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Company registration number: 06426996

IVORY Worldwide (Holdings) Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

IVORY Worldwide (Holdings) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

IVORY Worldwide (Holdings) Limited

(Registration number: 06426996)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

9

9

Current assets

 

Debtors

5

645,677

846,459

Cash at bank and in hand

 

38,695

70,472

 

684,372

916,931

Creditors: Amounts falling due within one year

6

(6,527)

(94,458)

Net current assets

 

677,845

822,473

Total assets less current liabilities

 

677,854

822,482

Creditors: Amounts falling due after more than one year

6

-

(218,750)

Net assets

 

677,854

603,732

Capital and reserves

 

Called up share capital

151

151

Share premium reserve

522,633

522,633

Profit and loss account

155,070

80,948

Total equity

 

677,854

603,732

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

IVORY Worldwide (Holdings) Limited

(Registration number: 06426996)
Balance Sheet as at 30 June 2023

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 


R A L Crittall
Director

   
 

IVORY Worldwide (Holdings) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Princelet Street
London
E1 5LP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

IVORY Worldwide (Holdings) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities, including loans, are measured individually at fair value net of transaction costs and subsequently at amoritsed using the effective interest method.

 

IVORY Worldwide (Holdings) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

4

Investments

2023
£

2022
£

Investments in subsidiaries

9

9

 

IVORY Worldwide (Holdings) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

Subsidiaries

£

Cost or valuation

At 1 July 2022

9

At 30 June 2023

9

Carrying amount

At 30 June 2023

9

At 30 June 2022

9

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

IVORY Worldwide Limited

England

Ordinary

100%

100%

 

     

IVORY Worldwide Inc

United States of America

Ordinary

100%

100%

 

     

IVORY Europe Limited

Ordinary

0%

100%

 

England

     

IVORY Productions Ltd

Ordinary

0%

100%

 

England

     

Subsidiary undertakings

IVORY Worldwide Limited

The principal activity of IVORY Worldwide Limited is providing marketing services.

IVORY Worldwide Inc

The principal activity of IVORY Worldwide Inc is providing marketing services.

IVORY Europe Limited

The principal activity of IVORY Europe Limited is that of a dormant company.

IVORY Productions Ltd

The principal activity of IVORY Productions Ltd is that of a dormant company.

 

IVORY Worldwide (Holdings) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

5

Debtors

2023
 £

2022
 £

Amounts owed by group undertakings and undertakings in which the company has a participating interest

636,640

846,459

Other debtors

9,037

-

Total current trade and other debtors

645,677

846,459

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

87,500

Trade creditors

 

-

458

Corporation tax

 

29

-

Other creditors

 

6,498

6,500

 

6,527

94,458

Due after one year

 

Loans and borrowings

7

-

218,750

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

87,500

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

218,750

Included in bank borrowings in the prior year was a commercial loan which was denominated in sterling with a nominal interest rate of 3.99% over the Bank of England base rate. This was fully repaid in the year.

 

IVORY Worldwide (Holdings) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £33,000 (2022 - £nil).

9

Related party transactions

Transactions with directors

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

R A L Crittall and H C Crittall joint directors loan account

7,500

27,672

(35,172)

-