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REGISTERED NUMBER: 14073247 (England and Wales)




















Financial Statements

for the Year Ended 31 December 2023

for

Ivymax 2 Ltd

Ivymax 2 Ltd (Registered number: 14073247)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ivymax 2 Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Singh
Mrs N K Brar





REGISTERED OFFICE: Suite B
Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 14073247 (England and Wales)

Ivymax 2 Ltd (Registered number: 14073247)

Balance Sheet
31 December 2023

2023 2022
Unaudited
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,733,673 7,842,690

CURRENT ASSETS
Debtors 5 951,899 508,662
Cash at bank 30,716 -
982,615 508,662
CREDITORS
Amounts falling due within one year 6 8,298,890 8,317,190
NET CURRENT LIABILITIES (7,316,275 ) (7,808,528 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

417,398

34,162

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 417,298 34,062
SHAREHOLDERS' FUNDS 417,398 34,162

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





D Singh - Director


Ivymax 2 Ltd (Registered number: 14073247)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ivymax 2 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is Avisford Park Hotel, Yapton Lane, Walberton, Arundel, West Sussex BN18 0LS.

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.

Going Concern
The company has net current liabilities. The company owns a hotel property which is leased to a fellow trading subsidiary and is being financially supported by the Group and its directors. As a consequence, the directors have a reasonable expectation that the Company is well placed to manage its business risks successfully, despite the current uncertain economic outlook, and accordingly continue to adopt the going concern basis in preparing the annual report and accounts.

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

Turnover represents the total invoice value, excluding value added tax, of rental income from an operating lease received during the year.

Turnover is recognised on a straight-line basis over the term of the operating lease (Net of any incentives given to the lesees).

Turnover for the company comprises solely of rent receivable from Lowman Hotels Limited (a fellow subsidiary) which it recognises on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on straight line basis

Freehold land is not depreciated.

All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment.

Subsequent additions and major components
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Ivymax 2 Ltd (Registered number: 14073247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement , as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 January 2023 7,853,299
Additions 16,169
At 31 December 2023 7,869,468
DEPRECIATION
At 1 January 2023 10,609
Charge for year 125,186
At 31 December 2023 135,795
NET BOOK VALUE
At 31 December 2023 7,733,673
At 31 December 2022 7,842,690

Included in cost of land and buildings is freehold land of £1,600,000 which is not depreciated.

The directors are of the opinion that the value of the property at 31 December 2023 is not materially different to its acquisition cost in December 2022.

Ivymax 2 Ltd (Registered number: 14073247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
Unaudited
£    £   
Amounts owed by group undertakings 356,071 425,007
Other debtors - 20,000
VAT - 17,012
Prepayments and accrued income 595,828 46,643
951,899 508,662

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
Unaudited
£    £   
Amounts owed to group undertakings 8,255,105 8,315,390
Other creditors 40,285 -
Accrued expenses 3,500 1,800
8,298,890 8,317,190

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate parent is Ivymax Ltd which holds 100% of the company. The ultimate controlling parties are Mr D Singh and Mrs N Brar.

The consolidated financial statements of the Ivymax Group are available on Companies House.