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Company Registration No. 11421202 (England and Wales)
IVEO Group Ltd Amended unaudited accounts for the year ended 31 March 2024
IVEO Group Ltd Amended unaudited accounts Contents
Page
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IVEO Group Ltd Company Information for the year ended 31 March 2024
Director
Ferhaan Mirza
Company Number
11421202 (England and Wales)
Registered Office
Unit 2 Speedwell Trading Estate 108 Kings Road Tyseley Birmingham B11 2AT United Kingdom
Accountants
Integritax Accountants Ltd 68 Yardley Road Acocks Green Birmingham B27 6LG
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IVEO Group Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
144,855 
70,471 
Current assets
Inventories
551,467 
442,327 
Debtors
123,278 
124,618 
Cash at bank and in hand
31,660 
60,986 
706,405 
627,931 
Creditors: amounts falling due within one year
(395,118)
(418,544)
Net current assets
311,287 
209,387 
Total assets less current liabilities
456,142 
279,858 
Creditors: amounts falling due after more than one year
(271,892)
(175,345)
Provisions for liabilities
Deferred tax
(30,078)
(15,945)
Net assets
154,172 
88,568 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
154,171 
88,567 
Shareholders' funds
154,172 
88,568 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 October 2024 and were signed on its behalf by
Ferhaan Mirza Director Company Registration No. 11421202
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IVEO Group Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
IVEO Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 11421202. The registered office is Unit 2, Speedwell Trading Estate 108 Kings Road, Tyseley, Birmingham, B11 2AT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
20% straight line
Computer equipment
33% straight line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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IVEO Group Ltd Notes to the Accounts for the year ended 31 March 2024
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
7,635 
72,419 
3,030 
2,718 
85,802 
Additions
6,870 
74,967 
15,084 
5,259 
102,180 
At 31 March 2024
14,505 
147,386 
18,114 
7,977 
187,982 
Depreciation
At 1 April 2023
770 
12,048 
437 
2,076 
15,331 
Charge for the year
1,629 
23,329 
2,392 
446 
27,796 
At 31 March 2024
2,399 
35,377 
2,829 
2,522 
43,127 
Net book value
At 31 March 2024
12,106 
112,009 
15,285 
5,455 
144,855 
At 31 March 2023
6,865 
60,371 
2,593 
642 
70,471 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
123,278 
124,618 
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IVEO Group Ltd Notes to the Accounts for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
12,347 
57,804 
Taxes and social security
29,635 
47,415 
Other creditors
78,874 
101,836 
Loans from directors
274,262 
211,489 
395,118 
418,544 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
59,314 
19,191 
Obligations under finance leases and hire purchase contracts
116,938 
60,514 
Other creditors
95,640 
95,640 
271,892 
175,345 
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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