Company Registration No. 10442338 (England and Wales)
ACRE CREATIVE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ACRE CREATIVE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ACRE CREATIVE HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
700,000
700,000
Current assets
Debtors
4
340
-
Cash at bank and in hand
100
100
440
100
Creditors: amounts falling due within one year
5
(25,184)
(12,140)
Net current liabilities
(24,744)
(12,040)
Total assets less current liabilities
675,256
687,960
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
699,360
699,360
Profit and loss reserves
(24,204)
(11,500)
Total equity
675,256
687,960
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 March 2021 and are signed on its behalf by:
C M Treharne
M Veronique
Director
Director
Company Registration No. 10442338
ACRE CREATIVE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Acre Creative Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include
fixed asset investments at fair value
. The principal accounting policies adopted are set out below.
1.2
Going concern
As stated in note
true
7
, the directors have considered the effect of the Covid-19 outbreak. The directors consider that the outbreak is unlikely to cause a significant disruption to the company’s business and are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
The validity of this assumption is on the basis of that the company will continue to be supported by the directors.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Changes in fair value are recognised in other comprehensive income.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
ACRE CREATIVE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
The accounts relate to
the year ended
31 March 2020. The comparative figures are related to the period from 1
October 201
7 to
3
1
March
201
9.
2
Employees
There were no employees during the current
year or
previous period.
3
Fixed asset investments
2020
2019
£
£
Investment in subsidiary
700,000
700,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
700,000
Carrying amount
At 31 March 2020
700,000
At 31 March 2019
700,000
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Prepayments
340
-
ACRE CREATIVE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts due to group undertakings
20,184
640
Accruals
5,000
11,500
25,184
12,140
6
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 1p each
100
100
100
100
7
Investment revaluation reserve
2020
2019
£
£
At beginning and end of year
699,360
699,360
8
Events after the reporting date
The directors have considered the effect of the Covid-19 outbreak, that has been spreading throughout the world in early 2020, on the company’s activities. This outbreak is unlikely to cause a significant disruption to the company’s business but at the date of approval of these financial statements, the extent and quantum of the disruption remains uncertain.