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

REGISTERED NUMBER: 04805189 (England and Wales)

IDEAFREAKS LTD

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Edwards

A Edwards

D Ryan

A Ryan

SECRETARY:

A Edwards

REGISTERED OFFICE:

15 Whitehall Gardens

Undy

Caldicot

NP26 3EW

REGISTERED NUMBER:

04805189 (England and Wales)

ACCOUNTANTS:

O'Brien & Partners

Accountants & Business Advisors

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

FIXED ASSETS

Tangible assets

4

288

593

CURRENT ASSETS

Debtors

5

6,750

49,125

Cash at bank

85,593

51,718

92,343

100,843

CREDITORS

Amounts falling due within one year

6

87,912

97,291

NET CURRENT ASSETS

4,431

3,552

TOTAL ASSETS LESS CURRENT LIABILITIES

4,719

4,145

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,719

3,145

4,719

4,145

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue on 29 June 2022 and were signed on its behalf by:

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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Improvements to property

-

10% on cost

Computer equipment

-

20% 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 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

1,958

6,937

8,895

DEPRECIATION

At 1 April 2021

1,958

6,344

8,302

Charge for year

-

305

305

At 31 March 2022

1,958

6,649

8,607

NET BOOK VALUE

At 31 March 2022

-

288

288

At 31 March 2021

-

593

593

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

6,750

47,087

Other debtors

-

2,038

6,750

49,125

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Payments on account

-

12,500

Trade creditors

1

-

Taxation and social security

14,819

15,708

Other creditors

73,092

69,083

87,912

97,291

7.	RELATED PARTY DISCLOSURES

The directors provide a loan to the company at a commercial rate of interest. The balance outstanding on the loan at the year end was £72,942 (2021: £68,942).

8.	ULTIMATE CONTROLLING PARTY

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