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Registered number: 03049893









IVORY & LEDOUX HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D Ellman 
D M Ellman 
W Bignell 
B Ben-Ari 
M Teperson 




Company secretary
B Ben-Ari



Registered number
03049893



Registered office
101 New Cavendish Street
First Floor South

London

W1W 6XH




Trading Address
Bridge House
4 Borough High St

London

SE1 9QQ






Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

First Floor South

London

W1W 6XH





 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12 - 13
Company balance sheet
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated Statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 37


 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their report and financial statements for the year ended 30 September 2023.

Business review
 
The principal activity of the Group continued to be that of food importers, distributors and international traders.
The financial position and performance for the period under review is for the year ended 30 September 2023. 
The Directors are satisfied with the results for the year.
The key financial highlights are as follows:-    

12 Month Period Ended 30 September 2023
12 Month Period Ended 30 September 2022
12 Month Period Ended 30 September 2021
12 Month Period Ended 30 September 2020
12 Month Period Ended 30 September 2019
12 Month Period Ended 30 September 2018
        £
        £
        £
        £
        £
        £
Turnover

66,084,469

55,124,986

39,776,672
 
42,937,651
 
50,526,011

46,829,521

Gross profit

8,040,289

6,525,927

4,411,088
 
4,600,874
 
4,878,367

3,444,145

Operating profit

2,671,314

1,905,123

627,781
 
553,304
 
772,703

539,841

Profit on ordinary before taxation

2,246,425

1,745,114

505,646
 
301,122
 
464,388

280,799

Shareholders' funds

7,418,943

6,435,413

5,034,718
 
4,839,408
 
4,488,921

4,269,776


Principal risks and uncertainties
 
The Group's principal financial instruments comprise of bank balances, bank overdrafts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the Group's operations and to finance the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and the flexibility through the use of overdrafts at floating rates of interest. The Group makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The Group continues to take out credit insurance for trade debtors.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amount due.

Page 1

 
IVORY & LEDOUX HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Section 172 Statement

The Directors of the Company strive to act in ways most likely to promote the success of the business for the benefit of its stakeholders having regard to the matters set out in S172 (1) a-f of the Companies Act 2006 when making strategic decisions. 
The following Section 172 (1) statement is made on behalf of the Company in Compliance with the Act.
 
Foster business relationships with suppliers, customers and other stakeholders
Suppliers
 
The Company works hard to ensure that its suppliers are treated fairly and are valued and that relationships with them can be managed actively.
 
Customers
 
The Company is customer focused which is why customer service is essential. The Company is always looking for new ways to strengthen customer services and is continuously engaging with customers to build even deeper relationships.
Community and Environment
 
Building trust with customers and the communities around them is important. The Company aims to facilitate positive change for the people and communities in which it interacts. 
 
Business conduct
 
The company seeks to operate with high ethical standards and integrity by conducting business activities in compliance with applicable legal and regulatory requirements. The company also implements internal policies governing behaviour and conduct as well as policies that protect customers and promote better services. The Company undertakes an ongoing review of how evolving legislation, guidelines and best practises should be best reflected on topics including conduct, risk, compliance and the sustainable development of the industry. 
Acting fairly between shareholders
 
The Company is committed to acting fairly with its shareholders and being transparent in its activities and directions. 
Likely consequences of any decision in the long term 
 
Each year, a review of the Company’s strategy is carried out for the following year and beyond as part of the budgeting process. This helps to plan ahead and also forms the basis for financial budgets and planning and other strategic plans. The Company considers the long term implications of any decisions made with its stakeholders in mind and its long term reputation.

Employee involvement
 
The Group is committed to providing equal opportunity to all employees without discrimination and applied fair and equitable employment policies which ensure entry and progression within the Group. Appointments are determined solely by application of job criteria and competency.

Page 2

 
IVORY & LEDOUX HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Environmental policy
 
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.

Donations

During the year, the group made £1,124 (2022: £24) of charitable donations.


This report was approved by the board and signed on its behalf.



................................................
B Ben-Ari
Director

Date: 11 April 2024

Page 3

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors

The directors who served during the year were:

D Ellman 
D M Ellman 
W Bignell 
B Ben-Ari 
M Teperson 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,712,978 (2022 - £1,373,428).

A dividend of £686,714 (2022: £97,655) has been paid during the year.

