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Registered number: 03049893









IVORY & LEDOUX HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D Ellman 
D M Ellman 
W Bignell 
B Ben-Ari 
M Teperson 




Company secretary
B Ben-Ari



Registered number
03049893



Registered office
101 New Cavendish Street
First Floor South

London

W1W 6XH




Trading Address
Bridge House
4 Borough High St

London

SE1 9QQ






Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

First Floor South

London

W1W 6XH





 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 10
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 36


 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their report and financial statements for the year ended 30 September 2024.

Business review
 
The principal activity of the Group continued to be that of food importers, distributors and international traders.
The financial position and performance for the period under review is for the year ended 30 September 2024. 
The Directors are satisfied with the results for the year.
The key financial highlights are as follows:-    

12 Month Period Ended 30 September 2024
12 Month Period Ended 30 September 2023
12 Month Period Ended 30 September 2022
12 Month Period Ended 30 September 2021
12 Month Period Ended 30 September 2020
12 Month Period Ended 30 September 2019
        £
        £
        £
        £
        £
        £
Turnover

52,848,881

66,084,469

55,124,986
 
39,776,672
 
42,937,651

50,526,011

Gross profit

7,500,798

8,040,289

6,525,927
 
4,411,088
 
4,600,874

4,878,367

Operating profit

1,835,052

2,671,314

1,905,123
 
627,781
 
553,304

772,703

Profit on ordinary before taxation

1,557,966

2,246,425

1,745,114
 
505,646
 
301,122

464,388

Shareholders' funds

7,578,586

7,418,943

6,435,413
 
5,034,718
 
4,839,408

4,488,921


Principal risks and uncertainties
 
The Group's principal financial instruments comprise of bank balances, bank overdrafts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the Group's operations and to finance the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and the flexibility through the use of overdrafts at floating rates of interest. The Group makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The Group continues to take out credit insurance for trade debtors.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amount due.

Page 1

 
IVORY & LEDOUX HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Section 172 Statement

The Directors of the Company strive to act in ways most likely to promote the success of the business for the benefit of its stakeholders having regard to the matters set out in S172 (1) a-f of the Companies Act 2006 when making strategic decisions. 
The following Section 172 (1) statement is made on behalf of the Company in Compliance with the Act.
 
Foster business relationships with suppliers, customers and other stakeholders
Suppliers
 
The Company works hard to ensure that its suppliers are treated fairly and are valued and that relationships with them can be managed actively.
 
Customers
 
The Company is customer focused which is why customer service is essential. The Company is always looking for new ways to strengthen customer services and is continuously engaging with customers to build even deeper relationships.
Community and Environment
 
Building trust with customers and the communities around them is important. The Company aims to facilitate positive change for the people and communities in which it interacts. 
 
Business conduct
 
The company seeks to operate with high ethical standards and integrity by conducting business activities in compliance with applicable legal and regulatory requirements. The company also implements internal policies governing behaviour and conduct as well as policies that protect customers and promote better services. The Company undertakes an ongoing review of how evolving legislation, guidelines and best practises should be best reflected on topics including conduct, risk, compliance and the sustainable development of the industry. 
Acting fairly between shareholders
 
The Company is committed to acting fairly with its shareholders and being transparent in its activities and directions. 
Likely consequences of any decision in the long term 
 
Each year, a review of the Company’s strategy is carried out for the following year and beyond as part of the budgeting process. This helps to plan ahead and also forms the basis for financial budgets and planning and other strategic plans. The Company considers the long term implications of any decisions made with its stakeholders in mind and its long term reputation.

Employee involvement
 
The Group is committed to providing equal opportunity to all employees without discrimination and applied fair and equitable employment policies which ensure entry and progression within the Group. Appointments are determined solely by application of job criteria and competency.

Page 2

 
IVORY & LEDOUX HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Environmental policy
 
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.

Donations

During the year, the group made £6,232 (2023: £1,124) of charitable donations.


This report was approved by the board and signed on its behalf.



................................................
B Ben-Ari
Director

Date: 5 March 2025

Page 3

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors

The directors who served during the year were:

D Ellman 
D M Ellman 
W Bignell 
B Ben-Ari 
M Teperson 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,149,024 (2023 - £1,712,978).

A dividend of £856,489 (2023: £686,714) has been paid during the year.

