Company Registration No. 02326656 (England and Wales)
IDEABRIGHT LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2015
IDEABRIGHT LIMITED
COMPANY INFORMATION
Directors
Mrs S Patel
Mr M Patel
Mr A Patel
Secretary
Mrs S Patel
Company number
02326656
Registered office
772-774 Fulham Road
London
SW6 5SJ
Auditors
PJT & Co Limited
Accountancy House
90 Walworth Road
London
SE1 6SW
Business address
772-774 Fulham Road
London
SW6 5SJ
IDEABRIGHT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 5
Profit and loss account
6
Statement of total recognised gains and losses
7
Balance sheet
8
Cash flow statement
9
Notes to the cash flow statement
10
Notes to the financial statements
11 - 21
IDEABRIGHT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
The directors present the strategic report and financial statements for the year ended 31 March 2015.
Review of the business
The results for the year and the financial position of the company are shown in the financial statements.
The company has needed to make major structural changes during the year due to a lease coming to an end and a challenging economic environment.
The company closed down the Showroom and Trade Centre at 212 Kings Road and opened up a new Showroom in Sheen, Southwest London. The head office was also moved from the Kings Road to Chessington, Southwest London. In addition to the big move, Putney Bridge was closed to traffic for 4 months from July to October 2014 resulting in lower passing trade as the trade customers relied on this route. Unfortunately this impacted sales at a majority of the retail outlets.
The above factors contributed a 20.5% drop in sales compared to last year with lower gross profit margins compared with the prior year of 23.1% (2014: 23.66%).
The EBITDA reduced to loss £546,347 (2014: £391,770 profit).
Business Risk
The principal risk affecting the company is its ability to generate sufficient revenues to service loans, overdrafts and the normal day to day expenses. The immediate risk is the reduction in turnover and /or gross profit margins which would affect the company’s cashflow position.
Other key risks relate to the company's ability to attract and retain key personnel, liquidity risk and financial risk.
Liquidity Risk
The company’s exposure is limited to its ability to meet obligations of settling creditors as they fall due. The negative net asset situation puts the company under pressure, however through effective cash management the company feels that this risk is reduced.
Financial Risk
The company is dependent on the overdraft and loan facilities provided by the banks and extended credit facilities of creditors. A withdrawal of these facilities could be detrimental to the company, however the company has a strong property base which acts as good security for the loans and overdrafts.
Analysis of Development and Performance
Having stabilised the business after the big move and with our experience of the past we are confident to grow and capitalise on many areas including our core line business with further developments and continuation of the brand in our newly refurbished units. We are adding a new concept of “Shop in shop” and two trade centres in our new locations to generate more revenue
Mr M Patel
Director
21 September 2015
IDEABRIGHT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
The directors present their report and financial statements for the year ended 31 March 2015.
Results and dividends
The results for the year are set out on page 6.
Directors
The following directors have held office since 1 April 2014:
Mrs S Patel
Mr M Patel
Mr A Patel
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary shares of £1 each
31 March 2014
Mrs S Patel
1
1
Mr M Patel
1
1
Mr A Patel
-
-
Taxation status
The company was a close company within the provisions of the Income and Corporation Taxes Act 1988 and this position has not changed since the end of the financial year.
Auditors
In accordance with the company's articles, a resolution proposing that PJT & Co Limited be reappointed as auditors of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
IDEABRIGHT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
Going Concern
The company plans to continue its operations in the current form for the foreseeable future and certainly a period of no less than 12 months from the balance sheet date.
As mentioned in the Accounting policies note 1.1, the financial statements have been prepared on a going concern basis as the directors are confident that the company has the ability to generate sufficient cash to meet its liabilities as they fall due.
In addition the directors will continue to provide any necessary financial support for the foreseeable future.
