Ideal Manufacturing Limited - Accounts to registrar (filleted) - small 18.2
Ideal Manufacturing Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Ideal Manufacturing Limited |
Unaudited Financial Statements For The Year Ended 31 March 2020 |
Ideal Manufacturing Limited (Registered number: 01503733) |
Contents of the Financial Statements |
For The Year Ended 31 March 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Ideal Manufacturing Limited |
Company Information |
For The Year Ended 31 March 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Ideal Manufacturing Limited (Registered number: 01503733) |
Statement of Financial Position |
31 March 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Ideal Manufacturing Limited (Registered number: 01503733) |
Statement of Financial Position - continued |
31 March 2020 |
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 |
Ideal Manufacturing Limited (Registered number: 01503733) |
Notes to the Financial Statements |
For The Year Ended 31 March 2020 |
1. | STATUTORY INFORMATION |
Ideal Manufacturing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax. Income is recognised on despatch |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stock is valued at the lower of cost and net realisable value. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Ideal Manufacturing Limited (Registered number: 01503733) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined pension contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Developmen |
costs |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
AMORTISATION |
At 1 April 2019 |
and 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Ideal Manufacturing Limited (Registered number: 01503733) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2019 |
Additions |
Disposals |
Revaluations |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
Eliminated on disposal |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2019 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Ideal Manufacturing Limited (Registered number: 01503733) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2020 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2020 | 842,892 | 97,091 | 456,799 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2020 | 133,205 | 136,625 | 1,666,612 |
The net book value of tangible fixed assets includes £ 70,979 (2019 - £ 23,506 ) in respect of assets held under hire purchase contracts. |
6. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 17,394 | - |
Factoring Accounts | 349,042 | 287,469 |
Directors' current accounts | 59,697 | 36,656 |
Accruals and deferred income |
Ideal Manufacturing Limited (Registered number: 01503733) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
10. | SECURED DEBTS |
The loan and overdraft facility are secured by way of a fixed charge on the freehold property, by a floating charge over the other assets and undertakings of the company, and by a personal guarantee given by the shareholder. |
The company has an invoice discounting arrangement with Barclays Bank Plc in respect of its trade debtors, who have a first legal charge over the trade debtors of the company. |
Funds advanced under the invoice discounting arrangement are secured over the relevant trade debtors. |
11. | RESERVES |
Revaluation |
reserve |
£ |
Bonus share issue |
At 31 March 2020 |
12. | RELATED PARTY DISCLOSURES |
During the year dividends of £153,093 (2019: £142,000) were paid to the shareholders of the company. |
At the period end the amounts owed from the company to the directors were £59,697 (2019: £36,656). |