Page 4

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B Ben-Ari
Director
Date: 11 April 2024

Page 5

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Ivory & Ledoux Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgements made by management in its significant accounting estimates; We did not identify any key audit matters relating to irregularities, including fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Haffner (Senior statutory auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Statutory Auditors
  
101 New Cavendish Street
First Floor South
London
W1W 6XH

11 April 2024
Page 10

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
66,084,469
55,124,986

Cost of sales
  
(58,044,180)
(48,599,059)

Gross profit
  
8,040,289
6,525,927

Distribution costs
  
(892,968)
(704,865)

Administrative expenses
  
(4,476,007)
(3,915,939)

Operating profit
 5 
2,671,314
1,905,123

Interest payable and similar expenses
 9 
(424,889)
(160,009)

Profit before taxation
  
2,246,425
1,745,114

Tax on profit
 10 
(533,447)
(371,686)

Profit for the financial year
  
1,712,978
1,373,428

  

Currency translation differences
  
(43,216)
125,404

Other comprehensive income for the year
  
(43,216)
125,404

  

Total comprehensive income for the year
  
1,669,762
1,498,832

Profit for the year attributable to:
  

Owners of the parent Company
  
1,712,978
1,373,428

  
1,712,978
1,373,428

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,669,762
1,498,832

  
1,669,762
1,498,832

The notes on pages 20 to 37 form part of these financial statements.

Page 11

 
IVORY & LEDOUX HOLDINGS LIMITED
REGISTERED NUMBER: 03049893

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
59,854
90,385

Tangible assets
 13 
135,055
116,337

  
194,909
206,722

Current assets
  

Stocks
 15 
14,309,560
16,454,313

Debtors
 16 
7,701,947
8,061,966

Cash at bank and in hand
 17 
5,511
4,484

  
22,017,018
24,520,763

Creditors: amounts falling due within one year
 18 
(14,792,984)
(17,577,829)

Net current assets
  
 
 
7,224,034
 
 
6,942,934

Total assets less current liabilities
  
7,418,943
7,149,656

Creditors: amounts falling due after more than one year
 19 
-
(713,761)

Provisions for liabilities
  

Net assets excluding pension asset
  
7,418,943
6,435,895

Net assets
  
7,418,943
6,435,895


Capital and reserves
  

Called up share capital 
 22 
600,000
600,000

Capital redemption reserve
 21 
64,202
64,202

Profit and loss account
 21 
6,754,741
5,771,693

Equity attributable to owners of the parent Company
  
7,418,943
6,435,895

  
7,418,943
6,435,895


Page 12

 
IVORY & LEDOUX HOLDINGS LIMITED
REGISTERED NUMBER: 03049893
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2024.




................................................
W Bignell
................................................
B Ben-Ari
Director
Director

The notes on pages 20 to 37 form part of these financial statements.

Page 13

 
IVORY & LEDOUX HOLDINGS LIMITED
REGISTERED NUMBER: 03049893

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
600,789
600,789

  
600,789
600,789

Current assets
  

Debtors
 16 
482
482

  
482
482

Total assets less current liabilities
  
 
 
601,271
 
 
601,271

  

  

Net assets excluding pension asset
  
601,271
601,271

Net assets
  
601,271
601,271


Capital and reserves
  

Called up share capital 
 22 
600,000
600,000

Profit and loss account
 21 
1,271
1,271

  
601,271
601,271


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2024.


................................................
W Bignell
................................................
B Ben-Ari
Director
Director

The notes on pages 20 to 37 form part of these financial statements.

Page 14

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
600,000
64,202
4,370,516
5,034,718


Comprehensive income for the year

Profit for the year
-
-
1,373,428
1,373,428

Currency translation differences
-
-
125,404
125,404

Dividends: Equity capital
-
-
(97,655)
(97,655)



At 1 October 2022
600,000
64,202
5,771,693
6,435,895


Comprehensive income for the period

Profit for the year
-
-
1,712,978
1,712,978

Currency translation differences
-
-
(43,216)
(43,216)

Dividends: Equity capital
-
-
(686,714)
(686,714)


At 30 September 2023
600,000
64,202
6,754,741
7,418,943


The notes on pages 20 to 37 form part of these financial statements.

Page 15

 
IVORY & LEDOUX HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
600,000
1,271
601,271


Comprehensive income for the year

Profit for the year
-
97,655
97,655

Dividends: Equity capital
-
(97,655)
(97,655)



At 1 October 2022
600,000
1,271
601,271


Comprehensive income for the year

Profit for the year
-
686,714
686,714

Dividends: Equity capital
-
(686,714)
(686,714)


At 30 September 2023
600,000
1,271
601,271


The notes on pages 20 to 37 form part of these financial statements.

