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REGISTERED NUMBER: 04189789 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Ideal Quarters Ltd

Ideal Quarters Ltd (Registered number: 04189789)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ideal Quarters Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mostaque Ahmed
Raja Saddiq Khan





REGISTERED OFFICE: 598 Romford Road
London
E12 5AF





REGISTERED NUMBER: 04189789 (England and Wales)





ACCOUNTANTS: Prestons
Chartered Accountants
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

Ideal Quarters Ltd (Registered number: 04189789)

Balance Sheet
31 May 2024

31/5/24 31/5/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 - 1,069

CURRENT ASSETS
Debtors 5 159,562 160,110
Investments 6 84,000 120,911
Cash at bank and in hand 31,690 33,646
275,252 314,667
CREDITORS
Amounts falling due within one year 7 202,027 220,410
NET CURRENT ASSETS 73,225 94,257
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,225

95,326

CREDITORS
Amounts falling due after more than one
year

8

86,111

111,936
NET LIABILITIES (12,886 ) (16,610 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (12,888 ) (16,612 )
(12,886 ) (16,610 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ideal Quarters Ltd (Registered number: 04189789)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mostaque Ahmed - Director


Ideal Quarters Ltd (Registered number: 04189789)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Ideal Quarters Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover includes lease property income, which is measured on a reliable basis.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:
Plant and machinery - 20% on cost

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Ideal Quarters Ltd (Registered number: 04189789)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investment in unlisted securities held at cost less accumulated impairment losses.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less and impairment.

Going concern
The total liabilities exceed the total assets of the company as at 31 May 2024. The directors have confirmed that the company will have continuous support from the creditors. The directors are confident that the company has sufficient resources to trade as a going concern. It is for these reasons the accounts have been prepared as a going concern basis.

Ideal Quarters Ltd (Registered number: 04189789)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Impairment of assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and other assets to determine whether there is any indication that those assets have suffered an impairment loss. If such an indication exists, the recoverable amount of asset is estimated in order to determine the extent of the impairment loss (if any).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 134,223
DEPRECIATION
At 1 June 2023 133,154
Charge for year 1,069
At 31 May 2024 134,223
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 1,069

Ideal Quarters Ltd (Registered number: 04189789)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade debtors 146,944 144,640
Other debtors 12,618 15,470
159,562 160,110

6. CURRENT ASSET INVESTMENTS
31/5/24 31/5/23
£    £   
Unlisted investments 84,000 120,911

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade creditors 54,484 69,170
Taxation and social security 10,333 12,909
Other creditors 137,210 138,331
202,027 220,410

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/5/24 31/5/23
£    £   
Other creditors 86,111 111,936

9. LOANS

Other creditors include unsecured loans from:

i. Parsham loan at 5.76% per annum. The amount is repayable in 5 equal instalments in arrears. The first instalment is due by 29 April 2025.

ii. Funding Circle loan at 8.90% per annum. The amount is repayable in 48 equal instalments in arrears. The first instalment was due by 6 December 2021.

Ideal Quarters Ltd (Registered number: 04189789)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31/5/24 31/5/23
£    £   
Mostaque Ahmed
Balance outstanding at start of year 1,992 3,432
Amounts repaid (1,440 ) (1,440 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 552 1,992