Ideal Manufacturing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01503733 (England and Wales)

Ideal Manufacturing Limited

Financial Statements For The Year Ended 31 March 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Kalli

Dr M Kalli

Dr A Papiez

REGISTERED OFFICE:

Atlas House

Burton Road

Finedon

Northamptonshire

NN9 5HX

REGISTERED NUMBER:

01503733 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,096,045

1,178,223

1,096,045

1,178,223

CURRENT ASSETS

Stocks

6

520,503

545,956

Debtors

7

488,263

950,558

Cash at bank and in hand

14,758

481

1,023,524

1,496,995

CREDITORS

Amounts falling due within one year

8

(1,135,313

)

(1,443,036

)

NET CURRENT (LIABILITIES)/ASSETS

(111,789

)

53,959

TOTAL ASSETS LESS CURRENT LIABILITIES

984,256

1,232,182

CREDITORS

Amounts falling due after more than one year

9

(34,386

)

(54,043

)

PROVISIONS FOR LIABILITIES

(59,567

)

(59,567

)

NET ASSETS

890,303

1,118,572

CAPITAL AND RESERVES

Called up share capital

64,000

64,000

Revaluation reserve

11

290,825

290,825

Retained earnings

535,478

763,747

SHAREHOLDERS' FUNDS

890,303

1,118,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 23 December 2021 and were signed on its behalf by:

Dr M Kalli - Director

Mr P Kalli - Director

1.	STATUTORY INFORMATION

Ideal Manufacturing Limited 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.

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 as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax. Income is recognised on despatch

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Stocks

Stock is valued at the lower of cost and net realisable value.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined pension contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2020 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Developmen

costs

£

COST

At 1 April 2020

and 31 March 2021

4,200

AMORTISATION

At 1 April 2020

and 31 March 2021

4,200

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST OR VALUATION

At 1 April 2020

842,892

97,091

456,798

Additions

-

-

36,330

Disposals

-

-

(16,610

)

At 31 March 2021

842,892

97,091

476,518

DEPRECIATION

At 1 April 2020

50,892

35,605

249,691

Charge for year

16,858

9,710

53,417

Eliminated on disposal

-

-

(11,835

)

At 31 March 2021

67,750

45,315

291,273

NET BOOK VALUE

At 31 March 2021

775,142

51,776

185,245

At 31 March 2020

792,000

61,486

207,107

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2020

133,205

136,624

1,666,610

Additions

3,826

-

40,156

Disposals

-

(9,210

)

(25,820

)

At 31 March 2021

137,031

127,414

1,680,946

DEPRECIATION

At 1 April 2020

86,555

65,646

488,389

Charge for year

12,365

24,248

116,598

Eliminated on disposal

-

(8,251

)

(20,086

)

At 31 March 2021

98,920

81,643

584,901

NET BOOK VALUE

At 31 March 2021

38,111

45,771

1,096,045

At 31 March 2020

46,650

70,978

1,178,221

Cost or valuation at 31 March 2021 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Valuation in 2021

842,892

97,091

476,518

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Valuation in 2021

137,031

127,414

1,680,946

The net book value of tangible fixed assets includes £ 65,552 (2020 - £ 70,978 ) in respect of assets held under hire purchase contracts.

6.

STOCKS

2021

2020

£

£

Stocks

520,503

545,956

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

353,829

779,578

Other debtors

7,058

4,767

Tax

41,116

38,653

Prepayments and accrued income

86,260

127,560

488,263

950,558

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

238,999

22,662

Hire purchase contracts

33,169

35,697

Trade creditors

448,888

907,089

Social security and other taxes

38,627

24,862

VAT

31,099

17,394

Factoring Accounts

194,479

349,042

Directors' current accounts

137,122

59,697

Accruals and deferred income

12,930

26,593

1,135,313

1,443,036

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

34,386

54,043

10.	SECURED DEBTS

The loan and overdraft facility are secured by way of a fixed charge on the freehold property, by a floating charge over the other assets and undertakings of the company, and by a personal guarantee given by the shareholder.

The company has an invoice discounting arrangement with Barclays Bank Plc in respect of its trade debtors, who have a first legal charge over the trade debtors of the company.

Funds advanced under the invoice discounting arrangement are secured over the relevant trade debtors.

11.

RESERVES

Revaluation

reserve

£

At 1 April 2020

and 31 March 2021

290,825

12.	RELATED PARTY DISCLOSURES

During the year dividends of £74,951 (2020: £153,093) were paid to the shareholders of the company.

At the period end the amounts owed from the company to the directors were £137,122 (2020: £59,697).