15 Creative Limited 30/06/2018 iXBRL

Company registration number: 05914470

15 Creative Limited

Unaudited filleted financial statements

30 June 2018

15 Creative Limited

Contents

Directors and other information

Balance sheet

Notes to the financial statements

15 Creative Limited

Directors and other information


	Directors	Mr Alan Wogan
		Mr Mark Wogan
		Mr Ben James
		Yann Mathias


	Company number	05914470


	Registered office	2nd Floor, 32-33 Gosfield Street
		Fitzrovia
		London
		W1W 6HL

15 Creative Limited

Balance sheet

30 June 2018

		30/06/18		31/12/16
	Note	£	£	£	£

Fixed assets
Tangible assets	5	12,816		1,377
		_______		_______
			12,816		1,377

Current assets
Debtors	6	16,326		99,478
Cash at bank and in hand		5,707		5,486
		_______		_______
		22,033		104,964
Creditors: amounts falling due
within one year	7	( 110,458)		( 118,407)
		_______		_______
Net current liabilities			( 88,425)		( 13,443)
			_______		_______
Total assets less current liabilities			( 75,609)		( 12,066)

Creditors: amounts falling due
after more than one year	8		( 264)		( 264)
			_______		_______
Net liabilities			( 75,873)		( 12,330)
			_______		_______

Capital and reserves
Called up share capital			1,053		1,053
Share premium account			504,736		504,736
Profit and loss account			( 581,662)		( 518,119)
			_______		_______
Shareholders deficit			( 75,873)		( 12,330)
			_______		_______

For the period ending 30 June 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 period 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 Profit & loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 March 2019 , and are signed on behalf of the board by:

Mr Alan Wogan

Director

Company registration number: 05914470

15 Creative Limited

Notes to the financial statements

Period ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 2nd Floor, 32-33 Gosfield Street, Fitzrovia, London, W1W 6HL.

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.

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:

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.

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.

4. Employee numbers

The average number of persons employed by the company during the period amounted to Nil (2016: Nil).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2017	325,474	6,941	332,415
Additions	20,323	-	20,323
	_______	_______	_______
At 30 June 2018	345,797	6,941	352,738
	_______	_______	_______
Depreciation
At 1 January 2017	325,473	7,633	333,106
Charge for the year	-	6,816	6,816
	_______	_______	_______
At 30 June 2018	325,473	14,449	339,922
	_______	_______	_______
Carrying amount
At 30 June 2018	20,324	( 7,508)	12,816
	_______	_______	_______
At 31 December 2016	1	( 692)	(691)
	_______	_______	_______

6. Debtors

	30/06/18	31/12/16
	£	£
Trade debtors	11,396	93,096
Amounts owed by group undertakings and undertakings in which the company has a participating interest	-	1,452
Other debtors	4,930	4,930
	_______	_______
	16,326	99,478
	_______	_______

7. Creditors: amounts falling due within one year

	30/06/18	31/12/16
	£	£
Bank loans and overdrafts	40,497	26,852
Trade creditors	18,794	18,536
Social security and other taxes	16,285	39,425
Other creditors	34,882	33,594
	_______	_______
	110,458	118,407
	_______	_______

8. Creditors: amounts falling due after more than one year

	30/06/18	31/12/16
	£	£
Other creditors	264	264
	_______	_______

9. Directors advances, credits and guarantees

	During the period the directors entered into the following advances and credits with the company:

Period ended 30/06/18
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr Ben James	-	( 6,966)	( 6,966)
		_______	_______	_______

Year ended 31/12/16
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr Ben James	-	-	-
		_______	_______	_______