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REGISTERED NUMBER: 10536839 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

IBOUNCE NEWTON ABBOT LIMITED

IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IBOUNCE NEWTON ABBOT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr R R Heavens



REGISTERED OFFICE: Unit 1, Milber Trading Estate
Newton Abbot
Devon
TQ12 4SG



REGISTERED NUMBER: 10536839 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
42 Courtenay Street
Newton Abbot
Devon
TQ12 2EB

IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 243,325 77,007

CURRENT ASSETS
Stocks 5 9,000 10,000
Debtors 6 10,026 129
Cash at bank and in hand 37,611 7,213
56,637 17,342
CREDITORS
Amounts falling due within one year 7 160,194 24,597
NET CURRENT LIABILITIES (103,557 ) (7,255 )
TOTAL ASSETS LESS CURRENT LIABILITIES 139,768 69,752

CREDITORS
Amounts falling due after more than one
year

8

174,806

55,252
NET (LIABILITIES)/ASSETS (35,038 ) 14,500

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings (35,043 ) 14,495
SHAREHOLDERS' FUNDS (35,038 ) 14,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





Mr R R Heavens - Director


IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

iBounce Newton Abbot 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% 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 Statement of Income and Retained Earnings, 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.

IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

Going concern
The company meets its day to day working capital requirements through a loan provided by Mr R Heavens, a Director of the company. He will continue to support the company in this way until such times as profits are made.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 11,294 90,107 18,901
Additions 136,134 35,970 19,898
At 31 March 2024 147,428 126,077 38,799
DEPRECIATION
At 1 April 2023 - 58,965 5,466
Charge for year 2,949 13,422 5,000
At 31 March 2024 2,949 72,387 10,466
NET BOOK VALUE
At 31 March 2024 144,479 53,690 28,333
At 31 March 2023 11,294 31,142 13,435

IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 27,500 1,593 149,395
Additions - 1,483 193,485
At 31 March 2024 27,500 3,076 342,880
DEPRECIATION
At 1 April 2023 6,875 1,082 72,388
Charge for year 5,156 640 27,167
At 31 March 2024 12,031 1,722 99,555
NET BOOK VALUE
At 31 March 2024 15,469 1,354 243,325
At 31 March 2023 20,625 511 77,007

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 27,500
DEPRECIATION
At 1 April 2023 6,875
Charge for year 5,156
At 31 March 2024 12,031
NET BOOK VALUE
At 31 March 2024 15,469
At 31 March 2023 20,625

5. STOCKS
2024 2023
£    £   
Stocks 9,000 10,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 409 -
Other debtors - 81
VAT - 48
Prepayments 9,617 -
10,026 129

IBOUNCE NEWTON ABBOT LIMITED (REGISTERED NUMBER: 10536839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 79,567 5,243
Hire purchase contracts 5,332 4,829
Trade creditors 10,597 2,160
Social security and other taxes 876 382
VAT 8,781 -
Other creditors 19,144 7,459
Directors' current accounts 35,647 4,524
Accrued expenses 250 -
160,194 24,597

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 37,068 -
Bank loans - 2-5 years 123,338 22,415
Bank loans more 5 yr by instal - 13,105
Hire purchase contracts 14,400 19,732
174,806 55,252

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 13,105

9. OTHER FINANCIAL COMMITMENTS

At 31/03/2024, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £184,404 (2023 £18,189).

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr R R Heavens
Balance outstanding at start of year (4,524 ) 4,454
Amounts advanced 52,031 38,663
Amounts repaid (83,154 ) (47,641 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (35,647 ) (4,524 )

Loans are unsecured, interest free and repayable on demand.

11. GOVERNMENT GUARANTEED LOAN

The bank loan is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to May 2030.