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COMPANY REGISTRATION NUMBER: 10774684
Ideaworks International Ltd
Filleted Unaudited Financial Statements
31 May 2024
Ideaworks International Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Current assets
Cash at bank and in hand
413
473
Creditors: amounts falling due within one year
5
8,575
8,215
-------
-------
Net current liabilities
8,162
7,742
-------
-------
Total assets less current liabilities
( 8,162)
( 7,742)
-------
-------
Net liabilities
( 8,162)
( 7,742)
-------
-------
Capital and reserves
Called up share capital
6
1
1
Profit and loss account
( 8,163)
( 7,743)
-------
-------
Shareholders deficit
( 8,162)
( 7,742)
-------
-------
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 31 May 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr J P Barshall
Director
Company registration number: 10774684
Ideaworks International Ltd
Notes to the Financial Statements
Year ended 31 May 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Going concern
The financial statements have been prepared on a Going Concern basis which is dependent upon the continued support of the company's directors and other creditors. The directors have indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. The company is continuing to meet debts as they fall due and therefore the directors consider the going concern basis is appropriate.
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. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
420
Accruals and deferred income
360
420
Director loan accounts
7,795
7,795
-------
-------
8,575
8,215
-------
-------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
7. Director's advances, credits and guarantees
At the year end the company owed the director £7,795 (2023: £7,795).