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COMPANY REGISTRATION NUMBER: 06123771
Ivinghoe Turf Limited
Filleted Unaudited Financial Statements
31 July 2024
Ivinghoe Turf Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
394,238
389,039
Current assets
Stocks
32,990
3,550
Debtors
7
197,068
194,423
Cash at bank and in hand
27,104
292,087
---------
---------
257,162
490,060
Creditors: amounts falling due within one year
8
247,589
465,374
---------
---------
Net current assets
9,573
24,686
---------
---------
Total assets less current liabilities
403,811
413,725
Creditors: amounts falling due after more than one year
9
16,739
2,067
---------
---------
Net assets
387,072
411,658
---------
---------
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss account
337,072
361,658
---------
---------
Shareholders funds
387,072
411,658
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ivinghoe Turf Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
Mr R Levy
Director
Company registration number: 06123771
Ivinghoe Turf Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3, Bignell Park Barns, Chesterton, Oxfordshire, OX26 1TD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Trailers
-
10% straight line
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
10,000
--------
Amortisation
At 1 August 2023 and 31 July 2024
10,000
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
120,835
483,132
151,550
508,221
1,263,738
Additions
148,544
148,544
Disposals
( 23,000)
( 144,141)
( 25,917)
( 435,721)
( 628,779)
---------
---------
---------
---------
------------
At 31 July 2024
97,835
487,535
125,633
72,500
783,503
---------
---------
---------
---------
------------
Depreciation
At 1 August 2023
15,743
282,745
115,366
460,845
874,699
Charge for the year
34,287
5,016
1,247
40,550
Disposals
( 15,743)
( 97,069)
( 19,838)
( 393,334)
( 525,984)
---------
---------
---------
---------
------------
At 31 July 2024
219,963
100,544
68,758
389,265
---------
---------
---------
---------
------------
Carrying amount
At 31 July 2024
97,835
267,572
25,089
3,742
394,238
---------
---------
---------
---------
------------
At 31 July 2023
105,092
200,387
36,184
47,376
389,039
---------
---------
---------
---------
------------
7. Debtors
2024
2023
£
£
Trade debtors
58,276
68,423
Other debtors
138,792
126,000
---------
---------
197,068
194,423
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
64,846
254,689
Corporation tax
70,572
119,919
Social security and other taxes
41,506
Other creditors
112,171
49,260
---------
---------
247,589
465,374
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,739
2,067
--------
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Levy
( 269)
( 534,360)
534,306
( 323)
----
---------
---------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Levy
( 115,097)
( 507,741)
622,569
( 269)
---------
---------
---------
----