Company Registration No. 03764086 (England and Wales)
The Ideas Lab London Ltd
Unaudited accounts
for the year ended 30 September 2020
The Ideas Lab London Ltd
Unaudited accounts
Contents
The Ideas Lab London Ltd
Company Information
for the year ended 30 September 2020
Company Number
03764086 (England and Wales)
Registered Office
20-22 WENLOCK ROAD
LONDON
N1 7GU
ENGLAND
Accountants
Caseron Cloud Accounting Ltd
7 Swallow Drive
Stowmarket
Suffolk
IP14 5BY
The Ideas Lab London Ltd
Statement of financial position
as at
30 September 2020
Cash at bank and in hand
24,802
3,676
Creditors: amounts falling due within one year
(29,528)
(9,716)
Net current assets
54,761
1,256
Total assets less current liabilities
55,669
1,256
Creditors: amounts falling due after more than one year
(64,893)
(52,207)
Net liabilities
(9,224)
(50,951)
Called up share capital
2
2
Profit and loss account
(9,226)
(50,953)
Shareholders' funds
(9,224)
(50,951)
For the year ending 30 September 2020 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 June 2021 and were signed on its behalf by
Mr J Williams
Director
Company Registration No. 03764086
The Ideas Lab London Ltd
Notes to the Accounts
for the year ended 30 September 2020
The Ideas Lab London Ltd is a private company, limited by shares, registered in England and Wales, registration number 03764086. The registered office is 20-22 WENLOCK ROAD, LONDON, N1 7GU, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Interest income is recognised using the effective interest method.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
The Ideas Lab London Ltd
Notes to the Accounts
for the year ended 30 September 2020
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33.33% Straight Line
Computer equipment
33.33% Straight Line
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Interest Paid and Finance Costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
The Ideas Lab London Ltd
Notes to the Accounts
for the year ended 30 September 2020
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 30 September 2020
455
610
1,065
Charge for the year
13
144
157
At 30 September 2020
13
144
157
At 30 September 2020
442
466
908
5
Debtors: amounts falling due within one year
2020
2019
Trade debtors
10,918
7,006
Accrued income and prepayments
2,490
-
Debtors: amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
805
1,877
Taxes and social security
11,221
-
Other creditors
1,038
1,819
Loans from directors
-
1,094
7
Creditors: amounts falling due after more than one year
2020
2019
Other creditors
38,893
50,800
Taxes and social security
-
1,407
The Ideas Lab London Ltd
Notes to the Accounts
for the year ended 30 September 2020
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors' loans are unsecured, interest free and repayable on demand.
(1,094)
35,621
-
34,527
9
Average number of employees
During the year the average number of employees was 1 (2019: 1).