Ivy Interiors Limited 02271707 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is Letting and operating of property Digita Accounts Production Advanced 6.30.9574.0 true true 02271707 2024-01-01 2024-12-31 02271707 2024-12-31 02271707 core:RevaluationPropertyDeferredTax 2024-12-31 02271707 core:TaxLossesCarry-forwardsDeferredTax 2024-12-31 02271707 core:CurrentFinancialInstruments 2024-12-31 02271707 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02271707 bus:SmallEntities 2024-01-01 2024-12-31 02271707 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02271707 bus:FilletedAccounts 2024-01-01 2024-12-31 02271707 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02271707 bus:RegisteredOffice 2024-01-01 2024-12-31 02271707 bus:Director1 2024-01-01 2024-12-31 02271707 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02271707 core:FurnitureFittings 2024-01-01 2024-12-31 02271707 core:OtherRelatedParties 2024-01-01 2024-12-31 02271707 countries:EnglandWales 2024-01-01 2024-12-31 02271707 2023-12-31 02271707 2023-01-01 2023-12-31 02271707 2023-12-31 02271707 core:RevaluationPropertyDeferredTax 2023-12-31 02271707 core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02271707 core:CurrentFinancialInstruments 2023-12-31 02271707 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 02271707

Prepared for the registrar

Ivy Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Ivy Interiors Limited

(Registration number: 02271707)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

1,022,960

1,022,421

Current assets

 

Debtors

6

2,363

1,355

Cash at bank and in hand

 

3,249

7,706

 

5,612

9,061

Creditors: Amounts falling due within one year

7

(41,843)

(12,231)

Net current liabilities

 

(36,231)

(3,170)

Total assets less current liabilities

 

986,729

1,019,251

Deferred tax liabilities

4

(149,866)

(157,957)

Net assets

 

836,863

861,294

Capital and reserves

 

Called up share capital

394,000

394,000

Revaluation reserve

627,082

627,082

Retained earnings

(184,219)

(159,788)

Shareholders' funds

 

836,863

861,294

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 9 April 2025
 


K P George
Director

 

Ivy Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Nexus House
235 Roehampton Lane
London
SW15 4LB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rental income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Depreciation

Asset class

Depreciation method and rate

Fixtures, furniture and equipment

over 3 years

 

Ivy Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 2).

 

Ivy Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Revaluation of property

-

164,301

Tax losses carried forward

8,091

-

8,091

164,301

2023

Asset
£

Liability
£

Revaluation of property

-

164,301

Tax losses carried forward

6,344

-

6,344

164,301

 

5

Investment property

2024
£

At 1 January 2024

1,022,421

Investment property additions at cost

539

At 31 December 2024

1,022,960

The company's investment property was not revalued in the year by the directors. The market value of the property at 31 December 2024 was deemed to be £1,022,960 (2023: £1,022,421).

 

6

Debtors

2024
£

2023
£

Trade debtors

1,591

530

Prepayments

541

455

Other debtors

231

370

2,363

1,355

 

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

1,836

2,242

Accruals and deferred income

33

15

Other creditors

39,974

9,974

41,843

12,231

 

Ivy Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

8

Related party transactions

Summary of transactions with other related parties

At the year end, the company owed Ivy Learning Limited £39,974 (2023: £9,974) in the form of a loan. The loan is unsecured, repayable on demand and no interest was charged in the year.

 

9

Controlling party

The company's parent is Ivy Learning Limited, incorporated in United Kingdom.