1 March 2022 false No description of principal activity Taxfiler 2023.10 07950338business:PrivateLimitedCompanyLtd2022-03-012023-02-28 079503382022-02-28 079503382022-03-012023-02-28 07950338business:AuditExemptWithAccountantsReport2022-03-012023-02-28 07950338business:FilletedAccounts2022-03-012023-02-28 079503382023-02-28 079503382022-02-28 07950338core:WithinOneYear2023-02-28 07950338core:WithinOneYear2022-02-28 07950338core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 07950338core:ShareCapitalcore:PreviouslyStatedAmount2022-02-28 07950338core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 07950338core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-02-28 07950338core:PreviouslyStatedAmount2023-02-28 07950338core:PreviouslyStatedAmount2022-02-28 07950338business:SmallEntities2022-03-012023-02-28 07950338business:Director22022-03-012023-02-28 07950338countries:EnglandWales2022-03-012023-02-28 07950338business:RegisteredOffice2022-03-012023-02-28 07950338core:PlantMachinery2022-03-012023-02-28 07950338core:PlantMachinery2022-02-28 07950338core:PlantMachinery2023-02-28 07950338business:Director212022-03-012023-02-28 07950338business:Director212022-02-28 07950338business:Director212023-02-28 079503382021-03-012022-02-28 iso4217:GBP xbrli:pure
Company Registration No. 07950338 (England and Wales)
Ideal Trucks Ltd Unaudited accounts for the year ended 28 February 2023
Ideal Trucks Ltd Unaudited accounts Contents
Page
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Ideal Trucks Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
302 
559 
Current assets
Inventories
381,549 
129,850 
Debtors
209,696 
125,530 
Cash at bank and in hand
1,052,674 
1,203,348 
1,643,919 
1,458,728 
Creditors: amounts falling due within one year
(259,387)
(255,254)
Net current assets
1,384,532 
1,203,474 
Net assets
1,384,834 
1,204,033 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
1,384,832 
1,204,031 
Shareholders' funds
1,384,834 
1,204,033 
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2023 and were signed on its behalf by
Sean Steventon Director Company Registration No. 07950338
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Ideal Trucks Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
Ideal Trucks Ltd is a private company, limited by shares, registered in England and Wales, registration number 07950338. The registered office is Barracks Lane, Walsall Wood, Walsall, WS9 9DL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover and income recognition
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Ideal Trucks Ltd Notes to the Accounts for the year ended 28 February 2023
Financial instruments
Basic financial instruments are recognised at amortised cost.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 March 2022
2,979 
At 28 February 2023
2,979 
Depreciation
At 1 March 2022
2,420 
Charge for the year
257 
At 28 February 2023
2,677 
Net book value
At 28 February 2023
302 
At 28 February 2022
559 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
81,087 
57,709 
Other debtors
128,609 
67,821 
209,696 
125,530 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
8,011 
19,875 
Taxes and social security
53,865 
60,677 
Other creditors
197,511 
174,702 
259,387 
255,254 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Interest free advance, repayable on demand
- 
9,036 
- 
9,036 
- 
9,036 
- 
9,036 
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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