Registered number
09029278
FIRST IDEA LONDON LIMITED
Filleted Accounts
31 May 2023
FIRST IDEA LONDON LIMITED
Registered number: 09029278
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,650 7,980
Tangible assets 4 5,284 10,566
11,934 18,546
Current assets
Debtors 5 48,756 50,781
Cash at bank and in hand 2,947 922
51,703 51,703
Creditors: amounts falling due within one year 6 (17,543) (18,263)
Net current assets 34,160 33,440
Total assets less current liabilities 46,094 51,986
Creditors: amounts falling due after more than one year 7 (17,713) (22,500)
Net assets 28,381 29,486
Capital and reserves
Called up share capital 53,600 53,600
Profit and loss account (25,219) (24,114)
Shareholder's funds 28,381 29,486
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Muhammad Adeel KAYANI
Director
Approved by the board on 10 February 2024
FIRST IDEA LONDON LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are measured at cost less accumulative amortisation.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation has ben provided at the following rates in order to write off the assets over their estimated useful lives:
Plant and machinery 20% Straight Line Method
Computer equipment 20% Straight Line Method
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 11,970
At 31 May 2023 11,970
Amortisation
At 1 June 2022 3,990
Provided during the year 1,330
At 31 May 2023 5,320
Net book value
At 31 May 2023 6,650
At 31 May 2022 7,980
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 30,992
At 31 May 2023 30,992
Depreciation
At 1 June 2022 20,426
Charge for the year 5,282
At 31 May 2023 25,708
Net book value
At 31 May 2023 5,284
At 31 May 2022 10,566
5 Debtors 2023 2022
£ £
Trade debtors 18,633 19,635
Other debtors 30,123 31,146
48,756 50,781
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,993 17,713
Other creditors 550 550
17,543 18,263
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,713 22,500
8 Other information
FIRST IDEA LONDON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Suite 42 The Winning Box
27-37 Station Road
Hayes
UB3 4DX
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