6 01/01/2024 31/12/2024 2024-12-31 true false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2024-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI022570 2024-01-01 2024-12-31 NI022570 2024-12-31 NI022570 2023-12-31 NI022570 2023-01-01 2023-12-31 NI022570 2023-12-31 NI022570 2022-12-31 NI022570 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI022570 core:PlantMachinery 2024-01-01 2024-12-31 NI022570 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 NI022570 core:MotorVehicles 2024-01-01 2024-12-31 NI022570 bus:RegisteredOffice 2024-01-01 2024-12-31 NI022570 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 NI022570 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 NI022570 bus:Agent1 2024-01-01 2024-12-31 NI022570 bus:Director1 2024-01-01 2024-12-31 NI022570 bus:Director2 2024-01-01 2024-12-31 NI022570 bus:Director3 2024-01-01 2024-12-31 NI022570 core:PlantMachinery 2023-12-31 NI022570 core:FurnitureFittingsToolsEquipment 2023-12-31 NI022570 core:MotorVehicles 2023-12-31 NI022570 core:PlantMachinery 2024-12-31 NI022570 core:FurnitureFittingsToolsEquipment 2024-12-31 NI022570 core:MotorVehicles 2024-12-31 NI022570 core:WithinOneYear 2024-12-31 NI022570 core:WithinOneYear 2023-12-31 NI022570 core:AfterOneYear 2024-12-31 NI022570 core:AfterOneYear 2023-12-31 NI022570 core:ShareCapital 2024-12-31 NI022570 core:ShareCapital 2023-12-31 NI022570 core:CapitalRedemptionReserve 2024-12-31 NI022570 core:CapitalRedemptionReserve 2023-12-31 NI022570 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI022570 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI022570 bus:OrdinaryShareClass1 core:ShareCapital 2024-12-31 NI022570 bus:OrdinaryShareClass1 core:ShareCapital 2023-12-31 NI022570 core:PlantMachinery 2023-12-31 NI022570 core:FurnitureFittingsToolsEquipment 2023-12-31 NI022570 core:MotorVehicles 2023-12-31 NI022570 bus:SmallEntities 2024-01-01 2024-12-31 NI022570 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 NI022570 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI022570 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI022570 bus:FullAccounts 2024-01-01 2024-12-31 NI022570 core:OtherRelatedParties 2024-01-01 2024-12-31 NI022570 core:OtherRelatedParties 2023-01-01 2023-12-31 NI022570 core:OtherRelatedParties 2024-12-31 NI022570 core:OtherRelatedParties 2023-12-31
Company registration number: NI022570
Ideal Form Limited
Unaudited filleted financial statements
31 December 2024
Ideal Form Limited
Contents
Directors and other information
Balance sheet
Notes to the financial statements
Ideal Form Limited
Directors and other information

| Directors | Mr Liam O'Kane
|  | Mr Dominic O'Kane
|  | Mr Ryan O'Kane
| Company number | NI022570
| Registered office | 40 Curragh Road
|  | Dungiven
|  | Co Derry
|  | BT47 4SE
| Accountants | Fergus McAteer & Co.
|  | 31/33 Clarendon Street
|  | Derry
|  | BT48 7ER

| Bankers | Ulster Bank Limited
|  | Da Vinci Complex
|  | 2 Bay Road
|  | Culmore Road
|  | Derry
|  | BT48 8JB
|  | Danske Bank
|  | North Business Centre
|  | 1-2 Broadway
|  | Ballymena
|  | Co. Antrim
|  | BT43 7AA
| Solicitors | Mallon & Co Solicitors
|  | Station Master's House
|  | 16 Station Road
|  | Maghera
|  | Co. Derry
|  | BT46 5BS

