Really Simple Ideas Ltd - Accounts

Really Simple Ideas Ltd - Accounts

REALLY SIMPLE IDEAS LTD - Company Information

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Registered Number: 07098167
England and Wales

 

 

 

REALLY SIMPLE IDEAS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2020

End date: 31 December 2020

Really Simple Ideas Ltd
Contents Page
For the year ended 31 December 2020
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 December 2020 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
RSZ Accountancy
31 December 2020



....................................................
RSZ Accountancy
Archdeacons House
Northgate Street
Ipswich
IP1 3BX
13 July 2021
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 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 804    2,246 
804    2,246 
Current assets      
Stocks 158,053    126,578 
Debtors: amounts falling due within one year 22,559    43,241 
Cash at bank and in hand 245,849    13,047 
426,461    182,866 
Creditors: amount falling due within one year (78,811)   92,895 
Net current assets 347,650    275,761 
 
Total assets less current liabilities 348,454    278,007 
Creditors: amount falling due after more than one year (50,000)   - 
Net assets 298,454    278,007 
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account 298,354    277,907 
Shareholders funds 298,454    278,007 
 


For the year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 13 July 2021 and were signed by:


--------------------------------
Cara Sayer
Director
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General Information
Really Simple Ideas Ltd is a private company, limited by shares, registered in England and Wales, registration number 07098167, registration address 20-22 Wenlock Road, London, N1 7GU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 1 (2019 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2020 5,110    11,509    16,619 
Additions -    -    - 
Disposals -    -    - 
At 31 December 2020 5,110    11,509    16,619 
Depreciation
At 01 January 2020 3,758    9,475    13,233 
Charge for year 1,278    1,304    2,582 
On disposals -    -    - 
At 31 December 2020 5,036    10,779    15,815 
Net book values
Closing balance as at 31 December 2020 74    730    804 
Opening balance as at 01 January 2020 1,352    894    2,246 


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