Neat Ideas Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02456286 (England and Wales)

Neat Ideas Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

Notes to the financial statements

5

Directors:

M J Broadley

P M Broadley

M R Broadley

Registered office:

Unit 5

Belton Lane Industrial Estate

Grantham

Lincolnshire

NG31 9HN

Registered number:

02456286 (England and Wales)

Accountants:

Moore Thompson

Monica House

St Augustines Road

Wisbech

Cambs

PE13 3AD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neat Ideas Ltd for the year ended 31 March 2022 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Neat Ideas Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Neat Ideas Ltd and state those matters that we have agreed to state to the Board of Directors of Neat Ideas Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neat Ideas Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Neat Ideas Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neat Ideas Ltd. You consider that Neat Ideas Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Neat Ideas Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Monica House

St Augustines Road

Wisbech

Cambs

PE13 3AD

29 December 2022

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

204,155

209,164

204,155

209,164

Current assets

Stocks

722,257

684,170

Debtors

7

142,137

137,234

Cash at bank and in hand

802,644

859,540

1,667,038

1,680,944

Creditors

Amounts falling due within one year

8

148,356

133,793

Net current assets

1,518,682

1,547,151

Total assets less current liabilities

1,722,837

1,756,315

Capital and reserves

Called up share capital

15,752

15,752

Share premium

28

28

Retained earnings

1,707,057

1,740,535

1,722,837

1,756,315

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2022 and were signed on its behalf by:

M R Broadley - Director

1.	Statutory information

Neat Ideas 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of three years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Not depreciated

Video presenters

-

50% on a straight line basis

Fixtures and fittings

-

15% and 33.3% straight line

Motor vehicles

-

25% on a straight line basis

Freehold property has not been depreciated. The freehold property used by the company has not been depreciated, as in the opinion of the directors, taking account of the estimated useful life and realisable value of the property, any charge to depreciation would be immaterial.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	Employees and directors

The average number of employees during the year was 12 (2021 - 13 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2021

and 31 March 2022

10,000

Amortisation

At 1 April 2021

and 31 March 2022

10,000

Net book value

At 31 March 2022

-

At 31 March 2021

-

6.	Tangible fixed assets

Fixtures

Freehold

Video

and

Motor

property

presenters

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 April 2021

and 31 March 2022

204,033

537,463

52,995

139,025

933,516

Depreciation

At 1 April 2021

-

537,463

52,751

134,138

724,352

Charge for year

-

-

122

4,887

5,009

At 31 March 2022

-

537,463

52,873

139,025

729,361

Net book value

At 31 March 2022

204,033

-

122

-

204,155

At 31 March 2021

204,033

-

244

4,887

209,164

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

83,459

62,780

Other debtors

18,116

24,165

VAT

-

13,430

Deferred tax asset

4,929

5,065

Prepayments

35,633

31,794

142,137

137,234

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

124,999

109,228

Taxation and social security

15,664

18,985

Other creditors

7,693

5,580

148,356

133,793