Company Registration No. 2822624 (England and Wales)
IVC Technologies Ltd
Unaudited accounts
for the year ended 31 May 2024
IVC Technologies Ltd
Unaudited accounts
Contents
IVC Technologies Ltd
Company Information
for the year ended 31 May 2024
Directors
S D Collett
K R Dold
B J Edwards
Company Number
2822624 (England and Wales)
Registered Office
8 Armoury Road
Lufton Trading Estate
Yeovil
Somerset
BA22 8RL
UK
IVC Technologies Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
465,348
457,037
Inventories
26,673
127,391
Cash at bank and in hand
910,264
438,883
Creditors: amounts falling due within one year
(642,328)
(847,619)
Net current assets
461,973
835,766
Total assets less current liabilities
927,321
1,292,803
Provisions for liabilities
Net assets
920,555
1,292,803
Called up share capital
1,000
1,000
Profit and loss account
919,555
1,291,803
Shareholders' funds
920,555
1,292,803
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by
B J Edwards
Director
Company Registration No. 2822624
IVC Technologies Ltd
Notes to the Accounts
for the year ended 31 May 2024
IVC Technologies Ltd is a private company, limited by shares, registered in England and Wales, registration number 2822624. The registered office is 8 Armoury Road, Lufton Trading Estate, Yeovil, Somerset, BA22 8RL, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
IVC Technologies Ltd
Notes to the Accounts
for the year ended 31 May 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation is taken as the property value is in excess of the costs in these accounts
Plant & machinery
20% Straight Line
Motor vehicles
20% Straight Line
Fixtures & fittings
20% Straight Line
Computer equipment
20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's intangible fixed assets/tangible fixed assets/investments/inventories. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
IVC Technologies Ltd
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 June 2023
434,557
56,973
50,409
16,957
56,517
615,413
Additions
-
-
-
-
18,310
18,310
At 31 May 2024
434,557
56,973
50,409
16,957
74,827
633,723
At 1 June 2023
-
47,449
50,409
14,870
45,648
158,376
Charge for the year
-
2,847
-
417
6,735
9,999
At 31 May 2024
-
50,296
50,409
15,287
52,383
168,375
At 31 May 2024
434,557
6,677
-
1,670
22,444
465,348
At 31 May 2023
434,557
9,524
-
2,087
10,869
457,037
Amounts falling due within one year
Trade debtors
84,024
1,011,303
Amounts due from group undertakings etc.
2,387
3,828
Accrued income and prepayments
18,880
22,980
Other debtors
62,073
79,000
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
103,106
398,644
Taxes and social security
26,038
25,754
Loans from directors
137
377
Exceptional Items:
During the year Profit & Loss Account Reserves have been reduced by £436,599, this being a contribution towards the Employee Ownership Trust (EOT).
8
Average number of employees
During the year the average number of employees was 13 (2023: 16).