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COMPANY REGISTRATION NUMBER: 10224054
Idea Cellar Limited
Filleted Unaudited Financial Statements
30 June 2024
Idea Cellar Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
10,064
11,701
Current assets
Debtors
6
640
10,157
Cash at bank and in hand
40,899
33,719
--------
--------
41,539
43,876
Creditors: amounts falling due within one year
7
1,788
2,473
--------
--------
Net current assets
39,751
41,403
--------
--------
Total assets less current liabilities
49,815
53,104
Provisions
1,503
2,223
--------
--------
Net assets
48,312
50,881
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
48,212
50,781
--------
--------
Shareholders funds
48,312
50,881
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Idea Cellar Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr M Peel
Director
Company registration number: 10224054
Idea Cellar Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2023
15,500
34,842
50,342
Additions
1,107
2,028
3,135
--------
--------
--------
At 30 June 2024
16,607
36,870
53,477
--------
--------
--------
Depreciation
At 1 July 2023
8,667
29,974
38,641
Charge for the year
1,824
2,948
4,772
--------
--------
--------
At 30 June 2024
10,491
32,922
43,413
--------
--------
--------
Carrying amount
At 30 June 2024
6,116
3,948
10,064
--------
--------
--------
At 30 June 2023
6,833
4,868
11,701
--------
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
640
10,157
----
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32
1,273
Other creditors
1,756
1,200
-------
-------
1,788
2,473
-------
-------
8. Director's advances, credits and guarantees
The director's loan account brought forwards of £8,606 was repaid during the year. The loan was interest free, unsecured and repayable on demand.