Abbreviated Company Accounts - THE BRIGHT IDEAS COMPANY (UK) LIMITED

THE BRIGHT IDEAS COMPANY (UK) LIMITED - Company Information

04416888 THE BRIGHT IDEAS COMPANY (UK) LIMITED 2015-08-31 false 2014-09-01 2015-08-31 true 04416888 2014-09-01 2015-08-31 04416888 2015-08-31 04416888 2014-08-31 04416888 uk-gaap-cd-bus:Director1 2014-09-01 2015-08-31 04416888 uk-gaap-cd-bus:Director2 2014-09-01 2015-08-31 uk-gaap-cd-bus:Director3 2014-09-01 2015-08-31 uk-gaap-cd-bus:Director3 2015-08-31 uk-gaap-cd-bus:Director3 2014-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-09-01 2015-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-08-31 iso4217:GBP shares

Registered Number 04416888

THE BRIGHT IDEAS COMPANY (UK) LIMITED

Abbreviated Accounts

31 August 2015

THE BRIGHT IDEAS COMPANY (UK) LIMITED Registered Number 04416888

Abbreviated Balance Sheet as at 31 August 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	66,993	100,259
		66,993	100,259
Current assets
Stocks		153,017	171,654
Debtors		598,998	562,573
Cash at bank and in hand		34,535	36,156
		786,550	770,383
Creditors: amounts falling due within one year		(679,538)	(645,882)
Net current assets (liabilities)		107,012	124,501
Total assets less current liabilities		174,005	224,760
Provisions for liabilities		(11,066)	(17,206)
Total net assets (liabilities)		162,939	207,554
Capital and reserves
Called up share capital	3	10,000	10,000
Profit and loss account		152,939	197,554
Shareholders' funds		162,939	207,554

For the year ending 31 August 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 25 May 2016

And signed on their behalf by:
Mr Jasbir Singh Gill, Director
Mr Kalwant Singh Gill, Director

THE BRIGHT IDEAS COMPANY (UK) LIMITED Registered Number 04416888

Notes to the Abbreviated Accounts for the period ended 31 August 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and Machinery straight line 25%
Fixtures and Fittings straight line 25%
Computer Equipment straight line 100%

Other accounting policies
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities recognised have not been discounted.

Pension Costs
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2Tangible fixed assets

	£
Cost
At 1 September 2014	371,778
Additions	478
Disposals	-
Revaluations	-
Transfers	-
At 31 August 2015	372,256
Depreciation
At 1 September 2014	271,519
Charge for the year	33,744
On disposals	-
At 31 August 2015	305,263
Net book values
At 31 August 2015	66,993
At 31 August 2014	100,259

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
10,000 Ordinary shares of £1 each	10,000	10,000

4Transactions with directors

Name of director receiving advance or credit:	K.S. Gill and J.S.Gill
Description of the transaction:	Related Party Transactions
Balance at 1 September 2014:	£ 232,608
Advances or credits made:	£ 73,630
Advances or credits repaid:	-
Balance at 31 August 2015:	£ 306,238

£26,000 was paid to Cardmin Limited, a company owned by the directors of the rent of premises. £18,000 was paid to the directors for rent of storage premises.

Amount owed to the directors, K.S. Gill and J.S.Gill as at 31/08/2015 is £306,238 (2014: £232,608).
Amount owed by Cardmin Limited as at 31/08/2015 is £13,676 (2014: £11,259).
Amount owed by Brit Adhesives Ltd as at 31/08/2015 is £349,793 (2014: £279,429).