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Company No: 07332258 (England and Wales)

IVYBRIDGE TRADE CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

IVYBRIDGE TRADE CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

IVYBRIDGE TRADE CENTRE LIMITED

BALANCE SHEET

As at 30 April 2024
IVYBRIDGE TRADE CENTRE LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,957 6,537
6,957 6,537
Current assets
Stocks 821,985 731,184
Debtors 5 11,984 40,980
Cash at bank and in hand 276,974 303,985
1,110,943 1,076,149
Creditors: amounts falling due within one year 6 ( 203,003) ( 191,790)
Net current assets 907,940 884,359
Total assets less current liabilities 914,897 890,896
Provision for liabilities ( 1,666) ( 1,561)
Net assets 913,231 889,335
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 913,131 889,235
Total shareholders' funds 913,231 889,335

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ivybridge Trade Centre Limited (registered number: 07332258) were approved and authorised for issue by the Board of Directors on 03 December 2024. They were signed on its behalf by:

Mr S Pratten
Director
IVYBRIDGE TRADE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
IVYBRIDGE TRADE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ivybridge Trade Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.
The principal place of business is: Unit 4, Blair Road, Fulham Industrial Estate, Ivybridge, Devon PL21 0UR

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 41,312 41,312
At 30 April 2024 41,312 41,312
Accumulated amortisation
At 01 May 2023 41,312 41,312
At 30 April 2024 41,312 41,312
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 13,561 5,051 18,612
Additions 2,109 179 2,288
At 30 April 2024 15,670 5,230 20,900
Accumulated depreciation
At 01 May 2023 7,356 4,719 12,075
Charge for the financial year 1,759 109 1,868
At 30 April 2024 9,115 4,828 13,943
Net book value
At 30 April 2024 6,555 402 6,957
At 30 April 2023 6,205 332 6,537

5. Debtors

2024 2023
£ £
Trade debtors 1,996 26,137
Other debtors 9,988 14,843
11,984 40,980

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 61,501 63,264
Amounts owed to Group undertakings 0 2,875
Taxation and social security 95,753 101,801
Other creditors 45,749 23,850
203,003 191,790

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
45 B ordinary shares of £ 1.00 each 45 45
5 C ordinary shares of £ 1.00 each 5 5
100 100

8. Financial commitments

Other financial commitments

2024 2023
£ £
The total amount of financial commitments not included in the balance sheet 18,417 35,417