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Registration number: 01841644

The Institute Of Vehicle Recovery

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

The Institute Of Vehicle Recovery

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

The Institute Of Vehicle Recovery

Company Information

Directors

Mr CJ Hoare

Mr K Rice

Mr JM Coldwell

Mr MA Hartell

Mr NJ Ovenden

Mr J J Gatward

Mr S D Holland

Company secretary

Mr GW Gatward

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

 

The Institute Of Vehicle Recovery

(Registration number: 01841644)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

14,944

5,138

Tangible assets

5

3,262

4,077

Investments

6

3

3

 

18,209

9,218

Current assets

 

Debtors

7

180,600

190,584

Cash at bank and in hand

 

179,341

126,748

 

359,941

317,332

Creditors: Amounts falling due within one year

8

(15,797)

(3,784)

Net current assets

 

344,144

313,548

Net assets

 

362,353

322,766

Reserves

 

Retained earnings

362,353

322,766

Surplus

 

362,353

322,766

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
Mr CJ Hoare
Director

.........................................
Mr S D Holland
Director

 

The Institute Of Vehicle Recovery

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding one years subscription towards the assets of the company in the event of liquidation.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD
United Kingdom

These financial statements were authorised for issue by the Board on 16 January 2025.

2

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

The Institute Of Vehicle Recovery

Notes to the Financial Statements for the Year Ended 30 June 2024

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

Furniture and equipment

20% reducing balance

Intangible assets

Identifiable website development that will benefit the company in future years through direct income generation, expenditure is capitalised and amortised on a straight line basis over its useful life of three years. Provision is made for any impairment.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

straight line over 3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised at the transaction price.

 

The Institute Of Vehicle Recovery

Notes to the Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 10).

 

The Institute Of Vehicle Recovery

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

26,206

26,206

Additions

18,560

18,560

At 30 June 2024

44,766

44,766

Amortisation

At 1 July 2023

21,068

21,068

Amortisation charge

8,754

8,754

At 30 June 2024

29,822

29,822

Carrying amount

At 30 June 2024

14,944

14,944

At 30 June 2023

5,138

5,138

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

24,549

24,549

At 30 June 2024

24,549

24,549

Depreciation

At 1 July 2023

20,472

20,472

Charge for the year

815

815

At 30 June 2024

21,287

21,287

Carrying amount

At 30 June 2024

3,262

3,262

At 30 June 2023

4,077

4,077

6

Investments

2024
£

2023
£

Investments in subsidiaries

3

3

 

The Institute Of Vehicle Recovery

Notes to the Financial Statements for the Year Ended 30 June 2024

Subsidiaries

£

Cost or valuation

At 1 July 2023

3

Provision

Carrying amount

At 30 June 2024

3

At 30 June 2023

3

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

IVR Training Services Limited

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

Ordinary

100%

100%

 

England

     

IVR (UK) Limited

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

Ordinary

100%

100%

 

England

     

Subsidiary undertakings

IVR Training Services Limited

The principal activity of IVR Training Services Limited is Training organisation. The profit for the financial period of IVR Training Services Limited was £28,569 and the aggregate amount of Capital and reserves at the end of the period was £94,792.

IVR (UK) Limited

The principal activity of IVR (UK) Limited is Training organisation. The profit for the financial period of IVR (UK) Limited was £68,857 and the aggregate amount of Capital and reserves at the end of the period was £264,588.

 

The Institute Of Vehicle Recovery

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

616

1,355

Amounts owed by related parties

9

166,921

173,900

Prepayments

 

8,219

7,470

Other debtors

 

4,844

7,859

   

180,600

190,584

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

14,083

2,282

Taxation and social security

189

61

Accruals and deferred income

1,400

1,400

Other creditors

125

41

15,797

3,784

9

Related party transactions

Summary of transactions with subsidiaries

The company charged a management fee to its subsidiaries, IVR (UK) Limited of £96,000 (2023 £96,000) and IVR Training Services Limited of £4,000 (2023 £NIL) during the year.
IVR Training Services Limited recharged costs of £23,355 (2023 £32,248) to the company during the year. As st 30 June 2024 the balance due from IVR (UK) Limited was £133,913 (2023 £145,913) and IVR Training Services Limited was £33,008 (2023 £27,987).