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Company registration number: 08580611
Idyll Home Limited
Unaudited filleted financial statements
30 June 2018
Idyll Home Limited
Contents
Balance sheet
Notes to the financial statements
Idyll Home Limited
Balance sheet
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - 4,850
Tangible assets 6 1,277 1,699
_______ _______
1,277 6,549
Current assets
Stocks 21,535 24,607
Debtors 7 7,810 10,907
Cash at bank and in hand 10,694 287
_______ _______
40,039 35,801
Creditors: amounts falling due
within one year 8 ( 30,704) ( 27,613)
_______ _______
Net current assets 9,335 8,188
_______ _______
Total assets less current liabilities 10,612 14,737
Creditors: amounts falling due
after more than one year 9 ( 2,917) -
_______ _______
Net assets 7,695 14,737
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 7,694 14,736
_______ _______
Shareholder funds 7,695 14,737
_______ _______
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 November 2018 , and are signed on behalf of the board by:
Mrs Claire Krier
Director
Company registration number: 08580611
Idyll Home Limited
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Brook House, 18 Salford, Audlem, Cheshire, CW3 0AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over thecompanies interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its estimated useful life of 5 years.
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 - 20 % 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 in finance costs 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 2 (2017: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2017 and 30 June 2018 24,250 24,250
_______ _______
Amortisation
At 1 July 2017 19,400 19,400
Charge for the year 4,850 4,850
_______ _______
At 30 June 2018 24,250 24,250
_______ _______
Carrying amount
At 30 June 2018 - -
_______ _______
At 30 June 2017 4,850 4,850
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2017 and 30 June 2018 3,957 3,957
_______ _______
Depreciation
At 1 July 2017 2,258 2,258
Charge for the year 422 422
_______ _______
At 30 June 2018 2,680 2,680
_______ _______
Carrying amount
At 30 June 2018 1,277 1,277
_______ _______
At 30 June 2017 1,699 1,699
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 7,565 10,907
Other debtors 245 -
_______ _______
7,810 10,907
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 8,251 1,165
Trade creditors 18,355 12,208
Corporation tax - 3,457
Social security and other taxes 3,971 4,137
Other creditors 127 6,646
_______ _______
30,704 27,613
_______ _______
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 2,917 -
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Claire Krier ( 6,402) 6,294 ( 108)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Claire Krier ( 17,520) 11,118 ( 6,402)
_______ _______ _______