Ideal Manufacturing Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01503733 (England and Wales)

Ideal Manufacturing Limited

Unaudited Financial Statements For The Year Ended 31 March 2022

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

1,046,300

1,096,045

1,046,300

1,096,045

CURRENT ASSETS

Stocks

6

649,035

520,503

Debtors

7

513,056

488,263

Cash at bank and in hand

4,716

14,758

1,166,807

1,023,524

CREDITORS

Amounts falling due within one year

8

(1,202,860

)

(1,135,313

)

NET CURRENT LIABILITIES

(36,053

)

(111,789

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,010,247

984,256

CREDITORS

Amounts falling due after more than one year

9

(24,459

)

(34,386

)

PROVISIONS FOR LIABILITIES

(59,567

)

(59,567

)

NET ASSETS

926,221

890,303

CAPITAL AND RESERVES

Called up share capital

64,000

64,000

Revaluation reserve

11

290,825

290,825

Retained earnings

571,396

535,478

SHAREHOLDERS' FUNDS

926,221

890,303

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 12 January 2023 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 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

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 33 (2021 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Developmen

costs

£

COST

At 1 April 2021

and 31 March 2022

4,200

AMORTISATION

At 1 April 2021

and 31 March 2022

4,200

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST OR VALUATION

At 1 April 2021

842,892

97,091

476,518

Additions

-

-

45,738

Disposals

-

-

-

At 31 March 2022

842,892

97,091

522,256

DEPRECIATION

At 1 April 2021

67,750

45,315

291,273

Charge for year

-

809

59,665

Eliminated on disposal

-

-

-

At 31 March 2022

67,750

46,124

350,938

NET BOOK VALUE

At 31 March 2022

775,142

50,967

171,318

At 31 March 2021

775,142

51,776

185,245

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2021

137,031

127,414

1,680,946

Additions

-

-

45,738

Disposals

-

(75,039

)

(75,039

)

At 31 March 2022

137,031

52,375

1,651,645

DEPRECIATION

At 1 April 2021

98,920

81,643

584,901

Charge for year

13,461

-

73,935

Eliminated on disposal

-

(53,491

)

(53,491

)

At 31 March 2022

112,381

28,152

605,345

NET BOOK VALUE

At 31 March 2022

24,650

24,223

1,046,300

At 31 March 2021

38,111

45,771

1,096,045

Cost or valuation at 31 March 2022 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Valuation in 2022

842,892

97,091

522,256

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Valuation in 2022

137,031

52,375

1,651,645

The net book value of tangible fixed assets includes £ 44,004 (2021 - £ 65,552 ) in respect of assets held under hire purchase contracts.

6.

STOCKS

2022

2021

£

£

Stocks

649,035

520,503

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

422,203

353,829

Other debtors

6,858

7,058

Tax

3,616

41,116

Prepayments and accrued income

80,379

86,260

513,056

488,263

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

129,455

238,999

Hire purchase contracts

22,138

33,169

Trade creditors

643,403

448,888

Social security and other taxes

17,863

38,627

VAT

25,672

31,099

Factoring Accounts

296,185

194,479

Directors' current accounts

54,798

137,122

Accruals and deferred income

13,346

12,930

1,202,860

1,135,313

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

24,459

34,386

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 2021

and 31 March 2022

290,825

12.	RELATED PARTY DISCLOSURES

During the year dividends of £72,335 (2021: £74,951) were paid to the shareholders of the company.

At the period end the amounts owed from the company to the directors were £54,798 (2021: £137,122).