Ideal Form Limited 31/12/2024 iXBRL

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.