Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 08400613 Renown Ideas Limited Mrs Sabah Khan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08400613 2023-02-28 08400613 2024-02-28 08400613 2023-03-01 2024-02-28 08400613 frs-core:CurrentFinancialInstruments 2024-02-28 08400613 frs-core:PlantMachinery 2024-02-28 08400613 frs-core:PlantMachinery 2023-03-01 2024-02-28 08400613 frs-core:PlantMachinery 2023-02-28 08400613 frs-core:ShareCapital 2024-02-28 08400613 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 08400613 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 08400613 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 08400613 frs-bus:SmallEntities 2023-03-01 2024-02-28 08400613 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 08400613 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 08400613 frs-bus:Director1 2023-03-01 2024-02-28 08400613 frs-bus:Director2 2023-03-01 2024-02-28 08400613 frs-countries:EnglandWales 2023-03-01 2024-02-28 08400613 2022-02-28 08400613 2023-02-28 08400613 2022-03-01 2023-02-28 08400613 frs-core:CurrentFinancialInstruments 2023-02-28 08400613 frs-core:ShareCapital 2023-02-28 08400613 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 08400613
Renown Ideas Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08400613
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 127
- 127
CURRENT ASSETS
Stocks 5 112,000 110,200
Debtors 6 41,814 60,209
Cash at bank and in hand 991 1,738
154,805 172,147
Creditors: Amounts Falling Due Within One Year 7 (251,928 ) (224,470 )
NET CURRENT ASSETS (LIABILITIES) (97,123 ) (52,323 )
TOTAL ASSETS LESS CURRENT LIABILITIES (97,123 ) (52,196 )
NET LIABILITIES (97,123 ) (52,196 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (97,223 ) (52,296 )
SHAREHOLDERS' FUNDS (97,123) (52,196)
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sabah Khan
Director
29/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Renown Ideas Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08400613 . The registered office is 64 Manor Road, Stretford, Manchester, M32 9JB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 11.30%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 March 2023 1,133
As at 28 February 2024 1,133
Depreciation
As at 1 March 2023 1,006
Provided during the period 127
As at 28 February 2024 1,133
Net Book Value
As at 28 February 2024 -
As at 1 March 2023 127
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Page 4
5. Stocks
2024 2023
£ £
Finished goods 112,000 110,200
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 40,232 60,117
VAT 1,582 92
41,814 60,209
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 205,001 182,118
Other loans 12,051 14,042
Corporation tax - 115
Other taxes and social security 2,599 1,323
Net wages 13,680 8,275
Other creditors 8,492 8,492
Accruals and deferred income 9,123 9,123
Directors' loan accounts 982 982
251,928 224,470
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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