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Registration number: 05840295

I V R (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

I V R (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

I V R (UK) Limited

Company Information

Directors

Mr GW Gatward

Mr CJ Hoare

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

 

I V R (UK) Limited

(Registration number: 05840295)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

259

365

Current assets

 

Debtors

5

56,633

55,879

Cash at bank and in hand

 

393,664

302,953

 

450,297

358,832

Creditors: Amounts falling due within one year

6

(185,919)

(163,397)

Net current assets

 

264,378

195,435

Total assets less current liabilities

 

264,637

195,800

Provisions for liabilities

(49)

(69)

Net assets

 

264,588

195,731

Capital and reserves

 

Called up share capital

1

1

Retained earnings

264,587

195,730

Shareholders' funds

 

264,588

195,731

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.

 

I V R (UK) Limited

(Registration number: 05840295)
Balance Sheet as at 30 June 2024

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

.........................................
Mr GW Gatward
Director

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

 

I V R (UK) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

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 and deferred 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.

 

I V R (UK) Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

20% reducing balance

Computer equipment

33% reducing balance

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.

Share capital

Ordinary shares are classified as equity.

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.

 

I V R (UK) Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

I V R (UK) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

17,009

1,530

18,539

At 30 June 2024

17,009

1,530

18,539

Depreciation

At 1 July 2023

16,751

1,423

18,174

Charge for the year

85

21

106

At 30 June 2024

16,836

1,444

18,280

Carrying amount

At 30 June 2024

173

86

259

At 30 June 2023

258

107

365

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

34,594

29,408

Amounts owed by related parties

7

-

4,432

Prepayments

 

13,639

13,639

Other debtors

 

8,400

8,400

   

56,633

55,879

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

7,110

9,382

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

147,141

145,913

Taxation and social security

 

29,818

6,252

Accruals and deferred income

 

1,850

1,850

 

185,919

163,397

 

I V R (UK) Limited

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

7

Related party transactions

Summary of transactions with parent

The ultimate parent company is The Institute of Vehicle Recovery, registration number 01841644, a company registered in England and limited by guarantee.
Registered Office: Fawley House, 2 Regatta Place, Marlow Road, Bourne End, Bucks, SL8 5TD

 The company was charged management charges totalling £96,000 (2023 £96,000) by its holding company. As at 30 June 2024 the balance due to the holding company was £133,913 (2023 £145,913).
 

Summary of transactions with associates

The company was invoiced £96,112 (2023 £65,949) by an associate company, IVR Training Services Limited during the year. The company also invoiced its associate company IVR Training Services Limited £4,689 (2023 £3,521) during the year. As at 30 June 2024 the company was owed £13,229 (2023 ( £4,432)) to IVR Training Services Limited.