Ideal Loft Ladders Se Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08501764 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

IDEAL LOFT LADDERS SE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B Powling

REGISTERED OFFICE:

Unit L3 Kent Kraft Industrial Estate

Northfleet

Gravesend

Kent

DA11 9SR

REGISTERED NUMBER:

08501764 (England and Wales)

ACCOUNTANTS:

Blue Rocket Accounting

Accountants and Tax Advisers

8 Twisleton Court

Priory Hill

Dartford

Kent

DA1 2EN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,647

2,794

2,647

2,794

CURRENT ASSETS

Stocks

68,500

37,500

Debtors

6

18,606

19,158

Cash at bank and in hand

6,272

36,177

93,378

92,835

CREDITORS

Amounts falling due within one year

7

56,013

86,935

NET CURRENT ASSETS

37,365

5,900

TOTAL ASSETS LESS CURRENT LIABILITIES

40,012

8,694

CREDITORS

Amounts falling due after more than one year

8

42,541

59,211

NET LIABILITIES

(2,529

)

(50,517

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(2,629

)

(50,617

)

SHAREHOLDERS' FUNDS

(2,529

)

(50,517

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 16 February 2023 and were signed by:

B Powling - Director

1.	STATUTORY INFORMATION

Ideal Loft Ladders Se 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.

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 five 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.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

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 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2021

and 31 May 2022

43,360

AMORTISATION

At 1 June 2021

and 31 May 2022

43,360

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2021

1,986

24,044

7,751

33,781

Additions

-

-

1,277

1,277

At 31 May 2022

1,986

24,044

9,028

35,058

DEPRECIATION

At 1 June 2021

1,292

24,044

5,651

30,987

Charge for year

382

-

1,042

1,424

At 31 May 2022

1,674

24,044

6,693

32,411

NET BOOK VALUE

At 31 May 2022

312

-

2,335

2,647

At 31 May 2021

694

-

2,100

2,794

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/22

31/5/21

£

£

Trade debtors

5,099

2,404

Other debtors

13,507

16,754

18,606

19,158

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/22

31/5/21

£

£

Bank loans and overdrafts

18,923

17,741

Trade creditors

(1,881

)

-

Taxation and social security

38,921

51,589

Other creditors

50

17,605

56,013

86,935

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/22

31/5/21

£

£

Bank loans

42,541

41,543

Other creditors

-

17,668

42,541

59,211

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in Other debtors is an amount of £7,411 owed by the director.