Year Ended
Registration number:
Real Ideas Trading Limited
Balance Sheet
31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholder's funds |
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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
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Company Registration Number: 08970094
Real Ideas Trading Limited
Notes to the Financial Statements
Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Real Ideas Trading Limited
Notes to the Financial Statements
Year Ended 31 July 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2022 |
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Additions |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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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
Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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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.
Current asset investments |
2023 |
2022 |
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Other investments |
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Real Ideas Trading Limited
Notes to the Financial Statements
Year Ended 31 July 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Real Ideas Trading Limited
Notes to the Financial Statements
Year Ended 31 July 2023
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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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). |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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 £
Real Ideas Trading Limited
Notes to the Financial Statements
Year Ended 31 July 2023
Audit report |
Parent and ultimate parent undertaking |
The ultimate controlling party is