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REGISTERED NUMBER: 05082945 (England and Wales)












Unaudited Financial Statements for the Year Ended 30 April 2024

for

IVO Textiles Limited

IVO Textiles Limited (Registered number: 05082945)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IVO Textiles Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M Z Haas
C R Derby
E F Kilduff
Mrs S Zatka-Haas





SECRETARY: E F Kilduff





REGISTERED OFFICE: 3 Trident Way
International Trading Estate
Southall
Middlesex
UB2 5LF





REGISTERED NUMBER: 05082945 (England and Wales)





ACCOUNTANTS: Chris Derby Limited
Accounting Services
2 Clarendon Road
Ashford
Middlesex
TW15 2QE

IVO Textiles Limited (Registered number: 05082945)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 571,488 461,139
571,488 461,139

CURRENT ASSETS
Stocks 694,000 615,000
Debtors 6 858,058 711,607
Cash at bank and in hand 268,219 758,851
1,820,277 2,085,458
CREDITORS
Amounts falling due within one year 7 439,746 483,215
NET CURRENT ASSETS 1,380,531 1,602,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,952,019

2,063,382

CREDITORS
Amounts falling due after more than one
year

8

(17,424

)

(90,484

)

PROVISIONS FOR LIABILITIES (142,872 ) (115,285 )
NET ASSETS 1,791,723 1,857,613

CAPITAL AND RESERVES
Called up share capital 181,000 221,000
Retained earnings 1,610,723 1,636,613
SHAREHOLDERS' FUNDS 1,791,723 1,857,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

IVO Textiles Limited (Registered number: 05082945)

Balance Sheet - continued
30 April 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 29 July 2024 and were signed on its behalf by:





M Z Haas - Director


IVO Textiles Limited (Registered number: 05082945)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

IVO Textiles Limited 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 represents the net amounts invoiced or receivable for goods and services provided to customers excluding value added tax and is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

IVO Textiles Limited (Registered number: 05082945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 43 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 140,200
AMORTISATION
At 1 May 2023
and 30 April 2024 140,200
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

IVO Textiles Limited (Registered number: 05082945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 1,180,255 56,078 59,010 71,258 1,366,601
Additions 209,811 5,441 - 10,382 225,634
At 30 April 2024 1,390,066 61,519 59,010 81,640 1,592,235
DEPRECIATION
At 1 May 2023 817,939 20,503 12,294 54,726 905,462
Charge for year 90,579 8,894 11,679 4,133 115,285
At 30 April 2024 908,518 29,397 23,973 58,859 1,020,747
NET BOOK VALUE
At 30 April 2024 481,548 32,122 35,037 22,781 571,488
At 30 April 2023 362,316 35,575 46,716 16,532 461,139

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 237,669
DEPRECIATION
At 1 May 2023 161,213
Charge for year 19,114
At 30 April 2024 180,327
NET BOOK VALUE
At 30 April 2024 57,342
At 30 April 2023 76,456

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 802,355 678,516
Other debtors 55,703 33,091
858,058 711,607

IVO Textiles Limited (Registered number: 05082945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 68,788 71,840
Trade creditors 118,984 156,310
Taxation and social security 127,620 176,009
Other creditors 124,354 79,056
439,746 483,215

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 17,424 90,484

9. ULTIMATE CONTROLLING PARTY

The controlling party is M Z Haas.