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Real Ideas Trading Limited

Annual Report and Financial Statements
Year Ended 31 July 2023

Registration number: 08970094

 

Real Ideas Trading Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Real Ideas Trading Limited

Balance Sheet

31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,579

60,307

Current assets

 

Stocks

15,333

15,961

Debtors

5

491,870

667,725

Investments

6

20

20

Cash at bank and in hand

 

77,786

77,600

 

585,009

761,306

Creditors: Amounts falling due within one year

7

(227,193)

(342,082)

Net current assets

 

357,816

419,224

Total assets less current liabilities

 

400,395

479,531

Creditors: Amounts falling due after more than one year

7

(250,024)

(124,545)

Net assets

 

150,371

354,986

Capital and reserves

 

Called up share capital

9

1

1

Profit and loss account

150,370

354,985

Shareholder's funds

 

150,371

354,986

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Ms L V Hall
Director

Company Registration Number: 08970094

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Devonport Guildhall
Ker Street
Plymouth
Devon
PL1 4EL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5 years straight line

Fixtures and fittings

10 years straight line

Office equipment

3 years straight line

Motor vehicles

3 years straight line

Investments

Current asset investments are included at the lower of cost and net realisable value.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 84 (2022 - 84).

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Office equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

14,083

38,325

52,140

61,885

166,433

Additions

-

1,262

396

-

1,658

At 31 July 2023

14,083

39,587

52,536

61,885

168,091

Depreciation

At 1 August 2022

2,591

18,838

29,518

55,179

106,126

Charge for the year

1,451

3,854

12,005

2,076

19,386

At 31 July 2023

4,042

22,692

41,523

57,255

125,512

Carrying amount

At 31 July 2023

10,041

16,895

11,013

4,630

42,579

At 31 July 2022

11,492

19,487

22,622

6,706

60,307

Included within the net book value of land and buildings above is £10,041 (2022 - £11,492) in respect of long leasehold land and buildings.
 

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

5

Debtors

2023
 £

2022
 £

Trade debtors

95,384

98,702

Amounts due from group undertakings

244,014

400,127

Other debtors

120,716

85,820

Prepayments

31,756

83,076

491,870

667,725

Non current debtor - fully provided

During the year a payment of £103k was also made to Navigatr Ltd for services that have not been provided as expected. At the year end this payment had been accounted for as an informal, non-current loan. Post year end it has become clear that this debtor should be provided for in full and therefore the balance is showing as £nil in the financial statements.

6

Current asset investments

2023
£

2022
£

Other investments

20

20

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

21,339

12,834

Trade creditors

 

41,475

94,679

Amounts owed to group undertakings

 

-

47,042

Taxation and social security

 

33,644

55,953

Other creditors

 

86,569

49,076

Accruals and deferred income

 

44,166

82,498

 

227,193

342,082

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

250,024

124,545

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Other borrowings

250,024

124,545

2023
£

2022
£

Current loans and borrowings

Other borrowings

21,339

12,834

Other borrowings are comprised of two separate loans from PCC (Plymouth City Council) and HWCF (Health and Wellbeing Challenge Fund (South West) CIC).

Other borrowings

The PCC loan is denominated in pound sterling, £ with a nominal interest rate of 5%, and the final instalment is due on 31 December 2030. The carrying amount at year end is £121,363 (2022 - £137,379).

The HWCF loan is denominated in pound sterling, £ with a nominal interest rate of 0.6%, and the final instalment is due on 30 June 2028. The carrying amount at year end is £150,000 (2022 - £Nil).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,036,779 (2022 - £1,100,208). The commitment relates to operating leases held in the company's name.

 

Real Ideas Trading Limited

Notes to the Financial Statements

Year Ended 31 July 2023

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie, who signed for and on behalf of PKF Francis Clark on 30 July 2024.

12

Parent and ultimate parent undertaking

The ultimate controlling party is Real Ideas Organisation CIC.