Registration number:
Irvin Bros. (Fleet Works) Limited
for the Year Ended 30 April 2024
Irvin Bros. (Fleet Works) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Irvin Bros. (Fleet Works) Limited
(Registration number: 00770190)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
19,000 |
19,000 |
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Revaluation reserve |
375,485 |
375,485 |
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Retained earnings |
384,131 |
338,960 |
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Shareholders' funds |
778,616 |
733,445 |
Irvin Bros. (Fleet Works) Limited
(Registration number: 00770190)
Balance Sheet as at 30 April 2024 (continued)
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Irvin Bros. (Fleet Works) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents the total amount receivable by the company in the ordinary course of business as rent receivable and income from investments.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Irvin Bros. (Fleet Works) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, Fittings & Equipment |
15% Straight Line |
Office Equipment |
20% Straight Line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
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 a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Irvin Bros. (Fleet Works) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Irvin Bros. (Fleet Works) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Investment properties |
2024 |
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At 1 May |
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At 30 April |
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The valuation of the investment property was undertaken by the directors at the year end and represents the directors best estimate based on their knowledge of the property market in the region in which the properties are located. In the directors' opinion the valuations reflect the current open market value of the properties as at the year end date.
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Irvin Bros. (Fleet Works) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Bank loans amounting to £227,799 (Split £17,000 due within one year, £210,799 due over one year) are secured against the investment property held by the company.
Share capital |
Amounts presented in equity:
2024 |
2023 |
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No. |
£ |
No. |
£ |
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19,000 |
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19,000 |
Amounts presented in liabilities:
2024 |
2023 |
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No. |
£ |
No. |
£ |
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200,000 |
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200,000 |