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REGISTERED NUMBER: 10525592 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Ivy Resource Group Ltd

Ivy Resource Group Ltd (Registered number: 10525592)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ivy Resource Group Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R S Winchle
C E Winchle





REGISTERED OFFICE: 14 Wheatstone Court
Quedgeley
Gloucester
GL2 2AQ





REGISTERED NUMBER: 10525592 (England and Wales)





ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS

Ivy Resource Group Ltd (Registered number: 10525592)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,602 12,390

CURRENT ASSETS
Debtors 5 917,701 977,294
Cash at bank 163,957 357,221
1,081,658 1,334,515
CREDITORS
Amounts falling due within one year 6 1,020,473 958,571
NET CURRENT ASSETS 61,185 375,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,787

388,334

CREDITORS
Amounts falling due after more than one
year

7

(11,667

)

(21,667

)

PROVISIONS FOR LIABILITIES 9 (16,900 ) (3,097 )
NET ASSETS 100,220 363,570

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 100,218 363,568
SHAREHOLDERS' FUNDS 100,220 363,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Ivy Resource Group Ltd (Registered number: 10525592)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 July 2024 and were signed on its behalf by:





R S Winchle - Director


Ivy Resource Group Ltd (Registered number: 10525592)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Ivy Resource Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 50 years
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Ivy Resource Group Ltd (Registered number: 10525592)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 - 356 9,294 14,181 23,831
Additions 47,607 660 8,317 9,544 66,128
At 31 March 2024 47,607 1,016 17,611 23,725 89,959
Depreciation
At 1 April 2023 - 89 5,278 6,074 11,441
Charge for year 952 254 3,929 5,781 10,916
At 31 March 2024 952 343 9,207 11,855 22,357
Net book value
At 31 March 2024 46,655 673 8,404 11,870 67,602
At 31 March 2023 - 267 4,016 8,107 12,390

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 802,548 850,701
Other debtors 1,000 -
Prepayments and accrued income 114,153 126,593
917,701 977,294

Majority of the trade debtors are factored to Aldermore Bank Plc has a fixed and floating charge debenture over all the assets, present and future of the company.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 18,239 5,850
Taxation and social security 76,344 162,018
Other creditors 915,890 780,703
1,020,473 958,571

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans 11,667 21,667

Ivy Resource Group Ltd (Registered number: 10525592)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/24 31/3/23
£    £   
Within one year 3,540 9,564
Between one and five years 5,015 -
8,555 9,564

9. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 16,900 3,097

Deferred
tax
£   
Balance at 1 April 2023 3,097
Charge to Income Statement during year 13,803
Balance at 31 March 2024 16,900

10. RELATED PARTY DISCLOSURES

At 31 March 2024, the company owed the directors R S Winchle and C E Winchle £339 and £2,076 respectively (2023 - £527 and £1,764 respectively). The balances owed, included within other creditors, are made up of loans to the company not yet reimbursed and declared dividends directly credited to the directors' loan account. The loan balances are repayable to the directors on demand.

At 31 March 2024, the company owes £120,609 to Ivy Group Holdings Ltd, a company controlled by the directors of this company. The balance owed, included in other creditors, is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Ivy Group Holdings Ltd, a company registered in England and Wales. The company is controlled by directors of Ivy Resource Group Ltd. Ivy Group Holding Ltd, which shares the same registered office as Ivy Resource Group Ltd, has taken the option under Section 399(2A) of the Companies House Act 2006 not to prepare consolidated financial statements