Page 16

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,712,978
1,373,428

Adjustments for:

Amortisation of intangible assets
31,348
31,994

Depreciation of tangible assets
57,384
61,723

Interest paid
424,889
160,009

Taxation charge
533,447
371,686

Decrease/(increase) in stocks
2,144,753
(4,840,326)

Decrease/(increase) in debtors
383,797
(2,369,209)

(Increase)/decrease in amounts owed by groups
(23,980)
-

(Decrease)/increase in creditors
(1,321,084)
3,274,053

Increase/(decrease)) in amounts owed to groups
424,971
(504,805)

Corporation tax (paid)
(76,814)
(197,738)

Currency translation differences
(44,539)
122,899

Net cash generated from operating activities

4,247,150
(2,516,286)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(3,518)

Purchase of tangible fixed assets
(75,393)
(32,969)

Net cash from investing activities

(75,393)
(36,487)

Cash flows from financing activities

Repayment of loans
(379,819)
(3,124,000)

Dividends paid
(686,714)
(97,655)

Interest paid
(424,889)
(160,009)

Net cash used in financing activities
(1,491,422)
(3,381,664)
Page 17

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2023
2022

£
£



Net increase/(decrease) in cash and cash equivalents
2,680,335
(5,934,437)

Cash and cash equivalents at beginning of year
(6,979,835)
(1,045,398)

Cash and cash equivalents at the end of year
(4,299,500)
(6,979,835)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,511
4,484

Bank overdrafts
(4,305,011)
(6,984,319)

(4,299,500)
(6,979,835)


The notes on pages 20 to 37 form part of these financial statements.

Page 18

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£

£

£

Cash at bank and in hand

4,484

1,027

5,511

Bank overdrafts

(6,984,319)

2,679,308

(4,305,011)

Debt due within 1 year

-

(455,311)

(455,311)


(6,979,835)
2,225,024
(4,754,811)

The notes on pages 20 to 37 form part of these financial statements.

Page 19

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The company is limited by shares and incorporated in England. The registered office address is 101 New Cavendish Street, First Floor South, London, W1W 6XH. The principal place of business is Bridge House, 4 Borough High St, London, SE1 9QQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the company is in a net asset position the directors consider it appropriate to prepare the financial statements on a going concern basis. 
 
Accordingly the directors have continued to prepare the financial statements on the going concern basis.

Page 20

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 21

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Straight line over period from acquisition to date of next rent review
Fixtures and fittings
-
Straight line over 4 years
Office equipment
-
Straight line over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.8
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

Page 22

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

 
2.13

Creditors

Short-term 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.

Page 23

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

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 at an annual general meeting.

Page 24

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.17

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. 

Page 25

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Turnover

2023
2022
£
£

Turnover
66,084,469
55,124,986

66,084,469
55,124,986


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
18,173,316
15,013,185

Rest of Europe
37,424,014
32,945,963

Rest of the world
10,487,140
7,165,838

66,084,470
55,124,986



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
57,384
61,722

Amortisation of intangible assets
31,348
31,994

Other operating lease rentals
129,500
101,350

Defined contribution pension cost
223,535
198,364


6.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
30,000
28,500


Fees payable to the Group's auditor and its associates in respect of:


All other services
3,600
3,108

3,600
3,108

Page 26

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,602,164
2,270,108
-
-

Social security costs
223,980
199,912
-
-

Cost of defined contribution scheme
223,535
198,364
-
-

3,049,679
2,668,384
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







32
31

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

8.


Directors' remuneration

2023
2022
£
£

Directors salaries
539,183
677,743

Group contributions to defined contribution pension schemes
84,621
69,839

623,804
747,582


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £330,000 (2022 - £227,929).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,454 (2022 - £19,033).

Page 27

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
424,889
103,702

Loans from group undertakings
-
56,307

424,889
160,009


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
533,447
371,686


Total current tax
533,447
371,686
Page 28

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,246,425
1,745,114


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
561,606
331,572

Effects of:


Capital allowances for year in excess of depreciation
2,674
5,369

Dividends from subsidiaries
(66,376)
(25,650)

Foreign taxes on subsidiaries
170,328
195,209

Other differences leading to an increase (decrease) in the tax charge
(134,785)
(134,814)

Total tax charge for the year
533,447
371,686


Factors that may affect future tax charges

In October 2022, the UK government confirmed that the UK Corporation Tax rate will increase to 25% from 1st April 2023. As the current year straddled this date, profits were apportioned and charged at differing rates of corporation tax. These changes will impact the future tax liabilities of the company.


11.