On behalf of the board
Mr M Patel
Director
21 September 2015
IDEABRIGHT LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF IDEABRIGHT LIMITED
- 4 -
We have audited the financial statements of Ideabright Limited for the year ended 31 March 2015 set out on pages 6 to 21. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 2 - 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
IDEABRIGHT LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF IDEABRIGHT LIMITED
- 5 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Sunil Parekh (Senior Statutory Auditor)
for and on behalf of PJT & Co Limited
22 September 2015
Chartered Certified Accountants
Statutory Auditor
Accountancy House
90 Walworth Road
London
SE1 6SW
IDEABRIGHT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2015
- 6 -
2015
2014
Notes
£
£
Turnover
2
7,980,945
10,039,873
Cost of sales
(6,265,318)
(7,664,875)
Gross profit
1,715,627
2,374,998
Administrative expenses
(2,338,497)
(2,070,651)
Operating (loss)/profit
3
(622,870)
304,347
Other interest receivable and similar income
4
18,741
24,133
Interest payable and similar charges
5
(95,294)
(60,302)
(Loss)/profit on ordinary activities before taxation
(699,423)
268,178
Tax on (loss)/profit on ordinary activities
6
132,728
(69,732)
(Loss)/profit for the year
14
(566,695)
198,446
The profit and loss account has been prepared on the basis that all operations are continuing operations.
IDEABRIGHT LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2015
- 7 -
2015
2014
Notes
£
£
(Loss)/profit for the financial year
(566,695)
198,446
Unrealised (deficit)/surplus on revaluation of properties
-
229,000
Total recognised gains and losses relating to the year
(566,695)
427,446
IDEABRIGHT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 8 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
7
3,498,527
3,185,699
Current assets
Stocks
8
1,513,917
1,815,908
Debtors
9
540,699
1,620,395
Cash at bank and in hand
27,490
29,385
2,082,106
3,465,688
Creditors: amounts falling due within one year
10
(3,312,968)
(4,293,772)
Net current liabilities
(1,230,862)
(828,084)
Total assets less current liabilities
2,267,665
2,357,615
Creditors: amounts falling due after more than one year
11
(555,940)
(70,625)
Provisions for liabilities
12
-
(8,570)
1,711,725
2,278,420
Capital and reserves
Called up share capital
13
2
2
Revaluation reserve
14
2,192,358
2,192,358
Profit and loss account
14
(480,635)
86,060
Shareholders' funds
15
1,711,725
2,278,420
Approved by the Board and authorised for issue on 21 September 2015
Mr M Patel
Mr A Patel
Director
Director
Company Registration No. 02326656
IDEABRIGHT LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2015
- 9 -
2015
2014
£
£
£
£
Net cash inflow from operating activities
412,988
365,559
Returns on investments and servicing of finance
Interest received
18,741
24,133
Interest paid
(95,294)
(60,302)
Net cash outflow for returns on investments and servicing of finance
(76,553)
(36,169)
Taxation
(44,952)
(97,671)
Capital expenditure
Payments to acquire tangible assets
(389,352)
(160,494)
Net cash outflow for capital expenditure
(389,352)
(160,494)
Net cash (outflow)/inflow before management of liquid resources and financing
(97,869)
71,225
Financing
New long term bank loan
625,000
-
Repayment of long term bank loan
(205,566)
(127,500)
Capital element of hire purchase contracts
(5,809)
-
Net cash inflow/(outflow) from financing
413,625
(127,500)
Increase/(decrease) in cash in the year
315,756
(56,275)
IDEABRIGHT LIMITED
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2015
- 10 -
1
Reconciliation of operating (loss)/profit to net cash inflow from operating activities
2015
2014
£
£
Operating (loss)/profit
(622,870)
304,347
Depreciation of tangible assets
75,740
39,568
Loss on disposal of tangible assets
784
47,854
Decrease in stocks
301,991
43,536
Decrease/(increase) in debtors
1,218,836
(748,135)
(Decrease)/Increase in creditors within one year
(561,493)
678,389
Net cash inflow from operating activities
412,988
365,559
2
Analysis of net debt
1 April 2014
Cash flow
Other non-cash changes
31 March 2015
£
£
£
£
Net cash:
Cash at bank and in hand
29,385
(1,895)
-
27,490
Bank overdrafts
(1,932,960)
317,651
-
(1,615,309)
(1,903,575)
315,756
-
(1,587,819)
Bank deposits
-
-
-
-
Debt:
Finance leases
-
(29,770)
-
(29,770)
Debts falling due within one year
(127,500)
47,911
-
(79,589)
Debts falling due after one year
(70,625)
(467,345)
-
(537,970)
(198,125)
(449,204)
-
(647,329)
Net debt
(2,101,700)
(133,448)
-
(2,235,148)
3
Reconciliation of net cash flow to movement in net debt
2015
2014
£
£
Increase/(decrease) in cash in the year
315,756
(56,275)
Cash (inflow)/outflow from (increase)/decrease in debt and lease financing
(449,204)
127,500
Movement in net debt in the year
(133,448)
71,225
Opening net debt
(2,101,700)
(2,172,925)
Closing net debt
(2,235,148)
(2,101,700)
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
- 11 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.
