REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
IDEAL 365 LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
IDEAL 365 LIMITED |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
IDEAL 365 LIMITED |
COMPANY INFORMATION |
for the Year Ended 30th April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
BALANCE SHEET |
30th April 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
BALANCE SHEET - continued |
30th April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th April 2023 |
1. | STATUTORY INFORMATION |
Ideal 365 Limited is a private company limited by share capital, incorporated in England and Wales, registration number 05737043. The address of the registered office is 100 Barbirolli Square, Manchester M2 3BD. The principal place of business address is Unit 1, Sunmill, Gower Street, Farnworth, Bolton, Lancashire, BL4 7EY. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts recognised by the company in respect of goods supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of cleaning, hygiene supplies, and workwear which are recognised at the point of which the goods are provided. |
Goodwill |
Goodwill is the difference between amounts paid on acquisition of a business and the fair value of the identifiable assets and liabilities. It has been fully amortised to the profit and loss account over its estimated useful economic life of 5 years. |
Tangible fixed assets |
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Improvements to property | - | 15% on reducing balance |
Fixtures and fittings | - | 10% on cost |
Motor vehicles | - | 25% on reducing balance |
At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise purchase, duty and carriage are based on the method most appropriate to the type of stock, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Provisions are made for obsolete, slow moving or defective items where appropriate. |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. The capital element of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund. |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalent |
Cash and cash equivalents are represented by cash at bank and in hand. Bank borrowings and overdrafts are included in creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st May 2022 |
and 30th April 2023 |
AMORTISATION |
At 1st May 2022 |
and 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 597,503 | 257,855 |
National Westminster Bank PLC holds a charge, dated 5th December 2018, creating a fixed charge over all the property or undertaking of the company. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: |
Class |
Nominal Value: |
2023 |
2022 |
£ | £ |
98 | Ordinary A | £1.00 | 98 | 100 |
87 | Ordinary B | £1.00 | 87 | 90 |
10 | Ordinary C | £1.00 | 10 | 10 |
4 | Ordinary D | £1.00 | 4 |
1 | Ordinary E | £1.00 | 1 |
200 | 200 |
During the year, 2 Ordinary A Shares were converted into Ordinary D Shares and 3 Ordinary B Shares were converted into 2 Ordinary D Shares and 1 Ordinary E Share. |
IDEAL 365 LIMITED (REGISTERED NUMBER: 05737043) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within creditors are amounts owed to directors of £73,181 (2022: £71,149). These amounts represent interest free loans that are repayable on demand. |
13. | RELATED PARTY DISCLOSURES |
Included in Other Debtors are amounts owed from companies under common control of £545,889 (2022: £364,391). These loans are interest free and repayable on demand. |