Neat Ideas Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02456286

Neat Ideas Limited

Filleted Unaudited Financial Statements

for the period ended

31 March 2018

Neat Ideas Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Neat Ideas Limited

for the Year ended 31st March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neat Ideas Limited for the Year ended 31st March 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Neat Ideas Limited, as a body, in accordance with the terms of our engagement letter dated 31st March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Neat Ideas Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neat Ideas Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Neat Ideas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neat Ideas Limited. You consider that Neat Ideas Limited is exempt from the statutory audit requirement for the Year. We have not been instructed to carry out an audit or a review of the financial statements of Neat Ideas Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE THOMPSON Chartered accountants

Monica House St. Augustines Road Wisbech PE13 3AD

Dated: 30 August 2018

Neat Ideas Limited

Statement of Financial Position

as at 31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	7		219,864	233,727

Current assets

Stocks		708,325	661,976
Debtors	8	210,539	189,481
Cash at bank and in hand		869,731	899,827
		------------	------------
		1,788,595	1,751,284

Creditors: amounts falling due within one year	9	116,720		92,479
		------------		------------
Net current assets			1,671,875	1,658,805
			------------	------------
Total assets less current liabilities			1,891,739	1,892,532

Provisions

Taxation including deferred tax	( 6,596)	( 7,524)
	------------	------------
Net assets	1,898,335	1,900,056
	------------	------------

Neat Ideas Limited

Statement of Financial Position (continued)

as at 31 March 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	10	15,980	15,840
Profit and loss account		1,882,355	1,884,216
		------------	------------
Shareholders funds		1,898,335	1,900,056
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the Year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 August 2018 , and are signed on behalf of the board by:

M A Broadley

Director

Company registration number: 02456286

Neat Ideas Limited

Notes to the Financial Statements

for the Year ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Belton Lane Ind. Estate, Grantham, Lincs, NG31 9HN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	Not depreciated
Video Presenters	-	50% straight line
Fixtures & Fittings	-	15% and 33.3% straight line
Motor vehicles	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the Year amounted to 14 (2017: 14 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2018	2017
	£	£

Current tax:

UK current tax expense/(income)	13,413	( 11,150)

Deferred tax:

Origination and reversal of timing differences	928	1,875
	--------	-------
Tax on profit/(loss)	14,341	( 9,275)
	--------	-------

6. Intangible assets

	Goodwill
	£

Cost
At 1st April 2017 and 31st March 2018	10,000
	--------
Amortisation
At 1st April 2017 and 31st March 2018	10,000
	--------
Carrying amount
At 31st March 2018	–
	--------
At 31st March 2017	–
	--------

7. Tangible assets

Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
£	£	£	£	£

Cost
At 1st April 2017	204,033	460,446	50,042	187,923	902,444
Additions	–	12,733	2,179	–	14,912
Disposals	–	–	–	( 14,435)	( 14,435)
	---------	---------	--------	---------	---------
At 31st March 2018	204,033	473,179	52,221	173,488	902,921
	---------	---------	--------	---------	---------
Depreciation
At 1st April 2017	–	455,492	49,126	164,099	668,717
Charge for the year	–	11,320	931	12,915	25,166
Disposals	–	–	–	( 10,826)	( 10,826)
	---------	---------	--------	---------	---------
At 31st March 2018	–	466,812	50,057	166,188	683,057
	---------	---------	--------	---------	---------
Carrying amount
At 31st March 2018	204,033	6,367	2,164	7,300	219,864
	---------	---------	--------	---------	---------
At 31st March 2017	204,033	4,954	916	23,824	233,727
	---------	---------	--------	---------	---------

8. Debtors

	2018	2017
	£	£

Trade debtors	118,251	100,576
Other debtors	92,288	88,905
	---------	---------
	210,539	189,481
	---------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	83,534	72,894
Corporation tax	2,263	–
Social security and other taxes	19,701	10,258
Other creditors	11,222	9,327
	---------	--------
	116,720	92,479
	---------	--------

10. Called up share capital

Issued, called up and fully paid

2018		2017
No.	£	No.	£

Ordinary Class A shares of £ 1 each	15,100	15,100	15,100	15,100
Ordinary Class B shares of £ 1 each	200	200	200	200
Ordinary Class C shares of £ 1 each	80	80	40	40
Ordinary Class D shares of £ 1 each	600	600	500	500
	--------	--------	--------	--------
	15,980	15,980	15,840	15,840
	--------	--------	--------	--------

The number of shares outstanding at the Year end date for all other classes of shares is consistent with the prior year.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£

Not later than 1 year	37,000	37,000
	--------	--------