Company Registration No. 2911738 (England and Wales)
HOT IDEAS LIMITED
Unaudited accounts
for the year ended 30 December 2021
HOT IDEAS LIMITED
Unaudited accounts
Contents
HOT IDEAS LIMITED
Company Information
for the year ended 30 December 2021
Director
Roy Daniel Nicols
Company Number
2911738 (England and Wales)
Registered Office
130 WALHAM GREEN COURT
MOORE PARK ROAD
LONDON
SW6 2PX
Accountants
ETAX HUB LIMITED
SUITE 2M, DOCKLANDS BUSINESS CENTRE
10-16 TILLER ROAD
CANARY WHARF
LONDON
E14 8PX
HOT IDEAS LIMITED
Statement of financial position
as at
30 December 2021
Intangible assets
4,140
8,140
Tangible assets
675,000
675,000
Inventories
180,500
141,964
Cash at bank and in hand
(16,487)
(21,813)
Creditors: amounts falling due within one year
(122,418)
(91,856)
Net current assets
56,743
57,243
Total assets less current liabilities
735,883
740,383
Creditors: amounts falling due after more than one year
(258,545)
(273,584)
Provisions for liabilities
Other provisions
(91,022)
(96,544)
Net assets
386,316
370,255
Called up share capital
100
100
Revaluation reserve
509,844
509,844
Profit and loss account
(123,628)
(139,689)
Shareholders' funds
386,316
370,255
For the year ending 30 December 2021 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 14 September 2022 and were signed on its behalf by
Roy Daniel Nicols
Director
Company Registration No. 2911738
HOT IDEAS LIMITED
Notes to the Accounts
for the year ended 30 December 2021
HOT IDEAS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 2911738. The registered office is 130 WALHAM GREEN COURT, MOORE PARK ROAD, LONDON, SW6 2PX.
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.
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:
Land & buildings
over 50 years
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 40 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales-related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses
arising on translation are included in the profit and loss account for the period.
HOT IDEAS LIMITED
Notes to the Accounts
for the year ended 30 December 2021
4
Intangible fixed assets
Other
At 31 December 2020
162,378
At 30 December 2021
162,378
At 31 December 2020
154,238
Charge for the year
4,000
At 30 December 2021
158,238
At 30 December 2021
4,140
At 30 December 2020
8,140
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 31 December 2020
675,000
4,446
9,100
21,710
710,256
At 30 December 2021
675,000
4,446
9,100
21,710
710,256
At 31 December 2020
-
4,446
9,100
21,710
35,256
At 30 December 2021
-
4,446
9,100
21,710
35,256
At 30 December 2021
675,000
-
-
-
675,000
At 30 December 2020
675,000
-
-
-
675,000
6
Debtors: amounts falling due within one year
2021
2020
Other debtors
15,148
28,948
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
23,804
23,804
Taxes and social security
3,767
2,149
Other creditors
61,428
3,636
Loans from directors
43,671
66,710
HOT IDEAS LIMITED
Notes to the Accounts
for the year ended 30 December 2021
8
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
258,545
273,584
9
Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 1 (2020: 1).