REGISTERED NUMBER: 04326829 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

IDLE RICH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M B Galliford

Mrs B S Galliford

REGISTERED OFFICE:

Riverside

Meads Lane

Wheathampstead

St Albans

Hertfordshire

AL4 8BZ

REGISTERED NUMBER:

04326829 (England and Wales)

ACCOUNTANTS:

TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,068

873

2,068

873

CURRENT ASSETS

Stocks

1,575

1,750

Cash at bank

9,527

4,265

11,102

6,015

CREDITORS

Amounts falling due within one year

6

55,492

30,317

NET CURRENT LIABILITIES

(44,390

)

(24,302

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(42,322

)

(23,429

)

CREDITORS

Amounts falling due after more than one year

7

50,000

50,000

NET LIABILITIES

(92,322

)

(73,429

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(92,422

)

(73,529

)

(92,322

)

(73,429

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 October 2025 and were signed on its behalf by:

Mr M B Galliford - Director

1.	STATUTORY INFORMATION

Idle Rich Limited 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.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to receive ongoing support from its directors, creditors and shareholders.

Preparation of consolidated financial statements

The financial statements contain information about Idle Rich Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Domain names and websites

Domain names and websites are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

50% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Domains &

websites

£

COST

At 1 December 2023

and 30 November 2024

38,730

AMORTISATION

At 1 December 2023

and 30 November 2024

38,730

NET BOOK VALUE

At 30 November 2024

-

At 30 November 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 December 2023

1,220

6,023

7,243

Additions

134

2,375

2,509

Disposals

(94

)

(2,595

)

(2,689

)

At 30 November 2024

1,260

5,803

7,063

DEPRECIATION

At 1 December 2023

760

5,610

6,370

Charge for year

140

1,099

1,239

Eliminated on disposal

(94

)

(2,520

)

(2,614

)

At 30 November 2024

806

4,189

4,995

NET BOOK VALUE

At 30 November 2024

454

1,614

2,068

At 30 November 2023

460

413

873

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Taxation and social security

619

916

Other creditors

54,873

29,401

55,492

30,317

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

5% non-cumulative redeemable preference shares

50,000

50,000

Holders of the 5% non-cumulative redeemable preference shares have no voting rights within the company but do have priority to a payment of dividend and return of capital over any other class of share. No interest has been paid on these shares.

The preference shares can be redeemed at par in whole or part at any time after issue, provided that thirteen months written notice is given by the company to the holders of the preference shares or by the holders of the preference shares to the company.

8.	RELATED PARTY DISCLOSURES

Included in other creditors are director's loan accounts of £54,085 (2023 £29,624). No interest is charged and the loans are repayable on demand.