REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
FOR |
IVY FOUNDRY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
FOR |
IVY FOUNDRY LIMITED |
IVY FOUNDRY LIMITED (REGISTERED NUMBER: 13923412) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
IVY FOUNDRY LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
47 Calthorpe Road |
Edgbaston |
BIRMINGHAM |
B15 1TH |
BANKERS: |
25 Gresham Street |
LONDON |
EC2V 7HN |
INCORPORATED: |
IVY FOUNDRY LIMITED (REGISTERED NUMBER: 13923412) |
ABRIDGED BALANCE SHEET |
30TH APRIL 2023 |
Notes | £ |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
4 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
IVY FOUNDRY LIMITED (REGISTERED NUMBER: 13923412) |
ABRIDGED BALANCE SHEET - continued |
30TH APRIL 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
IVY FOUNDRY LIMITED (REGISTERED NUMBER: 13923412) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
1. | STATUTORY INFORMATION |
Ivy Foundry Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the period end the company shows an insolvent balance sheet. The company meets it day to day working capital requirements through the support of its shareholders who has undertaken that this support will not be withdrawn within twelve months from the date of signature of these financial statements. On this basis the directors consider it appropriate to prepare these accounts on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
All development properties are held at the lower of cost or net realisable value. For this purpose costs include the purchase consideration, refurbishment costs and any other direct costs. |
The stock at 30th April 2023 comprises the following properties: |
Brought forward |
Additions in the year |
Transferred to cost of sales |
Carried forward |
As at 17.02.22 |
As at 30.04.23 |
£ | £ | £ | £ |
Clifton Road | - | 143,821 | - | 143,821 |
Willow Grove | - | 219,445 | - | 219,445 |
Yew Tree Road | - | 170,760 | - | 170,760 |
Netherby Street | - | 116,067 | - | 116,067 |
Woodhey Road | - | 187,250 | - | 187,250 |
All Saints Road | - | 140,983 | (140,983 | ) | - |
£ - | £978,326 | (£140,983 | ) | £837,343 |
IVY FOUNDRY LIMITED (REGISTERED NUMBER: 13923412) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
IVY FOUNDRY LIMITED (REGISTERED NUMBER: 13923412) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17TH FEBRUARY 2022 TO 30TH APRIL 2023 |
4. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
£ |
Repayable otherwise than by instalments |
Mortgages |
5. | LOANS |
An analysis of the maturity of loans is given below: |
£ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgages | 297,551 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Mortgages | 297,551 |
Shareholder loans | 556,213 |
There are fixed and floating charges over the company including charges against the development properties. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
8. | RELATED PARTY DISCLOSURES |
As at the period end the amount due to the shareholders totalled £771,263 an amount of £556,213 is subject to 10% interest for the first 6 months of the loan, and 12% thereafter and £215,050 of the loan is interest free. |