Registered number
04711838
The Ideal Suite Factory Limited
Report and Accounts
30 March 2024
Accountants and Business Advisors
Accountancy 4 Success Limited
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
The Ideal Suite Factory Limited
Registered number: 04711838
Balance Sheet
as at 30 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 4 45,560 54,138
Cash at bank and in hand 6 93
45,566 54,231
Creditors: amounts falling due within one year 5 (6,660) (3,381)
Net current assets 38,906 50,850
Total assets less current liabilities 38,906 50,850
Creditors: amounts falling due after more than one year 6 (38,179) (49,523)
Net assets 727 1,327
Capital and reserves
Called up share capital 200 200
Profit and loss account 527 1,127
Shareholders' funds 727 1,327
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.
J Athwal
Director
Approved by the board on 20 August 2024
The Ideal Suite Factory Limited
Notes to the Accounts
for the year ended 30 March 2024
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.
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.
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 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 31 March 2023 7,500
At 30 March 2024 7,500
Amortisation
At 31 March 2023 7,500
At 30 March 2024 7,500
Net book value
At 30 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Debtors 2024 2023
£ £
Trade debtors - 3,381
Amounts owed by group undertakings and undertakings in which the company has a participating interest 45,510 48,500
Other debtors 50 2,257
45,560 54,138
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,660 -
Other creditors - 3,381
6,660 3,381
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,179 49,523
7 Controlling party
The companies ultimate parent company is Athwal Holdings Limited, a company incorporated in Great Britain and registered in England & Wales and controlled by J S Athwal and family.
8 Related party transactions
During the financial year The Ideal Suite Factory Limited traded with other members of the Athwal Holdings Group and companies under the same control of the owners thereof. All transactions were on normal commercial terms.
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