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Company registration number: 04963194
iCreate Limited
Unaudited filleted financial statements
31 August 2019
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 2019
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 2019 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
31 January 2020
iCreate Limited
Statement of financial position
31 August 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 117,122 121,406
_______ _______
117,122 121,406
Current assets
Debtors 6 54,251 54,292
Cash at bank and in hand 65,182 19,608
_______ _______
119,433 73,900
Creditors: amounts falling due
within one year 7 ( 115,007) ( 122,635)
_______ _______
Net current assets/(liabilities) 4,426 ( 48,735)
_______ _______
Total assets less current liabilities 121,548 72,671
Provisions for liabilities ( 3,700) ( 2,875)
_______ _______
Net assets 117,848 69,796
_______ _______
Capital and reserves
Called up share capital 50 50
Profit and loss account 117,798 69,746
_______ _______
Shareholders funds 117,848 69,796
_______ _______
For the year ending 31 August 2019 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 30 January 2020 , 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 2019
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.
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.
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 (2018: 14 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 September 2018 140,659 15,451 89,707 245,817
Additions - 9,874 242 10,116
_______ _______ _______ _______
At 31 August 2019 140,659 25,325 89,949 255,933
_______ _______ _______ _______
Depreciation
At 1 September 2018 37,822 15,203 71,386 124,411
Charge for the year 7,033 1,123 6,244 14,400
_______ _______ _______ _______
At 31 August 2019 44,855 16,326 77,630 138,811
_______ _______ _______ _______
Carrying amount
At 31 August 2019 95,804 8,999 12,319 117,122
_______ _______ _______ _______
At 31 August 2018 102,837 248 18,321 121,406
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 26,645 37,651
Other debtors 27,606 16,641
_______ _______
54,251 54,292
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 9,948 -
Trade creditors 38,464 -
Corporation tax 15,384 4,868
Social security and other taxes 34,895 42,625
Other creditors 16,316 75,142
_______ _______
115,007 122,635
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. Jake Major ( 37,616) 24,567 ( 13,049)
Mrs. Dawn Lyle ( 23,011) 22,999 ( 12)
_______ _______ _______
( 60,627) 47,566 ( 13,061)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. Jake Major ( 38,158) 542 ( 37,616)
Mrs. Dawn Lyle ( 37,250) 14,239 ( 23,011)
_______ _______ _______
( 75,408) 14,781 ( 60,627)
_______ _______ _______