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Registration number: 04046964

IDEASANVIL LTD

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

IDEASANVIL LTD

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

IDEASANVIL LTD

(Registration number: 04046964)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,326

2,139

Current assets

 

Stocks

5

-

2,000

Debtors

6

172,444

168,595

Cash at bank and in hand

 

29,817

8

 

202,261

170,603

Creditors: Amounts falling due within one year

7

(131,841)

(135,384)

Net current assets

 

70,420

35,219

Total assets less current liabilities

 

78,746

37,358

Provisions for liabilities

(1,562)

(404)

Net assets

 

77,184

36,954

Capital and reserves

 

Called up share capital

975

975

Capital redemption reserve

(1,650)

(1,650)

Retained earnings

77,859

37,629

Shareholders' funds

 

77,184

36,954

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 September 2023
 

 

IDEASANVIL LTD

(Registration number: 04046964)
Balance Sheet as at 31 July 2023

.........................................
Mark Scott
Director

 

IDEASANVIL LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
21 Bancroft
Hitchin
Hertfordshire
SG5 1JW
England and Wales

These financial statements were authorised for issue by the director on 22 September 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

IDEASANVIL LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Fixtures and Fittings

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

IDEASANVIL LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. Amounts are reviewed periodically and where an amount is considered not recoverable this amount is written off to the profit and loss account in the relevant period.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

IDEASANVIL LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

15,836

15,435

31,271

Additions

10,230

-

10,230

Disposals

(11,248)

(15,435)

(26,683)

At 31 July 2023

14,818

-

14,818

Depreciation

At 1 August 2022

13,835

15,297

29,132

Charge for the year

3,905

-

3,905

Eliminated on disposal

(11,248)

(15,297)

(26,545)

At 31 July 2023

6,492

-

6,492

Carrying amount

At 31 July 2023

8,326

-

8,326

At 31 July 2022

2,001

138

2,139

5

Stocks

2023
£

2022
£

Other inventories

-

2,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

166,265

163,993

Prepayments

6,179

4,602

 

172,444

168,595

 

IDEASANVIL LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

-

439

Trade creditors

 

50,372

58,471

Taxation and social security

 

62,995

65,306

Accruals and deferred income

 

15,378

7,461

Other creditors

 

3,096

3,707

 

131,841

135,384

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

950

950

950

950

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

24

24

24

24

 

975

975

975

975

The Ordinary shares, Ordinary A shares and Ordinary B shares rank pari passu in the event of winding up, sale or liquidation. The Ordinary A shares are independent of the Ordinary shares in respect of dividend rights.Ordinary B shares have no rights to dividends.

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £84.21 (2022 - £68.42) per each Ordinary shares

 

80,000

 

65,000

Interim dividend of £45.83 (2022 - £41.67) per each B Shares

 

1,100

 

1,000

   

81,100

 

66,000

 

IDEASANVIL LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023




 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,800 (2022 - £2,800). This is as a result of a three month rolling contract for the rent of the premises.

11

Related party transactions

At the balance sheet date the company owed the Director, M Scott, £182 (2023: £1,910). There is no interest charged on this balance.

12

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

439

The bank overdraft is unsecured.