Year ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 28 Uplands Crescent, Uplands, Swansea, SA2 0PB.
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 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2017: 8 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 September 2017 140,659 15,451 78,647 234,757
Additions - - 11,060 11,060
_______ _______ _______ _______
At 31 August 2018 140,659 15,451 89,707 245,817
_______ _______ _______ _______
Depreciation
At 1 September 2017 30,789 12,113 62,565 105,467
Charge for the year 7,033 3,090 8,821 18,944
_______ _______ _______ _______
At 31 August 2018 37,822 15,203 71,386 124,411
_______ _______ _______ _______
Carrying amount
At 31 August 2018 102,837 248 18,321 121,406
_______ _______ _______ _______
At 31 August 2017 109,870 3,338 16,082 129,290
_______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 37,651 28,100
Other debtors 16,641 18,892
_______ _______
54,292 46,992
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 4,868 4,624
Social security and other taxes 42,625 34,844
Other creditors 75,142 82,256
_______ _______
122,635 121,724
_______ _______
8. Directors advances, credits and guarantees
At the year end, the directors were owed £60,527 by the company (2017: £75,408).