Page 4

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B Ben-Ari
Director
Date: 5 March 2025

Page 5

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Ivory & Ledoux Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgements made by management in its significant accounting estimates; We did not identify any key audit matters relating to irregularities, including fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVORY & LEDOUX HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Haffner (Senior statutory auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Statutory Auditors
  
101 New Cavendish Street
First Floor South
London
W1W 6XH

5 March 2025
Page 10

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
52,848,881
66,084,469

Cost of sales
  
(45,348,083)
(58,044,180)

Gross profit
  
7,500,798
8,040,289

Distribution costs
  
(1,057,477)
(892,968)

Administrative expenses
  
(4,608,269)
(4,476,007)

Operating profit
 5 
1,835,052
2,671,314

Interest payable and similar expenses
 9 
(277,086)
(424,889)

Profit before taxation
  
1,557,966
2,246,425

Tax on profit
 10 
(408,942)
(533,447)

Profit for the financial year
  
1,149,024
1,712,978

  

Currency translation differences
  
(132,892)
(43,216)

Other comprehensive income for the year
  
(132,892)
(43,216)

Total comprehensive income for the year
  
1,016,132
1,669,762

Profit for the year attributable to:
  

Owners of the parent Company
  
1,149,024
1,712,978

  
1,149,024
1,712,978

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,016,132
1,669,762

  
1,016,132
1,669,762

The notes on pages 19 to 36 form part of these financial statements.

Page 11

 
IVORY & LEDOUX HOLDINGS LIMITED
REGISTERED NUMBER: 03049893

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
71,246
59,854

Tangible assets
 13 
97,501
135,055

  
168,747
194,909

Current assets
  

Stocks
 15 
13,869,828
14,309,560

Debtors
 16 
4,531,336
7,701,947

Cash at bank and in hand
 17 
349,866
5,511

  
18,751,030
22,017,018

Creditors: amounts falling due within one year
 18 
(11,341,191)
(14,792,984)

Net current assets
  
 
 
7,409,839
 
 
7,224,034

Total assets less current liabilities
  
7,578,586
7,418,943

Provisions for liabilities
  

Net assets excluding pension asset
  
7,578,586
7,418,943

Net assets
  
7,578,586
7,418,943


Capital and reserves
  

Called up share capital 
 21 
600,000
600,000

Capital redemption reserve
 20 
64,202
64,202

Profit and loss account
 20 
6,914,384
6,754,741

Equity attributable to owners of the parent Company
  
7,578,586
7,418,943

  
7,578,586
7,418,943


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2025.




................................................
W Bignell
................................................
B Ben-Ari
Director
Director

The notes on pages 19 to 36 form part of these financial statements.

Page 12

 
IVORY & LEDOUX HOLDINGS LIMITED
REGISTERED NUMBER: 03049893

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
600,789
600,789

  
600,789
600,789

Current assets
  

Debtors
 16 
457,453
482

  
457,453
482

Creditors: amounts falling due within one year
 18 
(456,971)
-

Net current assets
  
 
 
482
 
 
482

Total assets less current liabilities
  
601,271
601,271

  

  

Net assets excluding pension asset
  
601,271
601,271

Net assets
  
601,271
601,271


Capital and reserves
  

Called up share capital 
 21 
600,000
600,000

Profit and loss account
 20 
1,271
1,271

  
601,271
601,271


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2025.


................................................
W Bignell
................................................
B Ben-Ari
Director
Director

The notes on pages 19 to 36 form part of these financial statements.

Page 13

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
600,000
64,202
5,771,693
6,435,895


Comprehensive income for the year

Profit for the year
-
-
1,712,978
1,712,978

Currency translation differences
-
-
(43,216)
(43,216)
Total comprehensive income for the year
-
-
1,669,762
1,669,762


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(686,714)
(686,714)


Total transactions with owners
-
-
(686,714)
(686,714)



At 1 October 2023
600,000
64,202
6,754,741
7,418,943


Comprehensive income for the period

Profit for the year
-
-
1,149,024
1,149,024

Currency translation differences
-
-
(132,892)
(132,892)
Total comprehensive income for the period
-
-
1,016,132
1,016,132


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(856,489)
(856,489)


Total transactions with owners
-
-
(856,489)
(856,489)


At 30 September 2024
600,000
64,202
6,914,384
7,578,586


The notes on pages 19 to 36 form part of these financial statements.

Page 14

 
IVORY & LEDOUX HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
600,000
1,271
601,271


Comprehensive income for the year

Profit for the year
-
686,714
686,714


Contributions by and distributions to owners

Dividends: Equity capital
-
(686,714)
(686,714)


Total transactions with owners
-
(686,714)
(686,714)



At 1 October 2023
600,000
1,271
601,271


Comprehensive income for the year

Profit for the year
-
856,489
856,489


Contributions by and distributions to owners

Dividends: Equity capital
-
(856,489)
(856,489)


Total transactions with owners
-
(856,489)
(856,489)


At 30 September 2024
600,000
1,271
601,271


The notes on pages 19 to 36 form part of these financial statements.

