Company Registration No. 11421202 (England and Wales)
IVEO Group Ltd
Amended unaudited accounts
for the year ended 31 March 2023
IVEO Group Ltd
Amended unaudited accounts
Contents
IVEO Group Ltd
Company Information
for the year ended 31 March 2023
Company Number
11421202 (England and Wales)
Registered Office
205 Formans Road
Sparkhill
Birmingham
B11 3AX
Accountants
Integritax Accountants Ltd
68 Yardley Road
Acocks Green
Birmingham
B27 6LG
IVEO Group Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
70,471
10,578
Inventories
442,327
323,827
Cash at bank and in hand
60,986
36,724
Creditors: amounts falling due within one year
(418,544)
(380,327)
Net current assets
209,387
106,668
Total assets less current liabilities
279,858
117,246
Creditors: amounts falling due after more than one year
(175,345)
(87,881)
Provisions for liabilities
Deferred tax
(15,945)
(2,074)
Called up share capital
1
1
Profit and loss account
88,567
27,290
Shareholders' funds
88,568
27,291
For the year ending 31 March 2023 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 1 October 2023 and were signed on its behalf by
Ferhaan Mirza
Director
Company Registration No. 11421202
IVEO Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
IVEO Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 11421202. The registered office is 205 Formans Road, Sparkhill, Birmingham, B11 3AX.
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.
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:
Plant & machinery
20% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
20% straight line
Computer equipment
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
IVEO Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
-
15,050
-
2,718
17,768
Additions
7,635
57,369
3,030
-
68,034
At 31 March 2023
7,635
72,419
3,030
2,718
85,802
At 1 April 2022
-
6,020
-
1,170
7,190
Charge for the year
770
6,028
437
906
8,141
At 31 March 2023
770
12,048
437
2,076
15,331
At 31 March 2023
6,865
60,371
2,593
642
70,471
At 31 March 2022
-
9,030
-
1,548
10,578
Amounts falling due within one year
Trade debtors
124,618
126,164
IVEO Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
3,685
Trade creditors
57,804
60,725
Taxes and social security
47,415
88,396
Other creditors
101,836
38,783
Loans from directors
211,489
188,738
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
60,514
4,349
Other creditors
95,640
60,800
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).