The financial statements have been prepared on a going concern basis as the directors are confident that the company has the ability to generate sufficient cash to meet its liabilities as they fall due. In addition the directors will continue to provide any necessary financial support for the foreseeable future.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when it is earned.
Revenue is recognised when it is earned.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Not depreciated
Land and buildings Leasehold
Over the period of lease
Fixtures, fittings & equipment
25% reducing balance
No depreciation is provided in respect of freehold land and buildings as the company undertakes an annual impairment review and appropriate adjustments made in the financial statements.
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
1
Accounting policies
(Continued)
- 12 -
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Turnover
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.
3
Operating (loss)/profit
2015
2014
£
£
Operating (loss)/profit is stated after charging:
Depreciation of tangible assets
75,740
39,568
Loss on disposal of tangible assets
784
47,854
Loss on foreign exchange transactions
90
77
Operating lease rentals
- Plant and machinery
23,201
17,847
- Other assets
309,776
387,658
Auditors' remuneration (including expenses and benefits in kind)
7,500
7,500
4
Investment income
2015
2014
£
£
Other interest
18,741
24,133
5
Interest payable
2015
2014
£
£
On bank loans and overdrafts
56,843
39,972
On loans repayable after five years
29,045
13,182
Hire purchase interest
1,645
-
On overdue tax
7,761
7,148
95,294
60,302
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 13 -
6
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
(73,055)
73,130
Total current tax
(73,055)
73,130
Deferred tax
Deferred tax charge/credit current year
(59,673)
(3,398)
(132,728)
69,732
Factors affecting the tax charge for the year
(Loss)/profit on ordinary activities before taxation
(699,423)
268,178
(Loss)/profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 21.00% (2014 - 23.00%)
(146,879)
61,681
Effects of:
Non deductible expenses
657
-
Depreciation add back
15,905
9,101
Capital allowances
(17,880)
(73)
Loss on disposal of assets
165
11,006
Losses carried forward
73,422
-
Marginal relief
1,555
(8,585)
73,824
11,449
Current tax charge for the year
(73,055)
73,130
The company has estimated losses of £ 73,422 (2014 - £ nil) available for carry forward against future trading profits.
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 14 -
7
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 April 2014
3,063,775
128,441
82,117
3,274,333
Additions
-
304,469
84,883
389,352
Disposals
-
-
(4,574)
(4,574)
At 31 March 2015
3,063,775
432,910
162,426
3,659,111
Depreciation
At 1 April 2014
-
48,764
39,870
88,634
On disposals
-
-
(3,790)
(3,790)
Charge for the year
-
44,689
31,051
75,740
At 31 March 2015
-
93,453
67,131
160,584
Net book value
At 31 March 2015
3,063,775
339,457
95,295
3,498,527
At 31 March 2014
3,063,775
79,676
42,248
3,185,699
Comparable historical cost for the land and buildings included at valuation:
£
Cost
At 1 April 2014 & at 31 March 2015
1,017,095
Depreciation based on cost
At 1 April 2014
-
Charge for the year
-
At 31 March 2015
-
Net book value
At 31 March 2015
1,017,095
At 31 March 2014
1,017,095
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
7
Tangible fixed assets
(Continued)
- 15 -
Included above are assets held under finance leases or hire purchase contracts as follows:
Fixtures, fittings & equipment
£
Net book values
At 31 March 2015
29,771
Depreciation charge for the year
At 31 March 2015
9,924
The freehold and leasehold land and buildings were valued on an open market basis by Knight Frank LLP on 7th August 2014.
If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation.
8
Stocks
2015
2014
£
£
Finished goods and goods for resale
1,513,917
1,815,908
9
Debtors
2015
2014
£
£
Trade debtors
229,333
363,874
Corporation tax
204,857
116,820
Other debtors
34,694
746,039
Prepayments and accrued income
20,712
393,662
Deferred tax asset (see note 12)
51,103
-
540,699
1,620,395
Debtors include £107,146 (2014 - £301,852) owed by Right Equipment Limited. Mr A Patel, the sole director & shareholder of Right Equipment Limited is also a director of Ideabright Limited.
