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Company No: 07077148 (England and Wales)

IVY CASTLE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

IVY CASTLE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

IVY CASTLE LIMITED

BALANCE SHEET

As at 31 March 2023
IVY CASTLE LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 50 50
50 50
Current assets
Stocks 113,005 113,005
Debtors 4 1,446,392 1,353,860
Cash at bank and in hand 38,382 18,271
1,597,779 1,485,136
Creditors: amounts falling due within one year 5 ( 667,684) ( 655,294)
Net current assets 930,095 829,842
Total assets less current liabilities 930,145 829,892
Creditors: amounts falling due after more than one year 6 ( 40,000) ( 40,000)
Net assets 890,145 789,892
Capital and reserves
Called-up share capital 2,000 2,000
Profit and loss account 888,145 787,892
Total shareholder's funds 890,145 789,892

For the financial 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.

Director's responsibilities:

The financial statements of Ivy Castle Limited (registered number: 07077148) were approved and authorised for issue by the Director. They were signed on its behalf by:

K A McGovern
Director

15 November 2023

IVY CASTLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
IVY CASTLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ivy Castle Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hobland Hall, Hobland Road, Great Yarmouth, NR31 9AR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Investments in associates Total
£ £
Carrying value before impairment
At 01 April 2022 50 50
At 31 March 2023 50 50
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 50 50
Carrying value at 31 March 2022 50 50

4. Debtors

2023 2022
£ £
Amounts owed by associates 1,446,360 1,353,860
Other debtors 32 0
1,446,392 1,353,860

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 9,737 0
Taxation and social security 2,288 1,509
Other creditors 655,659 653,785
667,684 655,294

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 40,000 40,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
At the year end date, a company which has common directors, owed the following amount to the company . The loan is unsecured and interest free. 1,446,360 1,353,860

Transactions with the entity's director

2023 2022
£ £
At the year end the director was owed the following amount from the company which is repayable on demand. 654,377 652,377