Ideal Form Limited
Balance sheet
31 December 2024

|  |  | 2024 |  |  |  | 2023 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 5 | 3,204,185 |  |  |  | 3,823,857 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 3,204,185 |  |  |  | 3,823,857
Current assets |  |  |  |  |  |  |  |  |
Debtors |  | 6 | 2,132,249 |  |  |  | 1,808,913 |  |
Cash at bank and in hand |  |  | 1,071,061 |  |  |  | 933,238 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 3,203,310 |  |  |  | 2,742,151 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 7 | ( 3,029,039) |  |  |  | ( 3,336,716) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets/(liabilities) |  |  |  |  | 174,271 |  |  |  | ( 594,565)
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 3,378,456 |  |  |  | 3,229,292
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 8 |  |  | ( 304,163) |  |  |  | ( 375,000)
Provisions for liabilities |  |  |  |  | ( 499,954) |  |  |  | ( 575,405)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 2,574,339 |  |  |  | 2,278,887
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 9 |  |  | 16,730 |  |  |  | 16,730
Capital redemption reserve |  |  |  |  | 13,270 |  |  |  | 13,270
Profit and loss account |  |  |  |  | 2,544,339 |  |  |  | 2,248,887
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 2,574,339 |  |  |  | 2,278,887
|  |  |  |  | _______ |  |  |  | _______

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 profit and loss account and directors' report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 July 2025 , and are signed on behalf of the board by:
Mr Ryan O'Kane
Director
Company registration number: NI022570
Ideal Form Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 40 Curragh Road, Dungiven, Co Derry, BT47 4SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Summary of significant 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Rendering of services
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue.
Interest and dividends receivable
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property | - | 2 % | straight line
| Plant and machinery | - | 20 % | reducing balance
| Fittings fixtures and equipment | - | 25 % | straight line
| Motor vehicles | - | 25 % | reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets

|  | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total |  |  |
|  | £ | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |  |
| At 1 January 2024 | 5,285,304 | 35,635 | 307,238 | 5,628,177 |  |  |
| Additions | 182,765 | 2,833 | 12,990 | 198,588 |  |  |
| Disposals | ( 75,000) | - | ( 7,250) | ( 82,250) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 5,393,069 | 38,468 | 312,978 | 5,744,515 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 January 2024 | 1,612,553 | 31,036 | 160,731 | 1,804,320 |  |  |
| Charge for the year | 739,163 | 2,471 | 37,620 | 779,254 |  |  |
| Disposals | ( 37,000) | - | ( 6,244) | ( 43,244) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 2,314,716 | 33,507 | 192,107 | 2,540,330 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2024 | 3,078,353 | 4,961 | 120,871 | 3,204,185 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2023 | 3,672,751 | 4,599 | 146,507 | 3,823,857 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |

6. Debtors

|  |  | 2024 | 2023
|  |  | £ | £
| Trade debtors |  | 3,876 | 18,015
| Other debtors |  | 2,128,373 | 1,790,898
|  |  | _______ | _______
|  |  | 2,132,249 | 1,808,913
|  |  | _______ | _______

7. Creditors: amounts falling due within one year

|  |  | 2024 | 2023
|  |  | £ | £
| Bank loans and overdrafts |  | 90,974 | 100,000
| Trade creditors |  | 242,490 | 229,154
| Corporation tax |  | 187,481 | 188,978
| Social security and other taxes |  | 6,294 | 10,158
| Other creditors |  | 2,501,800 | 2,808,426
|  |  | _______ | _______
|  |  | 3,029,039 | 3,336,716
|  |  | _______ | _______

8. Creditors: amounts falling due after more than one year

|  |  | 2024 | 2023
|  |  | £ | £
| Other creditors |  | 304,163 | 375,000
|  |  | _______ | _______

9. Called up share capital
Issued, called up and fully paid

|  |  | 2024 |  |  |  | 2023 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary A shares shares of £ 0.50 each |  | 33,460 |  | 16,730 |  | 33,460 |  | 16,730
|  |  | _______ |  | _______ |  | _______ |  | _______

10. Related party transactions
During the year the company entered into the following transactions with related parties:

|  | Transaction value |  | Balance owed by/(owed to) |
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Related parties | 479,652 | ( 112,805) | ( 984,244) | ( 1,463,896)
|  | _______ | _______ | _______ | _______

Parties are related as they all have common directors and shareholders.