INDIGO LOUNGE LIMITED
Registered number: 08927930
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 511 933
511 933
Current assets
Debtors 4 10,264 11,398
Cash at bank and in hand 3,987 10,855
14,251 22,253
Creditors: amounts falling due within one year 5 (13,291) (10,978)
Net current assets 960 11,275
Total assets less current liabilities 1,471 12,208
Provisions for liabilities (97) (177)
Net assets 1,374 12,031
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 374 11,031
Shareholders' funds 1,374 12,031
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.
Mrs. Dawn Rebecca Balmer
Director
Approved by the board on 2 October 2024
INDIGO LOUNGE LIMITED
Notes to the Accounts
for the year ended 31 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 (as applied to small entities by section 1A of the standard).
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computers Total
£ £
Cost
At 1 April 2023 1,687 1,687
At 31 March 2024 1,687 1,687
Depreciation
At 1 April 2023 754 754
Charge for the year 422 422
At 31 March 2024 1,176 1,176
Net book value
At 31 March 2024 511 511
At 31 March 2023 933 933
4 Debtors 2024 2023
£ £
Mrs. Dawn Rebecca Balmer 7,635 6,065
Mr. Sean Lee Balmer - 3,241
Accrued income 2,500 2,000
Prepayments 129 92
10,264 11,398
5 Creditors: amounts falling due within one year 2024 2023
£ £
Mr. Sean Lee Balmer 3,415 -
VAT 1,969 3,542
Corporation tax 7,901 7,430
Accruals 6 6
13,291 10,978
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 1,300 1,300
7 Ultimate controlling party and related party transactions
The company was under the control of Dawn and Sean Balmer throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities (effective April 2008), except for those disclosed below.
2024 2023
£ £
Balance owing (to) / from Mrs. Dawn Rebecca Balmer 7,635 6,065
Balance owing (to) / from Mr. Sean Lee Balmer (3,415) 3,241
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
8 Other information
INDIGO LOUNGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 North Ridge
Derwent Forest
Great Broughton
Cockermouth
CA13 0DE
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