Registered number
04361366
IVT Accountancy Limited
Filleted Accounts
31 March 2023
IVT Accountancy Limited
Registered number: 04361366
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,316 1,754
Investments 4 3,000 3,000
4,316 4,754
Current assets
Debtors 5 11,357 16,092
Cash at bank and in hand 6,443 4,435
17,800 20,527
Creditors: amounts falling due within one year 6 (6,661) (5,268)
Net current assets 11,139 15,259
Total assets less current liabilities 15,455 20,013
Provisions for liabilities (250) (333)
Net assets 15,205 19,680
Capital and reserves
Called up share capital 24 24
Profit and loss account 15,181 19,656
Shareholders' funds 15,205 19,680
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I Talbot
Director
Approved by the board on 10 November 2023
IVT Accountancy Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures and fittings 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2022 7,247
At 31 March 2023 7,247
Depreciation
At 1 April 2022 5,493
Charge for the year 438
At 31 March 2023 5,931
Net book value
At 31 March 2023 1,316
At 31 March 2022 1,754
4 Investments
Other
investments
£
Cost
At 1 April 2022 3,000
At 31 March 2023 3,000
5 Debtors 2023 2022
£ £
Trade debtors 4,000 9,042
Other debtors 7,357 7,050
11,357 16,092
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 6,661 5,268
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
I Talbot
Interest-free loan 7,050 7,357 (7,050) 7,357
8 Controlling party
The company was under the control of I Talbot throughout the year. Mr Talbot is the company's director and, together with members of his close family, he holds 100% of it's issued share capital.
9 Other information
IVT Accountancy Limited is a private company limited by shares and incorporated in England. Its registered office is:
57/61 Market Place
Cannock
Staffs
WS11 1BP
IVT Accountancy Limited 04361366 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 I Talbot No description of principal activity 04361366 2021-04-01 2022-03-31 04361366 core:WithinOneYear 2022-03-31 04361366 core:ShareCapital 2022-03-31 04361366 core:RetainedEarningsAccumulatedLosses 2022-03-31 04361366 2022-04-01 2023-03-31 04361366 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04361366 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04361366 bus:Director40 2022-04-01 2023-03-31 04361366 1 2022-04-01 2023-03-31 04361366 2 2022-04-01 2023-03-31 04361366 core:PlantMachinery 2022-04-01 2023-03-31 04361366 bus:Director1 2022-04-01 2023-03-31 04361366 bus:Director1 1 2022-04-01 2023-03-31 04361366 countries:England 2022-04-01 2023-03-31 04361366 bus:FRS102 2022-04-01 2023-03-31 04361366 bus:FullAccounts 2022-04-01 2023-03-31 04361366 2023-03-31 04361366 core:WithinOneYear 2023-03-31 04361366 core:ShareCapital 2023-03-31 04361366 core:RetainedEarningsAccumulatedLosses 2023-03-31 04361366 core:PlantMachinery 2023-03-31 04361366 bus:Director1 1 2023-03-31 04361366 2022-03-31 04361366 core:PlantMachinery 2022-03-31 04361366 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure