Registered number
06266597
Idem Living Limited
Unaudited Filleted Accounts
28 June 2024
Idem Living Limited
Registered number: 06266597
Balance Sheet
as at 28 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 159,297 53,484
Current assets
Debtors 4 833,710 520,891
Cash at bank and in hand 209,167 56,421
1,042,877 577,312
Creditors: amounts falling due within one year 5 (440,334) (497,097)
Net current assets 602,543 80,215
Total assets less current liabilities 761,840 133,699
Creditors: amounts falling due after more than one year 6 (733,529) (725,487)
Net assets/(liabilities) 28,311 (591,788)
Capital and reserves
Called up share capital 100 100
Profit and loss account 28,211 (591,888)
Shareholders' funds 28,311 (591,788)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Gearty
Director
Approved by the board on 19 March 2025
Idem Living Limited
Notes to the Accounts
for the year ended 28 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 145 132
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 29 June 2023 129,683 113,342 43,015 286,040
Additions 6,000 74,789 54,664 135,453
At 28 June 2024 135,683 188,131 97,679 421,493
Depreciation
At 29 June 2023 104,052 89,134 39,370 232,556
Charge for the year 13,317 11,721 4,602 29,640
At 28 June 2024 117,369 100,855 43,972 262,196
Net book value
At 28 June 2024 18,314 87,276 53,707 159,297
At 28 June 2023 25,631 24,208 3,645 53,484
4 Debtors 2024 2023
£ £
Trade debtors 621,376 325,488
Other debtors 212,334 195,403
833,710 520,891
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 123,509 54,589
Taxation and social security costs 162,012 94,717
Other creditors 144,813 337,791
440,334 497,097
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,801 20,759
Other creditors 722,728 704,728
733,529 725,487
7 Other information
Idem Living Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Stable Court Business Centre
Water Lane, Tarbock Green
Prescot
Merseyside
L35 1RD
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