Page 15

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,149,024
1,712,978

Adjustments for:

Amortisation of intangible assets
18,569
31,348

Depreciation of tangible assets
56,725
57,384

Interest paid
277,086
424,889

Taxation charge
408,942
533,447

Decrease in stocks
439,732
2,144,753

Decrease in debtors
3,018,185
383,797

Decrease/(increase) in amounts owed by groups
85
(23,980)

(Decrease) in creditors
(1,057,454)
(1,321,084)

(Decrease)/increase in amounts owed to groups
(686,714)
424,971

Increase in provisions
1,027
-

Corporation tax (paid)
(531,419)
(76,814)

Currency translation differences
64,523
(44,539)

Net cash generated from operating activities

3,158,311
4,247,150


Cash flows from investing activities

Purchase of intangible fixed assets
(30,233)
-

Purchase of tangible fixed assets
(21,757)
(75,393)

Net cash from investing activities

(51,990)
(75,393)

Cash flows from financing activities

Repayment of loans
-
(379,819)

Loans from group companies repaid
(455,312)
-

Dividends paid
(400,000)
(686,714)

Interest paid
(277,086)
(424,889)

Net cash used in financing activities
(1,132,398)
(1,491,422)
Page 16

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Net increase in cash and cash equivalents
1,973,923
2,680,335

Cash and cash equivalents at beginning of year
(4,299,500)
(6,979,835)

Cash and cash equivalents at the end of year
(2,325,577)
(4,299,500)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
349,866
5,511

Bank overdrafts
(2,675,443)
(4,305,011)

(2,325,577)
(4,299,500)


The notes on pages 19 to 36 form part of these financial statements.

Page 17

 
IVORY & LEDOUX HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

5,511

344,355

349,866

Bank overdrafts

(4,305,011)

1,629,568

(2,675,443)

Debt due within 1 year

(455,311)

455,311

-


(4,754,811)
2,429,234
(2,325,577)

The notes on pages 19 to 36 form part of these financial statements.

Page 18

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is limited by shares and incorporated in England. The registered office address is 101 New Cavendish Street, First Floor South, London, W1W 6XH. The principal place of business is Bridge House, 4 Borough High St, London, SE1 9QQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the company is in a net asset position the directors consider it appropriate to prepare the financial statements on a going concern basis. 
 
Accordingly the directors have continued to prepare the financial statements on the going concern basis.

Page 19

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Straight line over period from acquisition to date of next rent review of the lease
Fixtures and fittings
-
Straight line over period from acquisition to date of next rent review of the lease
Office equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.8
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 21

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 22

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Page 23

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 24

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. 

Page 25

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
52,615,686
65,814,856

Commission
233,195
269,613

52,848,881
66,084,469


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
17,097,540
18,173,316

Rest of Europe
34,535,393
37,424,014

Rest of the world
1,215,949
10,487,140

52,848,882
66,084,470



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
56,725
57,384

Amortisation of intangible assets
18,570
31,348

Other operating lease rentals
137,000
129,500

Defined contribution pension cost
247,144
223,535

Page 26

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
30,000
30,000

Fees payable to the Company's auditors and their associates in respect of:

All other services
3,600
3,600


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,696,498
2,562,981
-
-

Social security costs
248,061
223,980
-
-

Cost of defined contribution scheme
247,144
223,535
-
-

3,191,703
3,010,496
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







34
32

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)
Page 27

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£


Directors' emoluments
500,000
500,000

Group contributions to defined contribution pension schemes
48,587
48,097

548,587
548,097


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £376,900 (2023 - £330,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15200 (2023 - £19454).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
277,086
424,889

277,086
424,889

Page 28

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
408,942
533,447


Total current tax
408,942
533,447

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,557,966
2,246,425


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
389,492
561,606

Effects of:


Depreciation disallowed for year in excess of capital allowance
8,191
2,674

Dividends from subsidiaries
-
(66,376)

Reduced Foreign taxes on subsidiaries
(21,098)
170,328

Other differences leading to an increase (decrease) in the tax charge
32,357
(134,785)

Total tax charge for the year
408,942
533,447


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends
856,489
686,714

856,489
686,714

Page 29

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Intangible assets

Group and Company





Licences &  software
Goodwill
Total

£
£
£



Cost


At 1 October 2023
237,842
139,808
377,650


Additions
30,233
-
30,233


Disposals
(59,371)
-
(59,371)


Foreign exchange movement
(6,359)
-
(6,359)



