Big Ideas Product Development Limited |
Registered number: |
03732667 |
Balance Sheet |
as at 30 June 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
1,545 |
|
|
2,136 |
|
Current assets |
Debtors |
5 |
|
13,110 |
|
|
6,621 |
Cash at bank and in hand |
|
|
1 |
|
|
222 |
|
|
|
13,111 |
|
|
6,843 |
|
Creditors: amounts falling due within one year |
6 |
|
(163,347) |
|
|
(144,345) |
|
Net current liabilities |
|
|
|
(150,236) |
|
|
(137,502) |
|
Net liabilities |
|
|
|
(148,691) |
|
|
(135,366) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(148,791) |
|
|
(135,466) |
|
Shareholders' funds |
|
|
|
(148,691) |
|
|
(135,366) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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. |
|
|
|
|
Simon Skelton |
Director |
Approved by the board on 15 March 2024 |
|
Big Ideas Product Development Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
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 £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
|
|
Turnover |
|
The turnover shown in the profit and loss account presents advances and royalties receivable during the period exclusive of Value Added Tax. Income from royalties is recognised as it becomes receivable. Non-refundable advances against future royalties are recognised from the earlier of the date of the receipt of the advance, or the contract start date, on straight line basis over the term up to the contract end date. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
Reducing balance 15% |
|
Fixtures, fittings, tools and equipment |
Reducing balance 33% |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
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. |
|
|
Research and development expenditure |
|
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 July 2022 |
70,000 |
|
At 30 June 2023 |
70,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 July 2022 |
70,000 |
|
At 30 June 2023 |
70,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2022 |
4,304 |
|
15,135 |
|
7,562 |
|
27,001 |
|
At 30 June 2023 |
4,304 |
|
15,135 |
|
7,562 |
|
27,001 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2022 |
4,304 |
|
13,631 |
|
6,930 |
|
24,865 |
|
Charge for the year |
- |
|
496 |
|
95 |
|
591 |
|
At 30 June 2023 |
4,304 |
|
14,127 |
|
7,025 |
|
25,456 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
- |
|
1,008 |
|
537 |
|
1,545 |
|
At 30 June 2022 |
- |
|
1,504 |
|
632 |
|
2,136 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
10,618 |
|
5,100 |
|
Deferred tax asset |
|
|
|
|
- |
|
252 |
|
Other debtors |
2,492 |
|
1,269 |
|
|
|
|
|
|
13,110 |
|
6,621 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
30,173 |
|
28,962 |
|
Trade creditors |
12,282 |
|
24,840 |
|
Taxation and social security costs |
(362) |
|
183 |
|
Other creditors |
121,254 |
|
90,360 |
|
|
|
|
|
|
163,347 |
|
144,345 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
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|
Big Ideas Product Development Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Lytchett House 13 Freeland Park |
|
Wareham Road |
|
Poole |
|
Dorset |
|
BH16 6FA |