Corporate Creativity Limited - Period Ending 2017-02-28
Corporate Creativity Limited - Period Ending 2017-02-28
Registration number:
Corporate Creativity Limited
for the Period from 29 February 2016 to 28 February 2017
The Grange Barn
Pikes End
Pinner
Middlesex
HA5 2EX
Corporate Creativity Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Corporate Creativity Limited
Company Information
Director |
Karin Linnea Ingvarsdotter O'Connor |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Corporate Creativity Limited
for the Period Ended 28 February 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Corporate Creativity Limited for the period ended 28 February 2017 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Corporate Creativity 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 accounts of Corporate Creativity Limited and state those matters that we have agreed to state to the Board of Directors of Corporate Creativity Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corporate Creativity Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Corporate Creativity Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Corporate Creativity Limited. You consider that Corporate Creativity Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Corporate Creativity 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 accounts.
......................................
Pikes End
Pinner
Middlesex
HA5 2EX
Page 2 |
Corporate Creativity Limited
(Registration number: 09421727)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
- |
|
Total equity |
|
|
For the financial period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Karin Linnea Ingvarsdotter O'Connor
Director
Page 3 |
Corporate Creativity Limited
Notes to the Financial Statements for the Period from 29 February 2016 to 28 February 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales, registration number 09421727.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 and the Companies Act 2006.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Corporate Creativity Limited
Notes to the Financial Statements for the Period from 29 February 2016 to 28 February 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 5 |
Corporate Creativity Limited
Notes to the Financial Statements for the Period from 29 February 2016 to 28 February 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
|
Due within one year |
||
Accruals and deferred income |
|
- |
Corporation tax |
|
- |
Amounts owed to director |
3,913 |
- |
|
- |
Related party transactions |
Included in creditors at balance sheet date is 28 February 2017, is an amount of £3,913 owed to Karin O'Connor, in respect of expenses incurred on behalf of the company. This loan is interest free and is repayable on demand.
Transition to FRS 102 |
This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 28 February 2016. The date of transition to FRS 102 was 4 February 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.
Page 6 |