Company registration number 08504422 (England and Wales)
Ivanlee Designs Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Ivanlee Designs Ltd
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Ivanlee Designs Ltd
BALANCE SHEET
As At 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
329
691
Current assets
Debtors
4
608
Cash at bank and in hand
12,699
19,115
13,307
19,115
Creditors: amounts falling due within one year
5
(13,186)
(18,389)
Net current assets
121
726
Net assets
450
1,417
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
350
1,317
Total equity
450
1,417
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 January 2025
Mr I Lee
Director
Company registration number 08504422 (England and Wales)
Ivanlee Designs Ltd
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024
- 2 -
1
Accounting policies
Company information
Ivanlee Designs Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB. The principal place of business is 50 Bridge End, London, E17 4ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Reducing balance
Fixtures and fittings
15% Straight line
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Ivanlee Designs Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Ivanlee Designs Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
1,454
8,426
9,880
Depreciation and impairment
At 1 May 2023
1,219
7,970
9,189
Depreciation charged in the year
47
315
362
At 30 April 2024
1,266
8,285
9,551
Carrying amount
At 30 April 2024
188
141
329
At 30 April 2023
235
456
691
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
608
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
11,706
15,259
Other taxation and social security
40
40
Other creditors
330
Accruals and deferred income
1,440
2,760
13,186
18,389