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 16 -
10
Creditors: amounts falling due within one year
2015
2014
£
£
Bank loans and overdrafts
1,694,898
2,060,460
Net obligations under hire purchase contracts
11,800
-
Trade creditors
966,720
1,946,987
Corporation tax
88,113
118,083
Other taxes and social security costs
209,035
153,242
Directors' current accounts
246,046
-
Accruals and deferred income
96,356
15,000
3,312,968
4,293,772
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 17 -
11
Creditors: amounts falling due after more than one year
2015
2014
£
£
Bank loans
537,970
70,625
Net obligations under hire purchase contracts
17,970
-
555,940
70,625
Analysis of loans
Not wholly repayable within five years by instalments:
Bank loan
617,559
-
Wholly repayable within five years
-
198,125
617,559
198,125
Included in current liabilities
(79,589)
(127,500)
537,970
70,625
Instalments not due within five years
232,929
-
Loan maturity analysis
In more than one year but not more than two years
96,158
70,625
In more than two years but not more than five years
288,473
-
In more than five years
232,929
-
The bank loans are secured over all the company's freehold properties and by personal guarantees given by the directors.
Net obligations under hire purchase contracts
Repayable within one year
11,800
-
Repayable between one and five years
17,970
-
29,770
-
Included in liabilities falling due within one year
(11,800)
-
17,970
-
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 18 -
12
Provisions for liabilities
The deferred tax asset (included in debtors, note 9) is made up as follows:
2015
£
Balance at 1 April 2014
8,570
Profit and loss account
(59,673)
Balance at 31 March 2015
(51,103)
2015
2014
£
£
Accelerated capital allowances
18,823
8,570
Tax losses available
(69,926)
-
(51,103)
8,570
13
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
14
Statement of movements on reserves
Revaluation reserve
Profit
and loss
account
£
£
Balance at 1 April 2014
2,192,358
86,060
Loss for the year
-
(566,695)
Balance at 31 March 2015
2,192,358
(480,635)
The revaluation reserve represents the surplus which has arisen on the revaluation of freehold land and buildings. The amount transferred to the profit and loss represents the part of the depreciation charge on freehold buildings which is attributable to the surplus on revaluation.
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 19 -
15
Reconciliation of movements in Shareholders' funds
2015
2014
£
£
(Loss)/Profit for the financial year
(566,695)
198,446
Other recognised gains and losses
-
229,000
Net (depletion in)/addition to shareholders' funds
(566,695)
427,446
Opening Shareholders' funds
2,278,420
1,850,974
Closing Shareholders' funds
1,711,725
2,278,420
16
Financial commitments
At 31 March 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2016:
Land and buildings
Other
2015
2014
2015
2014
£
£
£
£
Operating leases which expire:
Within one year
-
153,750
-
-
Between two and five years
-
-
15,173
16,503
In over five years
200,000
50,000
-
-
200,000
203,750
15,173
16,503
17
Directors' remuneration
2015
2014
£
£
Remuneration for qualifying services
20,000
16,920
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 20 -
18
Employees
Number of employees
The average monthly number of employees (including directors) during the year was:
2015
2014
Number
Number
Sales and administration
30
50
Employment costs
2015
2014
£
£
Wages and salaries
1,045,650
977,970
Social security costs
86,944
85,686
1,132,594
1,063,656
19
Control
The company is jointly controlled by the two directors, Mr M Patel and Mrs. S Patel by virtue of their equal shareholding in the company.
20
Related party relationships and transactions
Loans to directors
Advances and credits granted to the directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr M Patel
3.50
356,974
-
9,370
366,344
-
Mrs S Patel
3.50
356,974
-
9,370
366,344
-
713,948
-
18,740
732,688
-
IDEABRIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
20
Related party relationships and transactions
(Continued)
- 21 -
A part of the rent paid by Ideabright Limited, is to the directors of the company for the use of 772 and 774 Fulham Road, London. This is charged at the market rate and is at £60,000 per annum (2014 - £60,000).
Mr A Patel, a director of Ideabright Limited is also the sole director and 100% shareholder of Right Equipment Limited, a company incorporated in England.
During the year under review Ideabright Limited charged Right Equipment Limited for goods and services provided to the value of £2,319,306(2014 - £3,185,456) and they recharged Right Equipment expenses of NIL(2014 - £51,387). All transactions were at market value.
During the same period Right Equipment Limited charged Ideabright Limited NIL(2014 - £1,358), for goods supplied. All transactions were at market value.
At 31 March 2015, Right Equipment Limited owed Ideabright Limited £107,146(2014- £301,852).
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