Company registration number 12315122 (England and Wales)
IDEAS INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
IDEAS INTERNATIONAL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
IDEAS INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
51,126
59,874
Current assets
Trade and other receivables
4
6,578
744
Cash and cash equivalents
1,374
9,075
7,952
9,819
Current liabilities
5
(262,539)
(229,516)
Net current liabilities
(254,587)
(219,697)
Total assets less current liabilities
(203,461)
(159,823)
Non-current liabilities
6
(21,217)
(28,573)
Net liabilities
(224,678)
(188,396)
Equity
Called up share capital
100
100
Retained earnings
(224,778)
(188,496)
Total equity
(224,678)
(188,396)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 July 2023 and are signed on its behalf by:
Mr S R W King
Director
Company Registration No. 12315122
IDEAS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Ideas International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1402 Fladgate House, 4 Circus Road West, Battersea, Greater London, SW11 8EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with the continued support of the Directors. The company is supported by a large directors loan from the 2 directors, the directors have confirmed that they will not demand this balance be repaid until the company has sufficient funds to do so. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Computers
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
IDEAS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2022
83,971
Additions
1,331
At 31 March 2023
85,302
Depreciation and impairment
At 1 April 2022
24,097
Depreciation charged in the year
10,079
At 31 March 2023
34,176
Carrying amount
At 31 March 2023
51,126
At 31 March 2022
59,874
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
6,578
744
IDEAS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Current liabilities
2023
2022
£
£
Bank loans
7,356
7,165
Trade payables
5,739
3,276
Taxation and social security
25
Other payables
249,444
219,050
262,539
229,516
6
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
21,217
28,573
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2023
2022
£
£
L King
2,550
5,525
2023
2022
Amounts due to related parties
£
£
L King
-
425