Really Simple Ideas Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07098167 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Really Simple Ideas Ltd

T/A

SnoozeShade

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C Sayer

REGISTERED OFFICE:

7 Denton Grove

Walton-On-Thames

Surrey

KT12 3HE

REGISTERED NUMBER:

07098167 (England and Wales)

ACCOUNTANTS:

Johnson Smith & Co Limited

Chartered Accountants and Statutory Auditors

Centurion House

London Road

Staines-Upon-Thames

Surrey

TW18 4AX

FIXED ASSETS

Tangible assets

4

4,111

2,123

CURRENT ASSETS

Stocks

5

107,648

89,635

Debtors

6

74,710

83,369

Cash at bank and in hand

31,596

102,503

213,954

275,507

CREDITORS

Amounts falling due within one year

7

(149,703

)

(250,147

)

NET CURRENT ASSETS

64,251

25,360

TOTAL ASSETS LESS CURRENT LIABILITIES

68,362

27,483

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

68,262

27,383

SHAREHOLDERS' FUNDS

68,362

27,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 September 2017 and were signed by:

C Sayer - Director

1.	STATUTORY INFORMATION

Really Simple 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

-

25% straight line

Computer equipment

-

25% straight line

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual agreement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all it's liabilities.

Revenue recognition

Revenues comprise sales of goods to outside customers after trade discounts and charges excluding value added

tax. Income is recognised when the significant risks and rewards of ownership of the goods are transferred to the

customer, the sales price agreed and the receipt of payment can be assured.

Going concern

The director of the company has reviewed projections and cash flow forecasts of the company and believes that

it is appropriate to use a 'going concern' basis for the preparation of these accounts and provides assurances of

her continued financial support to the company for the foreseeable future.

Grants

The grants are recognised in the profit and loss account so as to match them with the expenditure towards which

they are intended to contribute. The revenue based grants are written off to the profit and & loss account as and

when the relevant expenditure has been incurred; for capital based grants the grant are recognised in the profit

and loss account over the life of the asset to which it relates to and matched with the relevant depreciation

charges.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

3,383

8,534

11,917

Additions

-

4,764

4,764

Disposals

(3,383

)

(5,908

)

(9,291

)

At 31 December 2016

-

7,390

7,390

DEPRECIATION

At 1 January 2016

3,383

6,411

9,794

Charge for year

-

1,586

1,586

Eliminated on disposal

(3,383

)

(4,718

)

(8,101

)

At 31 December 2016

-

3,279

3,279

NET BOOK VALUE

At 31 December 2016

-

4,111

4,111

At 31 December 2015

-

2,123

2,123

5.

STOCKS

31.12.16

31.12.15

£

£

Stocks

107,648

89,635

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

67,654

72,963

Other debtors

7,056

10,406

74,710

83,369

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

891

-

Taxation and social security

26,164

15,007

Other creditors

122,648

235,140

149,703

250,147

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2016

27,383

Profit for the year

45,879

Dividends

(5,000

)

At 31 December 2016

68,262

10.	CAPITAL COMMITMENTS

31.12.16

31.12.15

£

£

Contracted but not provided for in the

financial statements

-

-

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the director C Sayer incurred administrative expenses of £2,476 (2015: £8,021) on behalf of the

company and advanced a further loan of £nil (2015: £nil) as an unsecured and interest free funding to the

company. During the period, the company repaid sums of £130,879 (2015: £11,791) to the director. At 205,997

the balance sheet date, the outstanding amount owed by the company to the director was sum of £77,594

(2015: £205,997).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is C Sayer.