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Registration number: 00802112

Peter Ives Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Peter Ives Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Peter Ives Limited

Company Information

Directors

Mr S Ives

Mrs N E Ives

Company secretary

Mrs N E Ives

Registered office

Vurlands Farm
Coast Road
Swyre
Dorchester
Dorset
DT2 9DB

Accountants

Harney & Co Limited
Chartered Certified Accountants
21 Market Place
Blandford Forum
Dorset
DT11 7AF

 

Peter Ives Limited

(Registration number: 00802112)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

560,227

555,411

Current assets

 

Stocks

5

3,812

2,845

Debtors

7

861

1,176

Cash at bank and in hand

 

38,745

73,701

 

43,418

77,722

Creditors: Amounts falling due within one year

8

(457,500)

(448,211)

Net current liabilities

 

(414,082)

(370,489)

Total assets less current liabilities

 

146,145

184,922

Creditors: Amounts falling due after more than one year

8

(69,034)

(87,416)

Provisions for liabilities

(7,906)

(6,506)

Net assets

 

69,205

91,000

Capital and reserves

 

Called up share capital

11

739

739

Capital redemption reserve

623

623

Revaluation reserve

875

875

Retained earnings

66,968

88,763

Shareholders' funds

 

69,205

91,000

 

Peter Ives Limited

(Registration number: 00802112)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
Mrs N E Ives
Company secretary and director

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Vurlands Farm
Coast Road
Swyre
Dorchester
Dorset
DT2 9DB

These financial statements were authorised for issue by the Board on 23 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Government grants

Grant income comprises local authority business support grants of nil (2022: £2,667) and job retention scheme grants totalling nil (2022: £4,404).

The company recognises income grants when there is reasonable assurance that conditions are met and the grant will be received.

Tax

The tax expense for the period comprises current and deferred 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 as other comprehensive income.

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

0%

Farm park animals

straight line over life of asset

Plant and equipment

10% reducing balance

Motor vehicles

20% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised over its useful life of 10 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Trade 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. 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.

Stocks

Stocks are stated at the lower of cost (or market value at acquisition) and the estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are initially and subsequently recognised at transaction price.

Creditors 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.

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.

Leases

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022: 12).

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 June 2022

12,200

At 31 May 2023

12,200

Amortisation

At 1 June 2022

12,200

At 31 May 2023

12,200

Carrying amount

At 31 May 2023

-

5

Stocks

2023
£

2022
£

Other inventories

3,812

2,845

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Farm park animals
 £

Tea room and farm park equipment
£

Total
£

Cost or valuation

At 1 June 2022

493,823

2,561

48,085

15,152

62,114

621,735

Additions

-

113

-

2,250

11,327

13,690

Disposals

-

-

-

(35)

(700)

(735)

At 31 May 2023

493,823

2,674

48,085

17,367

72,741

634,690

Depreciation

At 1 June 2022

-

1,515

27,174

1,819

35,816

66,324

Charge for the year

-

226

4,182

881

3,099

8,388

Eliminated on disposal

-

-

-

(28)

(221)

(249)

At 31 May 2023

-

1,741

31,356

2,672

38,694

74,463

Carrying amount

At 31 May 2023

493,823

933

16,729

14,695

34,047

560,227

At 31 May 2022

493,823

1,046

20,911

13,333

26,298

555,411

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Debtors

2023
£

2022
£

Prepayments

502

724

Other debtors

359

452

861

1,176

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,921

19,446

Trade creditors

 

4,776

646

Amounts owed to related parties

12

419,879

416,754

Taxation and social security

 

6,907

5,714

Accruals and deferred income

 

4,658

4,500

Other creditors

 

2,359

1,151

 

457,500

448,211

Creditors include bank loans which are secured of £15,163 (2022: £14,676).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

69,034

87,416

Creditors include bank loans which are secured of £60,308 (2021: £74,931).

 

Peter Ives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

60,308

74,931

Hire purchase contracts

8,726

12,485

69,034

87,416

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,162

14,676

Hire purchase contracts

3,759

4,770

18,921

19,446

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £7.35 (2022: £17.00) per ordinary share

 

5,430

 

12,563

         

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

739

739

739

739

         

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,023

18,138