Ideals Solutions Group Limited Filleted accounts for Companies House (small and micro)

Ideals Solutions Group Limited Filleted accounts for Companies House (small and micro)

IDEALS SOLUTIONS GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08910705
Ideals Solutions Group Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2019
Ideals Solutions Group Limited
Statement of Financial Position
28 February 2019
2019
2018
Note
£
£
£
Fixed assets
Investments
5
27,610
–
Current assets
Debtors
6
1,489,717
1,153,321
Cash at bank and in hand
1,447,321
385,430
------------
------------
2,937,038
1,538,751
Creditors: amounts falling due within one year
7
1,417,289
1,339,462
------------
------------
Net current assets
1,519,749
199,289
------------
---------
Total assets less current liabilities
1,547,359
199,289
Creditors: amounts falling due after more than one year
8
1,168,429
–
------------
---------
Net assets
378,930
199,289
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
378,830
199,189
---------
---------
Shareholder funds
378,930
199,289
---------
---------
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 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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ideals Solutions Group Limited
Statement of Financial Position (continued)
28 February 2019
These financial statements were approved by the board of directors and authorised for issue on 26 November 2019 , and are signed on behalf of the board by:
B N F Mills
Director
Company registration number: 08910705
Ideals Solutions Group Limited
Notes to the Financial Statements
Year ended 28 February 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for services provided in the period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
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 the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 March 2018
–
Additions
27,610
--------
At 28 February 2019
27,610
--------
Impairment
At 1 March 2018 and 28 February 2019
–
--------
Carrying amount
At 28 February 2019
27,610
--------
At 28 February 2018
–
--------
6. Debtors
2019
2018
£
£
Trade debtors
790,050
410,187
Other debtors
699,667
743,134
------------
------------
1,489,717
1,153,321
------------
------------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
592,523
652,149
Corporation tax
42,257
49,262
Social security and other taxes
25,735
20,378
Other creditors
756,774
617,673
------------
------------
1,417,289
1,339,462
------------
------------
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
1,168,429
–
------------
----