Idyll Home Limited 30/06/2022 iXBRL

Idyll Home Limited 30/06/2022 iXBRL

IDYLL HOME LIMITED - Company Information

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3 30/06/2022 2022-06-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08580611 2021-07-01 2022-06-30 08580611 2022-06-30 08580611 2021-06-30 08580611 2020-07-01 2021-06-30 08580611 2021-06-30 08580611 core:PlantMachinery 2021-07-01 2022-06-30 08580611 core:FurnitureFittingsToolsEquipment 2021-07-01 2022-06-30 08580611 bus:Director1 2021-07-01 2022-06-30 08580611 core:PlantMachinery 2021-06-30 08580611 core:FurnitureFittingsToolsEquipment 2021-06-30 08580611 core:PlantMachinery 2022-06-30 08580611 core:FurnitureFittingsToolsEquipment 2022-06-30 08580611 core:WithinOneYear 2022-06-30 08580611 core:WithinOneYear 2021-06-30 08580611 core:ShareCapital 2022-06-30 08580611 core:ShareCapital 2021-06-30 08580611 core:RetainedEarningsAccumulatedLosses 2022-06-30 08580611 core:RetainedEarningsAccumulatedLosses 2021-06-30 08580611 core:PlantMachinery 2021-06-30 08580611 core:FurnitureFittingsToolsEquipment 2021-06-30 08580611 bus:SmallEntities 2021-07-01 2022-06-30 08580611 bus:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 08580611 bus:FullAccounts 2021-07-01 2022-06-30 08580611 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 08580611 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30
Company registration number: 08580611
Idyll Home Limited
Unaudited filleted financial statements
30 June 2022
Idyll Home Limited
Contents
Balance sheet
Notes to the financial statements
Idyll Home Limited
Balance sheet
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets - -
Tangible assets 5 6,063 6,910
_______ _______
6,063 6,910
Current assets
Stocks 50,993 39,503
Debtors 6 7,951 10,404
Cash at bank and in hand 17,423 78,349
_______ _______
76,367 128,256
Creditors: amounts falling due
within one year 7 ( 34,382) ( 67,903)
_______ _______
Net current assets 41,985 60,353
_______ _______
Total assets less current liabilities 48,048 67,263
_______ _______
Net assets 48,048 67,263
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 48,047 67,262
_______ _______
Shareholder funds 48,048 67,263
_______ _______
For the year ending 30 June 2022 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 November 2022 , and are signed on behalf of the board by:
Mrs Claire Krier
Director
Company registration number: 08580611
Idyll Home Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Brook House, 18 Salford, Audlem, Cheshire, CW3 0AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2021 7,611 5,742 13,353
Additions - 1,102 1,102
_______ _______ _______
At 30 June 2022 7,611 6,844 14,455
_______ _______ _______
Depreciation
At 1 July 2021 2,839 3,603 6,442
Charge for the year 1,192 758 1,950
_______ _______ _______
At 30 June 2022 4,031 4,361 8,392
_______ _______ _______
Carrying amount
At 30 June 2022 3,580 2,483 6,063
_______ _______ _______
At 30 June 2021 4,772 2,139 6,911
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 7,201 9,654
Other debtors 750 750
_______ _______
7,951 10,404
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 7,818 5,729
Trade creditors 6,653 19,569
Corporation tax 4,234 17,915
Social security and other taxes 5,230 11,885
Other creditors 10,447 12,805
_______ _______
34,382 67,903
_______ _______