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Registrar

Registration number: 06244228

Exceptional Ideas Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Exceptional Ideas Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Exceptional Ideas Limited

Company Information

Directors

B V Runchman

H E Bunting

Registered office

Teaseldown at Sugar Loaves
175 Swan Street
Sible Hedingham
Halstead
Essex
CO9 3PX

Bankers

Barclays Bank
19-21 Cornhill
Bury St Edmunds
Suffolk
IP33 1DY

Accountants

Lambert Chapman LLP
Chartered accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Exceptional Ideas Limited

(Registration number: 06244228)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

485,906

497,010

Current assets

 

Debtors

5

388,039

306,568

Cash at bank and in hand

 

351,796

29,773

 

739,835

336,341

Creditors: Amounts falling due within one year

6

(594,678)

(106,199)

Net current assets

 

145,157

230,142

Total assets less current liabilities

 

631,063

727,152

Creditors: Amounts falling due after more than one year

6

(118,044)

(135,278)

Provisions for liabilities

(20,119)

(25,647)

Net assets

 

492,900

566,227

Capital and reserves

 

Called up share capital

102

102

Revaluation reserve

103,920

103,920

Retained earnings

388,878

462,205

Shareholders' funds

 

492,900

566,227

For the financial year ending 31 August 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

B V Runchman
Director

H E Bunting
Director

 
     
 

Exceptional Ideas Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Teaseldown at Sugar Loaves, 175 Swan Street, Sible Hedingham, Halstead, Essex, CO9 3PX.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of teaching services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Government grants are assistance by government in the form of a transfer of resources to an entity in return for past or future compliance with specified conditions relating to the operating activities of the entity. Grants are recognised in the profit and loss account at the date they are received, under the performance model.

Tax

Current Tax is recognised in the profit and loss account, 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Exceptional Ideas Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line basis

Office equipment

33.33% straight line basis

Freehold properties

No depreciation

Furniture and fittings

33.33% straight line basis

Other tangible assets

5% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

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.

 

Exceptional Ideas Limited

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

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 43 (2023 - 41).

 

Exceptional Ideas Limited

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

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Fixtures & fittings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

450,000

50,946

17,574

40,100

5,665

564,285

Additions

-

3,516

2,995

2,665

5,656

14,832

Disposals

-

-

(2,890)

-

-

(2,890)

At 31 August 2024

450,000

54,462

17,679

42,765

11,321

576,227

Depreciation

At 1 September 2023

-

32,254

3,313

31,685

24

67,276

Charge for the year

-

13,969

3,914

5,398

564

23,845

Eliminated on disposal

-

-

(800)

-

-

(800)

At 31 August 2024

-

46,223

6,427

37,083

588

90,321

Carrying amount

At 31 August 2024

450,000

8,239

11,252

5,682

10,733

485,906

At 31 August 2023

450,000

18,692

14,261

8,415

5,642

497,010

Included within the net book value of land and buildings above is £450,000 (2023 - £450,000) in respect of freehold land and buildings.
 

 

Exceptional Ideas Limited

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

Revaluation

The fair value of the company's Freehold property was revalued on 31 August 2021 by the directors. It has been considered by the directors for the current year that in their opinion the fair value is correct.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £346,080 (2023 - £346,080).

5

Debtors

Note

2024
£

2023
£

Directors loans

7

275,141

246,584

Prepayments

 

19,845

21,791

Other debtors

 

93,053

38,193

 

388,039

306,568

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

26,975

22,817

Trade creditors

443

437

Taxation and social security

130,586

71,123

Accruals and deferred income

390,699

7,600

Other creditors

45,975

4,222

594,678

106,199

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £26,975 (2023 - £22,817).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

118,044

135,278

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £118,044 (2023 - £135,278).

 

Exceptional Ideas Limited

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

7

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

246,583

205,182

(176,624)

275,141

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

167,416

184,391

(105,224)

246,583