5 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 2,051 970 216 1,186 865 1,081 xbrli:pure xbrli:shares iso4217:GBP SC414002 2022-04-01 2023-03-31 SC414002 2023-03-31 SC414002 2022-03-31 SC414002 2021-04-01 2022-03-31 SC414002 2022-03-31 SC414002 core:PlantMachinery 2022-04-01 2023-03-31 SC414002 bus:Director1 2022-04-01 2023-03-31 SC414002 core:PlantMachinery 2022-03-31 SC414002 core:PlantMachinery 2023-03-31 SC414002 core:WithinOneYear 2023-03-31 SC414002 core:WithinOneYear 2022-03-31 SC414002 core:AfterOneYear 2023-03-31 SC414002 core:AfterOneYear 2022-03-31 SC414002 core:ShareCapital 2023-03-31 SC414002 core:ShareCapital 2022-03-31 SC414002 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC414002 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC414002 core:PlantMachinery 2022-03-31 SC414002 bus:SmallEntities 2022-04-01 2023-03-31 SC414002 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC414002 bus:FullAccounts 2022-04-01 2023-03-31 SC414002 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC414002 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC414002 core:AfterOneYear 2022-04-01 2023-03-31 SC414002 core:KeyManagementIndividualGroup1 2022-04-01 2023-03-31 SC414002 core:KeyManagementIndividualGroup1 2023-03-31
COMPANY REGISTRATION NUMBER: SC414002
Interactive Learning Diary Ltd
Filleted Unaudited Financial Statements
31 March 2023
Interactive Learning Diary Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
865
1,081
Current assets
Debtors
6
11,382
10,806
Cash at bank and in hand
657
--------
--------
11,382
11,463
Creditors: amounts falling due within one year
7
96,798
86,889
--------
--------
Net current liabilities
85,416
75,426
--------
--------
Total assets less current liabilities
( 84,551)
( 74,345)
Creditors: amounts falling due after more than one year
8
311
2,920
--------
--------
Net liabilities
( 84,862)
( 77,265)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 84,962)
( 77,365)
--------
--------
Shareholders deficit
( 84,862)
( 77,265)
--------
--------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 year 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 .
Interactive Learning Diary Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
Ms M Thomson
Director
Company registration number: SC414002
Interactive Learning Diary Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Blair of Tarradale, Blair of Tarradale, Muir of Ord, IV6 7PY, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand. The company has received loans from some of the directors and along with the income deferred over the length of the agreement, although monies received are non-refundable, is the main cause of the company having net current liabilities of £85,416 (2022 - £75,426). The directors will not seek repayment of their loans until the company's other debts have been met. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 entity 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.
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 as a finance cost 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 year amounted to 5 (2022: 5 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 April 2022 and 31 March 2023
2,051
-------
Depreciation
At 1 April 2022
970
Charge for the year
216
-------
At 31 March 2023
1,186
-------
Carrying amount
At 31 March 2023
865
-------
At 31 March 2022
1,081
-------
6. Debtors
2023
2022
£
£
Trade debtors
8,382
10,806
Other debtors
3,000
--------
--------
11,382
10,806
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,604
2,398
Trade creditors
3,601
961
Social security and other taxes
7,512
6,740
Other creditors
477
448
Other creditors
69,604
76,342
--------
--------
96,798
86,889
--------
--------
One of the bank loans is secured by a guarantee granted by the directors of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
311
2,920
----
-------
One of the bank loans is secured by a guarantee granted by the directors of the company.
9. Related party transactions
At 31 March 2023 the company was due 4 (2022 - 1) directors £ 9,662 (2022 - £10,637). These loans are interest free and have no definite terms of repayment.