IDE Consulting Ltd SC510163 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of IT consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true true true SC510163 2023-08-01 2024-07-31 SC510163 2024-07-31 SC510163 bus:OrdinaryShareClass1 2024-07-31 SC510163 core:CurrentFinancialInstruments 2024-07-31 SC510163 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC510163 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 SC510163 bus:SmallEntities 2023-08-01 2024-07-31 SC510163 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC510163 bus:FilletedAccounts 2023-08-01 2024-07-31 SC510163 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC510163 bus:RegisteredOffice 2023-08-01 2024-07-31 SC510163 bus:Director1 2023-08-01 2024-07-31 SC510163 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC510163 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC510163 core:OfficeEquipment 2023-08-01 2024-07-31 SC510163 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-01 2024-07-31 SC510163 countries:Scotland 2023-08-01 2024-07-31 SC510163 2022-08-01 2023-07-31 SC510163 2023-07-31 SC510163 bus:OrdinaryShareClass1 2023-07-31 SC510163 core:CurrentFinancialInstruments 2023-07-31 SC510163 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC510163 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC510163

IDE Consulting Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2024

 

IDE Consulting Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

IDE Consulting Ltd

Company Information

Director

Mr C Dyer

Registered office

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

IDE Consulting Ltd

(Registration number: SC510163)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

22,611

61,131

Cash at bank and in hand

 

29

34

 

22,640

61,165

Creditors: Amounts falling due within one year

(8,870)

(41,743)

Total assets less current liabilities

 

13,770

19,422

Creditors: Amounts falling due after more than one year

(4,290)

(7,949)

Provisions for liabilities

1,073

689

Accruals and deferred income

 

(168)

(138)

Net assets

 

10,385

12,024

Capital and reserves

 

Called up share capital

5

1

1

Retained earnings

10,384

12,023

Shareholders' funds

 

10,385

12,024

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 April 2025
 

.........................................
Mr C Dyer
Director

 

IDE Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 10 April 2025.

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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of IT consultancy activites. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

 

IDE Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Asset class

Depreciation method and rate

Office equipment

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

IDE Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

IDE Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

6

Related party transactions

Summary of transactions with key management

The company operates a loan account with the director, Mr C Dyer.

During the year, the director repaid loans totalling £29,073 to the company. At the year end, the balance due from the director was £16,384 (2023 - £45,457). This loan is unsecured, interest free and has no fixed repayment terms.