IVR Electrical Limited
Registered number: 09071425
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,110 18,219
Current assets
Debtors 4 30,724 108,486
Creditors: amounts falling due within one year 5 (65,255) (72,551)
Net current (liabilities)/assets (34,531) 35,935
Total assets less current liabilities (25,421) 54,154
Creditors: amounts falling due after more than one year 6 (32,747) (36,291)
Net (liabilities)/assets (58,168) 17,863
Capital and reserves
Called up share capital 6 6
Profit and loss account (58,174) 17,857
Shareholder's funds (58,168) 17,863
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dan Houghton
Director
Approved by the board on 3 November 2024
IVR Electrical Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant, machinery & vehicles over 4 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 & 31 March 2024 36,437
Depreciation
At 1 April 2023 18,218
Charge for the year 9,109
At 31 March 2024 27,327
Net book value
At 31 March 2024 9,110
At 31 March 2023 18,219
4 Debtors 2024 2023
£ £
Trade debtors 3,114 64,872
Other loans - 4,000
Other debtors 27,610 39,614
30,724 108,486
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,544 6,610
Other loans - 5,516
Obligations under finance lease and hire purchase contracts 3,000 2,500
Other creditors 48,796 49,179
Corporation tax - 2,069
Other taxes and social security costs (85) 6,677
65,255 72,551
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,965 19,009
Obligations under finance lease and hire purchase contracts 16,782 17,282
32,747 36,291
7 Other information
IVR Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is Unit L, The Courtyard Ranmore Common, Dorking, Surrey, RH5 6SX
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