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Registration number: 06727678

Ideal M & E Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Ideal M & E Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ideal M & E Services Limited

Company Information

Directors

Mr Jason Silcox

Mr Elliot Gould

Ms Charlotte Saffron Martindale

Mrs Nicola Gould

Registered office

Unit 21 Apex Court
Woodlands
Bradley Stoke
Bristol
BS32 4JT

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Ideal M & E Services Limited

(Registration number: 06727678)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

21,580

21,085

Current assets

   

Debtors

5

297,140

 

355,098

Cash at bank and in hand

 

65,744

 

58,640

 

362,884

 

413,738

Creditors: Amounts falling due within one year

6

(363,263)

 

(393,713)

Net current (liabilities)/assets

   

(379)

20,025

Total assets less current liabilities

   

21,201

41,110

Provisions for liabilities

 

(7,182)

(7,058)

Net assets

   

14,019

34,052

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

13,919

 

33,952

Total equity

   

14,019

34,052

 

Ideal M & E Services Limited

(Registration number: 06727678)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................

Mr Jason Silcox
Director

 

Ideal M & E Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Unit 21 Apex Court
Woodlands
Bradley Stoke
Bristol
BS32 4JT

These financial statements were authorised for issue by the Board on 30 October 2024.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ideal M & E Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures, fittings and equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ideal M & E Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 3). The wages costs in the accounts include the wages element of group management charges payable.

 

Ideal M & E Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2023

40,087

40,087

Additions

8,463

8,463

At 31 March 2024

48,550

48,550

Depreciation

At 1 April 2023

19,002

19,002

Charge for the year

7,968

7,968

At 31 March 2024

26,970

26,970

Carrying amount

At 31 March 2024

21,580

21,580

At 31 March 2023

21,085

21,085

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

233,247

289,112

Amounts owed by group undertakings

7

60,721

63,591

Prepayments

 

3,072

2,295

Other debtors

 

100

100

 

297,140

355,098

 

Ideal M & E Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

40,761

97,813

Amounts owed to group undertakings

7

230,483

204,108

Taxation and social security

 

51,370

45,961

Accruals and deferred income

 

40,649

45,831

 

363,263

393,713

7

Related party transactions

The company was under the control of Mr J Silcox, Mr E Gould, Ms C Martindale and Mrs N Gould throughout the current year.

Property Solutions Management Group Limited is the parent company and owns 100% of the issued share capital. Property Solutions Management Group Limited is jointly and wholly owned by Mr J Silcox, Mr E Gould, Ms C Martindale and Mrs N Gould.

Property Solutions Management Group Limited is also the parent company of Detail Developments Limited and Gen X Limited.

The management charges included in the accounts relate to support services invoiced from Property Solutions Management Group Limited. These support services include items such as office, accountancy, vehicle and administrative costs incurred by Property Solutions Management Group Limited on behalf of the subsidiary companies. These costs are invoiced on a monthly basis to the subsidiary companies in the proportion that they are utilised.

Advantage has been taken of the exemption in FRS 102 to not disclose transactions with companies that are owned 100% by Property Solutions Management Group Limited.

No further transactions were undertaken which are required to be disclosed under FRS102.