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IVS Swansea Limited
























Financial statements



For the year ended 31 December 2023



Registered number: 10439075
Information for filing with the registrar

 
IVS Swansea Limited - Registered number: 10439075

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
689,015
761,015

  
689,015
761,015

Current assets
  

Debtors
 5 
89,306
30,901

Cash at bank and in hand
  
20,039
27,231

  
109,345
58,132

Creditors: amounts falling due within one year
 7 
(781,558)
(130,380)

Net current liabilities
  
 
 
(672,213)
 
 
(72,248)

Total assets less current liabilities
  
16,802
688,767

  

Net assets
  
16,802
688,767


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
16,801
688,766

  
16,802
688,767


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board on 30 April 2024 and were signed on its behalf by:




Timothy Hair
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
IVS Swansea Limited

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office is 46/48 Beak Street, London, W1F 9RJ.

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 Section 1A of The Financial Reporting Standard, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established in the UK and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. 

 
2.3

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.

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension
plan under which the company pays fixed contributions into a separate entity. Once the contributions have
been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are
shown in the accruals as a liability in the Statement of financial position. The assets of the plan are held
separately from the company in independently administered funds.

 
2.5

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 reporting date in the countries where the company operates and generates income.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

 
IVS Swansea Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The company 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. 

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
761,015


Disposals
(72,000)



At 31 December 2023
689,015




Page 3

 
IVS Swansea Limited

 
Notes to the financial statements
For the year ended 31 December 2023

Subsidiary undertaking


At 31 December 2023, the following was a subsidiary undertaking of the company:

Name

Country of incorporation

Class of shares

Holding

South Wales Industrial Valves Services Limited
England and Wales
Ordinary
100%

On 11 April 2023, Reliance Control Systems Limited was dissolved and the entity ceased to be a subsidiary on this date.


5.


Debtors

2023
2022
£
£


Trade debtors
59,305
900

Amounts owed by group undertakings
30,001
30,001

89,306
30,901


Included within amounts due from group undertakings are balances from the subsidiary company, South Wales Industrial Valve Services Limited totalling £30,001 (2022 - £30,001). The balance is interest free and has no fixed terms for repayment. This balance is secured over the assets of the subsidary company. 


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,039
27,231

20,039
27,231


Page 4

 
IVS Swansea Limited

 
Notes to the financial statements
For the year ended 31 December 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
-
319

Amounts owed to group undertakings
755,102
126,571

Other taxation and social security
22,046
70

Accruals and deferred income
4,410
3,420

781,558
130,380


The following liabilities were secured:

2023
2022
£
£



Loans due to subsidiary
155,102
126,571

155,102
126,571

Details of security provided:

The above loan is secured by a fixed and floating charge over the assets of the company.
The loan due to the subsidiary is interest free and has no fixed terms for repayment. 


8.


Contingent liabilities

The company had no contingent liabilities as at 31 December 2023 or 31 December 2022.


9.


Capital commitments

The company had no capital commitments at 31 December 2023 or 31 December 2022.



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the company in independently administered funds. The pension cost charge represents contributions
payable by the company to the fund and amounted to £4,560 (2022 - £Nil). Contributions totalling £1,448
(2022 - £Nil) were payable to the fund at the reporting date and are inducted in creditors.


11.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not
disclosed transactions with the immediate parent company or any wholly owned subsidiary undertakings of the
group headed by Amcomri Group Limited.

Page 5

 
IVS Swansea Limited

 
Notes to the financial statements
For the year ended 31 December 2023

12.


Controlling party

The smallest group of undertakings for which consolidated group accounts, which include the company, have been
drawn up is headed by Amcomri Group Limited. Amcomri Group Limited has its registered office at 46/48 Beak
Street, London, W1F 9RJ.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 May 2024 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 6