8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 59,721 23,888 2,986 26,874 32,847 35,833 xbrli:pure xbrli:shares iso4217:GBP 06352967 2023-01-01 2023-12-31 06352967 2023-12-31 06352967 2022-12-31 06352967 2022-01-01 2022-12-31 06352967 2022-12-31 06352967 2021-12-31 06352967 core:NetGoodwill 2023-01-01 2023-12-31 06352967 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 06352967 core:FurnitureFittings 2023-01-01 2023-12-31 06352967 bus:Director1 2023-01-01 2023-12-31 06352967 bus:Director5 2023-01-01 2023-12-31 06352967 core:NetGoodwill 2022-12-31 06352967 core:NetGoodwill 2023-12-31 06352967 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06352967 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 06352967 core:FurnitureFittings 2022-12-31 06352967 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 06352967 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 06352967 core:FurnitureFittings 2023-12-31 06352967 core:WithinOneYear 2023-12-31 06352967 core:WithinOneYear 2022-12-31 06352967 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06352967 core:AfterOneYear 2023-12-31 06352967 core:AfterOneYear 2022-12-31 06352967 core:ShareCapital 2023-12-31 06352967 core:ShareCapital 2022-12-31 06352967 core:RevaluationReserve 2023-12-31 06352967 core:RevaluationReserve 2022-12-31 06352967 core:RetainedEarningsAccumulatedLosses 2023-12-31 06352967 core:RetainedEarningsAccumulatedLosses 2022-12-31 06352967 core:NetGoodwill 2022-12-31 06352967 core:FurnitureFittings 2022-12-31 06352967 bus:SmallEntities 2023-01-01 2023-12-31 06352967 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06352967 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06352967 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06352967 bus:FullAccounts 2023-01-01 2023-12-31 06352967 core:ComputerEquipment 2023-01-01 2023-12-31 06352967 core:ComputerEquipment 2022-12-31 06352967 core:ComputerEquipment 2023-12-31 06352967 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06352967
John Ives Limited
Unaudited financial statements
31 December 2023
John Ives Limited
Statement of financial position
31 December 2023
2023
2022
(restated)
Note
£
£
£
£
Fixed assets
Intangible assets
5
32,847
35,833
Tangible assets
6
234,612
237,681
---------
---------
267,459
273,514
Current assets
Stocks
60,682
105,723
Debtors
7
5,698
3,304
Cash at bank and in hand
30,060
344
-------
---------
96,440
109,371
Creditors: Amounts falling due within one year
8
( 114,695)
( 137,738)
---------
---------
Net current liabilities
( 18,255)
( 28,367)
---------
---------
Total assets less current liabilities
249,204
245,147
Creditors: Amounts falling due after more than one year
9
( 163,684)
( 168,684)
Provisions
Taxation including deferred tax
( 19,001)
( 19,429)
---------
---------
Net assets
66,519
57,034
---------
---------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
62,000
62,000
Profit and loss account
4,517
( 4,968)
-------
-------
Shareholders funds
66,519
57,034
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
John Ives Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr D Ives
Miss F Ives
Director
Director
Company registration number: 06352967
John Ives Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The trading address is 29 & 31 The Thoroughfare, Woodbridge, IP12 1BE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
20% straight line
Fixture and fittings
-
15% reducing balance
Computer equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 8 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 (as restated) and 31 December 2023
59,721
-------
Amortisation
At 1 January 2023
23,888
Charge for the year
2,986
-------
At 31 December 2023
26,874
-------
Carrying amount
At 31 December 2023
32,847
-------
At 31 December 2022
35,833
-------
6. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 (as restated)
212,000
1,141
47,701
1,474
262,316
Additions
356
356
---------
------
-------
------
---------
At 31 December 2023
212,000
1,141
47,701
1,830
262,672
---------
------
-------
------
---------
Depreciation
At 1 January 2023
1,141
22,836
658
24,635
Charge for the year
3,370
55
3,425
---------
------
-------
------
---------
At 31 December 2023
1,141
26,206
713
28,060
---------
------
-------
------
---------
Carrying amount
At 31 December 2023
212,000
21,495
1,117
234,612
---------
------
-------
------
---------
At 31 December 2022
212,000
24,865
816
237,681
---------
------
-------
------
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
133,287
Aggregate depreciation
---------
Carrying value
133,287
---------
At 31 December 2022
Aggregate cost
133,287
Aggregate depreciation
---------
Carrying value
133,287
---------
7. Debtors
2023
2022
(restated)
£
£
Trade debtors
( 12)
Other debtors
5,698
3,316
------
------
5,698
3,304
------
------
8. Creditors: Amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
9,745
Trade creditors
6,229
( 1,757)
Social security and other taxes
9,709
4,863
Other creditors
98,757
124,887
---------
---------
114,695
137,738
---------
---------
Bank loans are secured in full by the company.
9. Creditors: Amounts falling due after more than one year
2023
2022
(restated)
£
£
Other creditors
163,684
168,684
---------
---------
Bank loans are secured in full by the company.
10. Prior period errors
Prior year adjustments have occurred in respect of an understatement of provisions totalling £16,713 within the prior year accounts. The adjustment to the deferred tax provision has occurred as a result of a revaluation of freehold property in prior years. This has been corrected by increasing provisions and decreasing the revaluation reserve by £16,713.