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REGISTERED NUMBER: 03265758 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2022

for

Ideas By Design Limited

Ideas By Design Limited (Registered number: 03265758)






Contents of the Financial Statements
for the Year Ended 31 January 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ideas By Design Limited

Company Information
for the Year Ended 31 January 2022







DIRECTORS: Mr M Dibben
Mrs J Dibben
Mr G Herring





REGISTERED OFFICE: Unit 2b Dunhams Lane
Letchworth
Hertfordshire
SG6 1BE





REGISTERED NUMBER: 03265758 (England and Wales)





ACCOUNTANTS: Godfrey Laws & Co Limited
69 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Ideas By Design Limited (Registered number: 03265758)

Balance Sheet
31 January 2022

31.1.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 95,130 103,374
Tangible assets 5 75,973 86,812
171,103 190,186

CURRENT ASSETS
Stocks 649,828 632,979
Debtors 6 385,203 316,146
Cash at bank and in hand 148,991 169,085
1,184,022 1,118,210
CREDITORS
Amounts falling due within one year 7 836,287 829,512
NET CURRENT ASSETS 347,735 288,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

518,838

478,884

CREDITORS
Amounts falling due after more than one
year

8

(40,510

)

(6,950

)

PROVISIONS FOR LIABILITIES (8,142 ) (8,142 )
NET ASSETS 470,186 463,792

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 470,086 463,692
SHAREHOLDERS' FUNDS 470,186 463,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ideas By Design Limited (Registered number: 03265758)

Balance Sheet - continued
31 January 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2022 and were signed on its behalf by:




Mr M Dibben - Director



Mr G Herring - Director


Ideas By Design Limited (Registered number: 03265758)

Notes to the Financial Statements
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

Ideas By Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Ideas By Design Limited (Registered number: 03265758)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Factoring
At 31st January 2022 trade debtors of £256,461 (2021: £133,439) had been factored and an amount of £2,176 (2021: £804) was owed to the company under this financing agreement. The financial statements reflect a separate presentation i.e. gross factored debtors are included within assets and proceeds received from factors are included within liabilities. The factor's charges are accrued as arising and included within the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2021
and 31 January 2022 165,457
AMORTISATION
At 1 February 2021 62,083
Charge for year 8,244
At 31 January 2022 70,327
NET BOOK VALUE
At 31 January 2022 95,130
At 31 January 2021 103,374

Ideas By Design Limited (Registered number: 03265758)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2021 46,324 204,240 30,795 91,099 372,458
Additions - 7,400 - 292 7,692
At 31 January 2022 46,324 211,640 30,795 91,391 380,150
DEPRECIATION
At 1 February 2021 12,072 177,952 19,288 76,334 285,646
Charge for year 4,632 7,258 2,877 3,764 18,531
At 31 January 2022 16,704 185,210 22,165 80,098 304,177
NET BOOK VALUE
At 31 January 2022 29,620 26,430 8,630 11,293 75,973
At 31 January 2021 34,252 26,288 11,507 14,765 86,812

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Trade debtors 268,810 154,757
Other debtors 116,393 161,389
385,203 316,146

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Bank loans and overdrafts 2,177 804
Trade creditors 307,849 244,130
Taxation and social security 44,656 52,584
Other creditors 481,605 531,994
836,287 829,512

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.22 31.1.21
£    £   
Other creditors 40,510 6,950

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.22 31.1.21
£    £   
Between one and five years 292,448 525,500

Ideas By Design Limited (Registered number: 03265758)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Mr M. Dibben, by virtue of his shareholding.