21 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 27,470 38,701 4,285 61,886 23,068 5,859 3,159 25,768 36,118 4,402 xbrli:pure xbrli:shares iso4217:GBP 01233660 2024-01-01 2024-12-31 01233660 2024-12-31 01233660 2023-12-31 01233660 2023-01-01 2023-12-31 01233660 2023-12-31 01233660 2022-12-31 01233660 bus:Director1 2024-01-01 2024-12-31 01233660 core:PlantMachinery 2023-12-31 01233660 core:PlantMachinery 2024-12-31 01233660 core:PlantMachinery 2024-01-01 2024-12-31 01233660 core:WithinOneYear 2024-12-31 01233660 core:WithinOneYear 2023-12-31 01233660 core:AfterOneYear 2024-12-31 01233660 core:AfterOneYear 2023-12-31 01233660 core:ShareCapital 2024-12-31 01233660 core:ShareCapital 2023-12-31 01233660 core:SharePremium 2024-12-31 01233660 core:SharePremium 2023-12-31 01233660 core:CapitalRedemptionReserve 2024-12-31 01233660 core:CapitalRedemptionReserve 2023-12-31 01233660 core:RetainedEarningsAccumulatedLosses 2024-12-31 01233660 core:RetainedEarningsAccumulatedLosses 2023-12-31 01233660 core:BetweenOneFiveYears 2024-12-31 01233660 core:PlantMachinery 2023-12-31 01233660 bus:SmallEntities 2024-01-01 2024-12-31 01233660 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01233660 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01233660 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01233660 bus:FullAccounts 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 01233660
Arthur Ibbett Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
Arthur Ibbett Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
36,118
4,402
Current assets
Stocks
1,853,836
1,835,449
Debtors
6
2,420,486
110,907
Cash at bank and in hand
717,949
276,701
------------
------------
4,992,271
2,223,057
Creditors: amounts falling due within one year
7
3,487,316
1,174,622
------------
------------
Net current assets
1,504,955
1,048,435
------------
------------
Total assets less current liabilities
1,541,073
1,052,837
Creditors: amounts falling due after more than one year
8
12,212
22,426
Provisions
Taxation including deferred tax
8,019
557
------------
------------
Net assets
1,520,842
1,029,854
------------
------------
Arthur Ibbett Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
50
50
Share premium account
14,100
14,100
Capital redemption reserve
50
50
Profit and loss account
1,506,642
1,015,654
------------
------------
Shareholders funds
1,520,842
1,029,854
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 May 2025 , and are signed on behalf of the board by:
T V Ibbett
Director
Company registration number: 01233660
Arthur Ibbett Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is River Lane, Great Paxton, St Neots, PE19 6RD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Rental income
Rental income is credited to the statement of income and retained earnings on an accruals basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The directors do not consider that there are any judgements or accounting estimates that have a significant effect on the financial statements other than those already disclosed in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20%, 25% or 50% per annum straight line
Stocks
Stock and work in progress are valued are valued at the lower of cost and net realisable value. Net realisable value means estimated selling price (less trade discounts) less all further costs to completion and all costs to be incurred in marketing, selling and distribution. The company holds a quantity of machinery spares, which by their nature are slow moving. The directors consider this to be the norm for the industry. All items are carried in stock at the lower of cost or net realisable value and the directors consider that no further provision is necessary in respect of these items.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 23 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 January 2024
27,470
Additions
38,701
Disposals
( 4,285)
--------
At 31 December 2024
61,886
--------
Depreciation
At 1 January 2024
23,068
Charge for the year
5,859
Disposals
( 3,159)
--------
At 31 December 2024
25,768
--------
Carrying amount
At 31 December 2024
36,118
--------
At 31 December 2023
4,402
--------
6. Debtors
2024
2023
£
£
Trade debtors
2,070,033
106,104
Other debtors
350,453
4,803
------------
---------
2,420,486
110,907
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,213
9,957
Trade creditors
3,008,529
663,360
Social security and other taxes
294,827
95,626
Other creditors
173,747
405,679
------------
------------
3,487,316
1,174,622
------------
------------
Bank loans and overdrafts are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,212
22,426
--------
--------
Bank loans and overdrafts are secured against the assets to which they relate.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,410
2,239
Later than 1 year and not later than 5 years
9,410
--------
-------
18,820
2,239
--------
-------