At 30 September 2024

202,345
139,808
342,153



Amortisation


At 1 October 2023
228,085
89,710
317,795


Charge for the year on owned assets
4,478
13,981
18,459


On disposals
(59,371)
-
(59,371)


Foreign exchange movement
(5,975)
-
(5,975)



At 30 September 2024

167,217
103,691
270,908



Net book value



At 30 September 2024
35,128
36,117
71,245



At 30 September 2023
9,756
50,098
59,854



Page 30

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
98,206
68,102
333,879
500,187


Additions
-
6,630
15,128
21,758


Disposals
-
-
(1,221)
(1,221)


Exchange adjustments
-
-
(6,184)
(6,184)



At 30 September 2024

98,206
74,732
341,602
514,540



Depreciation


At 1 October 2023
72,406
61,679
231,047
365,132


Charge for the year on owned assets
7,200
2,389
46,913
56,502


Exchange adjustments
-
-
(4,595)
(4,595)



At 30 September 2024

79,606
64,068
273,365
417,039



Net book value



At 30 September 2024
18,600
10,664
68,237
97,501



At 30 September 2023
25,800
6,423
102,832
135,055

Page 31

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
600,789



At 30 September 2024
600,789






Net book value



At 30 September 2024
600,789



At 30 September 2023
600,789


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Ivory & Ledoux Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Food importers, distributors and international traders.
Ordinary
100%
Gloe & Zeitz B.V.
Pesetastraat 16, 2991 XT Barendrecht, Netherlands
Food importers, distributors and international traders.
Ordinary
100%
Juice Corp Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
Fontinella Foods Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
Sombrero Foods Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%

Page 32

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Ivory & Ledoux Limited
4,904,206
1,182,963

Gloe & Zeitz B.V.
4,476,706
501,005

Juice Corp Limited
2
2

Fontinella Foods Limited
2
2

Sombrero Foods Limited
1,198
1,198


15.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
13,869,828
14,309,560

13,869,828
14,309,560


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IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
4,357,217
7,567,977
-
-

Amounts owed by group undertakings
23,895
23,980
457,453
482

Other debtors
137,291
86,892
-
-

Prepayments and accrued income
12,933
23,098
-
-

4,531,336
7,701,947
457,453
482



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
349,866
5,511

Less: bank overdrafts
(2,675,443)
(4,305,011)

(2,325,577)
(4,299,500)



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
2,675,443
4,305,011
-
-

Trade creditors
4,874,701
5,871,378
-
-

Amounts owed to group undertakings
-
1,142,026
-
-

Corporation tax
253,017
327,731
-
-

Other taxation and social security
530,231
524,966
-
-

Other creditors
546,309
84,639
456,971
-

Accruals and deferred income
2,461,490
2,537,233
-
-

11,341,191
14,792,984
456,971
-


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IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
349,866
5,511
-
-

Financial assets that are debt instruments measured at amortised cost
4,838,565
9,374,199
457,453
482

5,188,431
9,379,710
457,453
482


Financial liabilities

Financial liabilities measured at amortised cost
(11,080,153)
(16,345,368)
(456,971)
-


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand and derivative forward contracts.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, bank loans, bank overdraft, amounts owed to group undertakings and accruals.


20.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



600,000 (2023 - 600,000) Ordinary shares shares of £1.00 each
600,000
600,000


Page 35

 
IVORY & LEDOUX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Contingent liabilities

At the period end, the Group has outstanding forward foreign exchange contracts amounting to £713,546 (2023: £nil) and €-75,000 (2023:  €nil). The cumulative change in the hedging instrument’s fair value with respect to the effective part of the hedge amounts to  €316,000. The cumulative change in the hedging instrument’s fair value with respect to the ineffective part of the hedge amounts to  €0, all of which is recognised in the profit and loss account.
100% of the forward exchange contracts have a maturity of less than one year.
The Group has a bank guarantee to HMRC in respect of Duty Deferment and VAT liabilities up to £200,000 (2023: £200,000), rent up to  € 16,000, SPP Integration Sociale  € 110,000 and import duties  € 168,000


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £247,144 (2023: £223,535).


24.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
281,773
271,297

Later than 1 year and not later than 5 years
483,157
738,085

764,930
1,009,382

25.


Related party transactions

The group has taken advantage of the exemption available in FRS 102, section 33 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
Included within administrative expenses are £60,000 (2023: £60,000) of management fees charged by a company which has an interest in Ivory & Ledoux Holdings Limited. At the year end, included within creditors is £30,000 (2023: £30,000) due to this group.
 


26.


Controlling party

There is no overall controlling party.

 
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