Dividends

2023
2022
£
£


Dividends
686,714
97,655

686,714
97,655

Page 29

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Intangible assets

Group and Company





Licences &  software
Goodwill
Total

£
£
£



Cost


At 1 October 2022
240,595
139,808
380,403


Foreign exchange movement
(2,753)
-
(2,753)



At 30 September 2023

237,842
139,808
377,650



Amortisation


At 1 October 2022
214,288
75,730
290,018


Charge for the year on owned assets
13,797
13,981
27,778



At 30 September 2023

228,085
89,711
317,796



Net book value



At 30 September 2023
9,757
50,097
59,854



At 30 September 2022
26,307
64,078
90,385



Page 30

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
73,920
60,622
292,300
426,842


Additions
24,286
7,480
43,628
75,394


Exchange adjustments
-
-
(2,049)
(2,049)



At 30 September 2023

98,206
68,102
333,879
500,187



Depreciation


At 1 October 2022
66,000
59,995
184,510
310,505


Charge for the year on owned assets
6,406
1,684
49,163
57,253


Exchange adjustments
-
-
(2,626)
(2,626)



At 30 September 2023

72,406
61,679
231,047
365,132



Net book value



At 30 September 2023
25,800
6,423
102,832
135,055



At 30 September 2022
7,920
627
107,790
116,337

Page 31

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
600,789



At 30 September 2023
600,789






Net book value



At 30 September 2023
600,789



At 30 September 2022
600,789


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Ivory & Ledoux Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Food importers, distributors and international traders.
Ordinary
100%
Gloe & Zeitz B.V.
Pesetastraat 16, 2991 XT Barendrecht, Netherlands
Food importers, distributors and international traders.
Ordinary
100%
Juice Corp Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
Fontinella Foods Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
Sombrero Foods Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%

Page 32

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 September 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Ivory & Ledoux Limited
7,418,461
1,712,978

Gloe & Zeitz B.V.
4,210,825
920,938

Juice Corp Limited
2
-

Fontinella Foods Limited
2
-

Sombrero Foods Limited
1,198
-


15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
14,309,560
16,454,313
-
-

14,309,560
16,454,313
-
-


Page 33

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£



Trade debtors
7,567,977
7,913,230
-
-

Amounts owed by group undertakings
23,980
-
482
482

Other debtors
86,892
140,326
-
-

Prepayments and accrued income
23,098
8,207
-
-

Tax recoverable
-
203
-
-

7,701,947
8,061,966
482
482



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
5,511
4,484
-
-

Less: bank overdrafts
(4,305,011)
(6,984,319)
-
-

(4,299,500)
(6,979,835)
-
-



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
4,305,011
6,984,319
-
-

Trade creditors
5,871,378
6,907,238
-
-

Amounts owed to group undertakings
1,142,026
3,293
-
-

Corporation tax
327,731
250,917
-
-

Other taxation and social security
524,966
594,722
-
-

Other creditors
84,639
49,270
-
-

Accruals and deferred income
2,537,233
2,788,070
-
-

14,792,984
17,577,829
-
-


Page 34

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts owed to group undertakings
-
713,761
-
-

-
713,761
-
-





20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
5,511
4,484
-
-

Financial assets that are debt instruments measured at amortised cost
9,374,199
8,197,302
482
482

9,379,710
8,201,786
482
482


Financial liabilities

Financial liabilities measured at amortised cost
(16,345,368)
(17,455,441)
-
-


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand and derivative forward contracts.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, bank loans, bank overdraft, amounts owed to group undertakings and accruals.


21.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

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IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



600,000 (2022 - 600,000) Ordinary shares shares of £1.00 each
600,000
600,000



23.


Contingent liabilities

At the year end, the Group had no outstanding forward foreign exchange contracts (2022: £nil).
The Group has a bank guarantee to HMRC in respect of VAT liabilities up to £200,000 (2022: £200,000).


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £223,535 (2022: £198,364).


25.


Commitments under operating leases

At 30 September 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
271,297
-
157,000
210,300

Later than 1 year and not later than 5 years
738,085
-
405,583
941,598

Later than 5 years
-
-
-
29,020

1,009,382
-
562,583
1,180,918

26.


Related party transactions

The group has taken advantage of the exemption available in FRS 102, section 33 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
Included within administrative expenses are £60,000 (2022: £60,000) of management fees charged by a company which has an interest in Ivory & Ledoux Holdings Limited. At the year end, included within creditors is £30,000 (2022: £15,000) due to this company.
Included in creditors is a loan of £455,311 (2022: £713,761) from a company which has an interest in Ivory & Ledoux Holdings Limited.

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IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

27.


Controlling party

There is no overall controlling party.

 
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