Abbreviated Company Accounts - THE BRIGHT IDEAS COMPANY (UK) LIMITED
Abbreviated Company Accounts - THE BRIGHT IDEAS COMPANY (UK) LIMITED
Registered Number 04416888
THE BRIGHT IDEAS COMPANY (UK) LIMITED
Abbreviated Accounts
31 August 2014
THE BRIGHT IDEAS COMPANY (UK) LIMITED Registered Number 04416888
Abbreviated Balance Sheet as at 31 August 2014
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
THE BRIGHT IDEAS COMPANY (UK) LIMITED Registered Number 04416888
Notes to the Abbreviated Accounts for the period ended 31 August 2014
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant and Machinery straight line 25%
Fixtures and Fittings straight line 25%
Computer Equipment straight line 100%
Motor Cars straight line 25%
Other accounting policies
Stock and work in progress are valued at the lower of cost and and net realisable value, after due regard for obsolete and slow moving stocks.
Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities recognised have not been discounted.
Pension Costs
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
£ | |
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Cost | |
At 1 September 2013 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 August 2014 |
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Depreciation | |
At 1 September 2013 |
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Charge for the year |
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On disposals |
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At 31 August 2014 |
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Net book values | |
At 31 August 2014 | 100,259 |
At 31 August 2013 | 5,553 |
4Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 1 September 2013: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | ||
Balance at 31 August 2014: | £ |
Amount owed to the directors, K.S. Gill and J.S.Gill as at 31/08/2014 is £232,608 (2013: £207,915).
Amount owed by Cardmin Limited as at 31/08/2014 is £11,259 (2013: £88,205).
Amount owed by Brit Adhesives Ltd as at 31/08/2014 is £279,429.