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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
Page
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IVEO Group Ltd Company Information for the year ended 31 March 2023
Director
Ferhaan Mirza
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
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IVEO Group Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
70,471 
10,578 
Current assets
Inventories
442,327 
323,827 
Debtors
124,618 
126,444 
Cash at bank and in hand
60,986 
36,724 
627,931 
486,995 
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)
Net assets
88,568 
27,291 
Capital and reserves
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
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IVEO Group Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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IVEO Group Ltd Notes to the Accounts for the year ended 31 March 2023
Foreign exchange
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
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.
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
At 31 March 2023
6,865 
60,371 
2,593 
642 
70,471 
At 31 March 2022
- 
9,030 
- 
1,548 
10,578 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
124,618 
126,164 
Other debtors
- 
280 
124,618 
126,444 
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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 
418,544 
380,327 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
19,191 
22,732 
Obligations under finance leases and hire purchase contracts
60,514 
4,349 
Other creditors
95,640 
60,800 
175,345 
87,881 
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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