Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 09605981 Mr Benjamin Ivory Mrs Janet Ivory Mr Thomas Ivory Mr Matthew Ivory iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09605981 2023-05-31 09605981 2024-05-31 09605981 2023-06-01 2024-05-31 09605981 frs-core:CurrentFinancialInstruments 2024-05-31 09605981 frs-core:Non-currentFinancialInstruments 2024-05-31 09605981 frs-core:BetweenOneFiveYears 2024-05-31 09605981 frs-core:ComputerEquipment 2024-05-31 09605981 frs-core:ComputerEquipment 2023-06-01 2024-05-31 09605981 frs-core:ComputerEquipment 2023-05-31 09605981 frs-core:NetGoodwill 2024-05-31 09605981 frs-core:NetGoodwill 2023-06-01 2024-05-31 09605981 frs-core:NetGoodwill 2023-05-31 09605981 frs-core:MotorVehicles 2024-05-31 09605981 frs-core:MotorVehicles 2023-06-01 2024-05-31 09605981 frs-core:MotorVehicles 2023-05-31 09605981 frs-core:PlantMachinery 2024-05-31 09605981 frs-core:PlantMachinery 2023-06-01 2024-05-31 09605981 frs-core:PlantMachinery 2023-05-31 09605981 frs-core:WithinOneYear 2024-05-31 09605981 frs-core:ShareCapital 2024-05-31 09605981 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 09605981 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09605981 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 09605981 frs-bus:SmallEntities 2023-06-01 2024-05-31 09605981 frs-bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09605981 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09605981 frs-bus:Director1 2023-06-01 2024-05-31 09605981 frs-bus:Director2 2023-06-01 2024-05-31 09605981 frs-bus:Director3 2023-06-01 2024-05-31 09605981 frs-bus:Director4 2023-06-01 2024-05-31 09605981 frs-countries:EnglandWales 2023-06-01 2024-05-31 09605981 2022-05-31 09605981 2023-05-31 09605981 2022-06-01 2023-05-31 09605981 frs-core:CurrentFinancialInstruments 2023-05-31 09605981 frs-core:Non-currentFinancialInstruments 2023-05-31 09605981 frs-core:BetweenOneFiveYears 2023-05-31 09605981 frs-core:MotorVehicles 2022-06-01 2023-05-31 09605981 frs-core:WithinOneYear 2023-05-31 09605981 frs-core:ShareCapital 2023-05-31 09605981 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 09605981
Ivory & Sons Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ivory & Sons Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Ivory & Sons Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ivory & Sons Limited and state those matters that we have agreed to state to the directors of Ivory & Sons Limited in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Ivory & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ivory & Sons Limited . You consider that Ivory & Sons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ivory & Sons Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
11 November 2024
Smarter Accounting
5 Den Road
Teignmouth
TQ14 8AR
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Page 2
Balance Sheet
Registered number: 09605981
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 23,314 34,407
23,314 34,407
CURRENT ASSETS
Stocks 6 4,000 4,000
Debtors 7 10,754 18,588
Cash at bank and in hand 81,054 100,129
95,808 122,717
Creditors: Amounts Falling Due Within One Year 8 (38,988 ) (72,161 )
NET CURRENT ASSETS (LIABILITIES) 56,820 50,556
TOTAL ASSETS LESS CURRENT LIABILITIES 80,134 84,963
Creditors: Amounts Falling Due After More Than One Year 9 (21,492 ) (31,674 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (4,430 ) (6,537 )
NET ASSETS 54,212 46,752
CAPITAL AND RESERVES
Called up share capital 12 2 2
Profit and Loss Account 54,210 46,750
SHAREHOLDERS' FUNDS 54,212 46,752
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For the year ending 31 May 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Janet Ivory
Director
11 November 2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Ivory & Sons Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09605981 . The registered office is 21 Upper Longlands, Dawlish, Devon, EX7 9DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 4 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
2.11. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 2)
4 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 20,000
As at 31 May 2024 20,000
Amortisation
As at 1 June 2023 20,000
As at 31 May 2024 20,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 17,746 64,939 1,143 83,828
Disposals - (14,000 ) - (14,000 )
As at 31 May 2024 17,746 50,939 1,143 69,828
Depreciation
As at 1 June 2023 10,358 38,101 962 49,421
Provided during the period 1,847 5,879 45 7,771
Disposals - (10,678 ) - (10,678 )
As at 31 May 2024 12,205 33,302 1,007 46,514
Net Book Value
As at 31 May 2024 5,541 17,637 136 23,314
As at 1 June 2023 7,388 26,838 181 34,407
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 16,364 21,818
6. Stocks
2024 2023
£ £
Stock 4,000 4,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,056 14,856
VAT 7,698 3,732
10,754 18,588
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,183 4,183
Trade creditors 7,331 4,277
Bank loans and overdrafts 6,000 6,000
Corporation tax 9,661 19,585
Other taxes and social security 4,717 2,882
Other creditors 1,340 1,285
Directors' loan accounts 5,756 33,949
38,988 72,161
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 16,174 20,356
Bank loans 5,318 11,318
21,492 31,674
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,183 4,183
Later than one year and not later than five years 16,174 20,356
20,357 24,539
20,357 24,539
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 4,430 6,537
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
13. Related Party Transactions
At the year end, 31 May 2024, the company owed the directors £5,756 (2023: £33,949) in respect of loans held with the company. These amounts are interest free and repayable on demand.
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