Ideafreaks Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04805189 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Ideafreaks Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Edwards

Mrs A Edwards

D Ryan

Mrs A Ryan

SECRETARY:

Mrs A Edwards

REGISTERED OFFICE:

15 Whitehall Gardens

Undy

Caldicot

NP26 3EW

REGISTERED NUMBER:

04805189 (England and Wales)

ACCOUNTANTS:

Obp chartered accountants

23 Clos Halket

Canton

Cardiff

South Glamorgan

CF118DZ

FIXED ASSETS

Tangible assets

4

1,632

2,434

CURRENT ASSETS

Debtors

5

67,237

48,022

Cash at bank and in hand

50,288

66,931

117,525

114,953

CREDITORS

Amounts falling due within one year

6

98,559

91,977

NET CURRENT ASSETS

18,966

22,976

TOTAL ASSETS LESS CURRENT LIABILITIES

20,598

25,410

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

19,598

24,410

20,598

25,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 on 21 November 2019 and were signed on its behalf by:

Mrs A Edwards - Director

1.	STATUTORY INFORMATION

Ideafreaks 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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance and 10% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

10,969

Additions

416

Disposals

(2,490

)

At 31 March 2019

8,895

DEPRECIATION

At 1 April 2018

8,535

Charge for year

1,219

Eliminated on disposal

(2,491

)

At 31 March 2019

7,263

NET BOOK VALUE

At 31 March 2019

1,632

At 31 March 2018

2,434

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

67,237

48,022

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

1

1,723

Taxation and social security

34,215

31,467

Other creditors

64,343

58,787

98,559

91,977

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £56,400 (2018 - £50,400) were paid to the directors .

The directors provide a loan to the company at a commercial rate of interest. The loan at 31/03/2019 was £60,978 (2018:

£57,256)

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their 100% shareholding.