REGISTERED NUMBER:
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IDAD Limited |
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Financial Statements for the Year Ended 31st August 2020 |
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REGISTERED NUMBER:
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IDAD Limited |
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Financial Statements for the Year Ended 31st August 2020 |
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IDAD Limited (Registered number: 04521366) |
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Contents of the Financial Statements |
for the Year Ended 31st August 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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IDAD Limited |
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Company Information |
for the Year Ended 31st August 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Engine House |
77 Station Road |
Petersfield |
Hampshire |
GU32 3FQ |
IDAD Limited (Registered number: 04521366) |
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Balance Sheet |
31st August 2020 |
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2020 | 2019 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
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NET ASSETS |
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IDAD Limited (Registered number: 04521366) |
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Balance Sheet - continued |
31st August 2020 |
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2020 | 2019 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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133,680 |
SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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IDAD Limited (Registered number: 04521366) |
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Notes to the Financial Statements |
for the Year Ended 31st August 2020 |
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1. | STATEMENT OF COMPLIANCE |
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IDAD Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is The Engine House, 77 Station Road, Petersfield, Hampshire, GU32 3FQ. The registration number is 04521366. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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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. |
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The financial statements have been prepared under the historical cost convention, with the exception of investments which are held at fair value. |
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Critical accounting judgements and key sources of estimation uncertainty |
The company has a provision for unclaimed commissions as at the balance sheet date, which are recognised within accruals. The estimated value is the balance unclaimed in the last 8 months. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Intangibles are amortised over their useful life of 5 years. |
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Tangible fixed assets |
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Office Equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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IDAD Limited (Registered number: 04521366) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st August 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Operating leases |
Rent paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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IDAD Limited (Registered number: 04521366) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st August 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangibles |
£ |
COST |
At 1st September 2019 |
and 31st August 2020 |
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AMORTISATION |
At 1st September 2019 |
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Amortisation for year |
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At 31st August 2020 |
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NET BOOK VALUE |
At 31st August 2020 |
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At 31st August 2019 |
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5. | TANGIBLE FIXED ASSETS |
Office |
Equipment |
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COST |
At 1st September 2019 |
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Additions |
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At 31st August 2020 |
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DEPRECIATION |
At 1st September 2019 |
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Charge for year |
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At 31st August 2020 |
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NET BOOK VALUE |
At 31st August 2020 |
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At 31st August 2019 |
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IDAD Limited (Registered number: 04521366) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st August 2020 |
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6. | DEBTORS |
2020 | 2019 |
as | restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 64,885 | 38,232 |
VAT |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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The balance within other creditors relates to unpaid pensions contributions at the balance sheet date. |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Bank loan > 1 year | 423,292 | 274,240 |
IDAD Limited (Registered number: 04521366) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st August 2020 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
as | restated |
£ | £ |
Bank overdraft |
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The bank overdraft is secured against the assets of the company. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: |
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restated |
£ | £ |
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Ordinary A | 1 | 149,997 | 149,997 |
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Ordinary B | 1 | 3 | 3 |
150,000 | 150,000 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1st September 2019 |
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Prior year adjustment |
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Profit for the year |
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Dividends | ( |
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At 31st August 2020 |
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12. | OTHER FINANCIAL COMMITMENTS |
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The company's minimum lease commitments as at 31st August 2020 is £437,537 (2019: £440,632). |
IDAD Limited (Registered number: 04521366) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st August 2020 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st August 2020 and 31st August 2019: |
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2020 | 2019 |
as | restated |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The director's loan is interest free and repayable on demand. |
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14. | RELATED PARTY DISCLOSURES |
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During the year ended 31st August 2020 a balance of £38,672 with a related party was written off. |
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15. | POST BALANCE SHEET EVENTS |
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Since March 2020, the outbreak of Covid-19 has caused material disruptions to businesses around the world, leading to an economic slowdown. Global equity markets have experienced significant volatility and weakness. At the date these financial statements were authorised for issue, there had been limited impact of the outbreak on the business. |
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The company has sufficient bank and cash reserves which should be more than sufficient for the foreseeable future to withstand any potential cashflow or operational difficulties caused by the impact of Covid-19. |
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These factors above are not considered to adversely impact the going concern status of the company. |
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16. | ULTIMATE CONTROLLING PARENT |
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The company's ultimate controlling parent company is IDAD Holdings Limited, a company incorporated in England and Wales. Their registered office is The Engine House, 77 Station Road, Petersfield, Hampshire, GU32 3FQ. |