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Registration number: 00620701

Ivor Doble Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Ivor Doble Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ivor Doble Limited

Company Information

Directors

Mr John Doble

Mr Roo Nelson Doble

Registered office

24 Sidwell Street
Exeter
Devon
EX4 6NN

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Ivor Doble Limited

(Registration number: 00620701)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

323,375

348,194

Current assets

 

Stocks

5

501,514

474,469

Debtors

6

352,942

352,221

Cash at bank and in hand

 

19,791

101,445

 

874,247

928,135

Creditors: Amounts falling due within one year

7

(204,270)

(255,697)

Net current assets

 

669,977

672,438

Total assets less current liabilities

 

993,352

1,020,632

Provisions for liabilities

(7,095)

(11,677)

Net assets

 

986,257

1,008,955

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

71,088

75,366

Retained earnings

915,069

933,489

Shareholders' funds

 

986,257

1,008,955

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 February 2025 and signed on its behalf by:
 

 

Ivor Doble Limited

(Registration number: 00620701)
Balance Sheet as at 30 June 2024

.........................................
Mr John Doble
Director

 

Ivor Doble Limited

Notes to the Unaudited 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:
24 Sidwell Street
Exeter
Devon
EX4 6NN

These financial statements were authorised for issue by the Board on 11 February 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Ivor Doble Limited

Notes to the Unaudited 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

25% reducing balance basis

Office equipment

25% reducing balance basis

Property

1% straight line basis

Fixtures and fittings

15% straight line basis

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. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ivor Doble Limited

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

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 14 (2023 - 14).

 

Ivor Doble Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

386,179

147,670

4,488

538,337

Additions

-

1,111

-

1,111

At 30 June 2024

386,179

148,781

4,488

539,448

Depreciation

At 1 July 2023

81,234

104,909

4,000

190,143

Charge for the year

3,862

21,946

122

25,930

At 30 June 2024

85,096

126,855

4,122

216,073

Carrying amount

At 30 June 2024

301,083

21,926

366

323,375

At 30 June 2023

304,945

42,761

488

348,194

Included within the net book value of land and buildings above is £301,083 (2023 - £304,945) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

501,514

474,469

6

Debtors

Current

2024
£

2023
£

Trade debtors

(2,830)

11,562

Prepayments

7,563

7,185

Other debtors

348,209

333,474

 

352,942

352,221

 

Ivor Doble Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

154,482

173,802

Trade creditors

 

21,940

38,657

Taxation and social security

 

18,961

25,451

Accruals and deferred income

 

3,346

8,946

Other creditors

 

5,541

8,841

 

204,270

255,697

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on revaluation of other assets

(4,278)

4,278

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on revaluation of other assets

(4,278)

4,278

 

Ivor Doble Limited

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

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

154,482

173,802

11

Dividends

   

2024

 

2023

   

£

 

£

         

12

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Mr Albert Ivor Doble

Director loan

102,507

(4,180)

98,327

       
     

Mr Roo Nelson Doble

Directors loan

(1,715)

20,000

18,285

       
     

Mr John Doble

Director loan

4,256

630

4,886

       
     

 

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr Albert Ivor Doble

Director loan

104,552

(2,045)

102,507

       
     

Mr Roo Nelson Doble

Directors loan

(361)

(1,354)

(1,715)

       
     

Mr John Doble

Director loan

(3,407)

7,663

4,256

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Ivor Doble Limited

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

2024
£

2023
£

Remuneration

334

16,008

Dividends paid to directors

   

2024
£

 

2023
£

Mr Albert Ivor Doble

       

Interim dividend paid

 

-

 

-