Ideal (Knowsley) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01998107 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2019

FOR

IDEAL (KNOWSLEY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

H Bate

Mrs J Bate

REGISTERED OFFICE:

Unit 10 Manor Works

Kirkby Bank Road

Knowsley Industrial Park

Kirkby

Merseyside

L33 7SY

REGISTERED NUMBER:

01998107 (England and Wales)

ACCOUNTANTS:

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

FIXED ASSETS

Tangible assets

4

334,338

231,374

CURRENT ASSETS

Stocks

1,500

2,000

Debtors

5

25,947

20,785

Cash at bank and in hand

6,139

10,020

33,586

32,805

CREDITORS

Amounts falling due within one year

6

63,702

58,691

NET CURRENT LIABILITIES

(30,116

)

(25,886

)

TOTAL ASSETS LESS CURRENT LIABILITIES

304,222

205,488

CREDITORS

Amounts falling due after more than one year

7

(12,586

)

(22,774

)

PROVISIONS FOR LIABILITIES

(24,400

)

(24,400

)

NET ASSETS

267,236

158,314

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

202,600

97,600

Retained earnings

64,634

60,712

SHAREHOLDERS' FUNDS

267,236

158,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2019 and were signed on its behalf by:

Mrs J Bate - Director

1.	STATUTORY INFORMATION

Ideal (Knowsley) 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 as modified by the revaluation of certain assets.

These are the first company accounts prepared under Financial Reporting Standard 102 Section 1A small

entities. The date of transition is 1 April 2016. The transition to FRS 102 Section 1A small entities has resulted

in a change in accounting policy to those previously used. The nature of these changes and the impact on

opening equity and profit for the comparative period is explained in the first year adoption note.

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.

-

33% on cost, 25% on reducing balance, 20% on reducing balance and 10% 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 Statement of Income and

Retained Earnings, 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 9 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc.

Totals

£

£

£

COST OR VALUATION

At 31 March 2018

205,000

152,328

357,328

Additions

-

4,750

4,750

Revaluations

105,000

-

105,000

At 30 March 2019

310,000

157,078

467,078

DEPRECIATION

At 31 March 2018

-

125,954

125,954

Charge for year

-

6,786

6,786

At 30 March 2019

-

132,740

132,740

NET BOOK VALUE

At 30 March 2019

310,000

24,338

334,338

At 30 March 2018

205,000

26,374

231,374

Cost or valuation at 30 March 2019 is represented by:

Plant and

Land and

machinery

buildings

etc.

Totals

£

£

£

Valuation in 2015

30,000

-

30,000

Valuation in 2010

92,000

-

92,000

Valuation in 2019

105,000

-

105,000

Cost

83,000

157,078

240,078

310,000

157,078

467,078

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

25,947

20,785

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

8,496

6,574

Hire purchase contracts

3,560

3,560

Trade creditors

4,469

1,499

Taxation and social security

14,538

16,917

Other creditors

32,639

30,141

63,702

58,691

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

5,764

12,392

Hire purchase contracts

6,822

10,382

12,586

22,774

8.

RESERVES

Revaluation

reserve

£

At 31 March 2018

97,600

Property revaluations

105,000

At 30 March 2019

202,600

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ideal (Knowsley) Limited for the year ended 30 March 2019 which comprise the Statement of

Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ideal (Knowsley) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ideal (Knowsley) Limited and state those matters that we have agreed to state to the Board of Directors of Ideal (Knowsley) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ideal (Knowsley) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ideal (Knowsley) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ideal (Knowsley) Limited. You consider that Ideal (Knowsley) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ideal (Knowsley) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

12 December 2019