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REGISTERED NUMBER: 07904154 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

Ivor King Holdings Limited

Ivor King Holdings Limited (Registered number: 07904154)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Ivor King Holdings Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: S M King
I King
A J King





REGISTERED OFFICE: Haunchwood Park Industrial Estate
Galley Common
Nuneaton
CV10 9SP





REGISTERED NUMBER: 07904154 (England and Wales)





AUDITORS: Gopsall Audit Services Limited
Chartered Accountants
Statutory Auditor
4 HRFC Business Centre
Leicester Road
Hinckley
Leicestershire
LE10 3DR

Ivor King Holdings Limited (Registered number: 07904154)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The results for the group show a pre-tax profit for the year ended 30 September 2024 of £0.84m, 30 September 2023 as restated £2.32m. For the year ended 30 September 2024 sales of £24.67 million, (2023 as restated £32.47 million)

The group had net assets of £11.41 million at 30 September 24, 2023 restated at £11.13 million.

Our Key Performance Indicators for the year, and last year, are shown below:



2024
2023 (as
restated)

Definitions


Increase/(Decrease) in sales %


(24.02)


21.09
Year on year sales movement expressed
as apercentage. The company has
experienced anincrease in sales.


Net Profit margin %


3.40


7.14
Profit on ordinary activities before
taxationexpressed as a percentage of
sales.


Return on Invested Capital %


7.352


20.83
Profit on ordinary activities before
taxationexpressed as a percentage of net
assets.

Liquidity %

84.23

91.18
Current assets as a percentage of current
liabilities.

We aim to present a balanced and realistic view of our performance in 2023 and 2024. 2024 was a year of two halves, off the back of an exceptional trading year in 2023. The start of the year was severely affected by the cancellation of HS2, material prices were also affected by inflation which in turn impacted product demand, and we had to adapt our pricing to suit. Bad weather and flood conditions impacted our siteworks in the first half of the year. We own a very large fleet of Giken silent piling presses and this a favoured technology for the HS2 project due to cutting edge design and ability to work at all hours without disturbing residents. Whilst we redeployed these machines onto non HS2 work we had to take measures to protect the business and win work in other areas. We controlled costs and carefully monitored margins throughout the difficult months of 2024. The property arm of the business proceeded to trade as planned but was negatively affected by a market valuation, which is to a large extent outside the companies control, more affected by sales of commercial property in the locality.

The continuation of the Ukraine war and the war in the middle east between Iran and Israel, creates a certain level of volatility in raw material markets, which will impact the prices of our products and services. We are hopeful that the geotechnical markets have rebounded in 2025 and the directors expect the results to reflect this next year.

The Directors are satisfied with the performance during the financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
Perceived risks and uncertainties at this time would be the various global conflicts and whether they would affect commodity prices in the short or longer term. The Reeves budget promised constancy to allow growth but Trump tariffs in 2025 have created ripple effects in commodity markets, which does show how externalities can impact business operations quickly and with no foresight. The main items affected would be perceived to be fuel and steel. A further risk is weather conditions such as hard frosts or flooding meaning business income streams are affected. Market prices of properties within the businesses ownership are a risk, but this is sensibly mitigated by the businesses ability to refurbish and improve property in house.

The business must ensure it protects itself against inflationary pressure by purchasing material sensibly and in the right quantities, and making sure its contracts are robust and mitigate the risk of price escalation of its costs. Energy price escalation is an issue and the business has invested in the latest Solar Panel technology to mitigate this. Efforts have also been made to invest in the most efficient vehicles including multiple EV's and hybrid vehicles, and rigs with the most fuel-efficient engines have been sought.


Ivor King Holdings Limited (Registered number: 07904154)

Group Strategic Report
for the Year Ended 30 September 2024

DEVELOPMENT AND PERFORMANCE
We recognise the need for continual investment in order to remain at the forefront of our field. New technologies invariably allow us to work more efficiently and in a more carbon friendly way. We have invested in trucks and rigs with the latest diesel engines and where possible look for ways to be more carbon friendly in the entire operation.

Safety is at the forefront of everything we do, and we have recently achieved RoSPA a gold award in recognition of our performance during the year ended December 24.

Our HQ has relocated to a far more modern and carbon friendly office block and this has been futureproofed for any increases to staff levels in the medium term.

ON BEHALF OF THE BOARD:





S M King - Director


25 June 2025

Ivor King Holdings Limited (Registered number: 07904154)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of civil engineering and property management.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 333,500 .

RESEARCH AND DEVELOPMENT
The group continues to invest in research and development to ensure that its products and services remain at the cutting edge of the industry.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

S M King
I King
A J King

DIRECTORS’ INDEMNITIES
As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to the date of approval of the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT
The company has taken advantage of provisions which allow items marked for disclosure in the directors' report to be set out in the strategic report in accordance with s.414C(11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Ivor King Holdings Limited (Registered number: 07904154)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, Gopsall Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S M King - Director


25 June 2025

Report of the Independent Auditors to the Members of
Ivor King Holdings Limited

Opinion
We have audited the financial statements of Ivor King 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, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
Ivor King Holdings Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the civil engineering sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 4 were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims; and
- Reviewing correspondence with HMRC, relevant regulators such as the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Ivor King Holdings Limited


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 2006. Our 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 a Report of the Auditors 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.




Peter White (Senior Statutory Auditor)
for and on behalf of Gopsall Audit Services Limited
Chartered Accountants
Statutory Auditor
4 HRFC Business Centre
Leicester Road
Hinckley
Leicestershire
LE10 3DR

25 June 2025

Ivor King Holdings Limited (Registered number: 07904154)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   

TURNOVER 5 24,669,434 32,469,141

Cost of sales 17,336,653 24,633,429
GROSS PROFIT 7,332,781 7,835,712

Administrative expenses 5,677,717 5,144,644
1,655,064 2,691,068

Other operating income 43,350 42,305
OPERATING PROFIT 7 1,698,414 2,733,373

Impairment of debtor balance with
connected party

8

31,436

-
1,666,978 2,733,373

Gain on revaluation of
investment property (245,000 ) 12,664
1,421,978 2,746,037

Interest payable and similar expenses 9 583,085 426,679
PROFIT BEFORE TAXATION 838,893 2,319,358

Tax on profit 10 225,558 453,697
PROFIT FOR THE FINANCIAL YEAR 613,335 1,865,661

OTHER COMPREHENSIVE INCOME
Revaluation gain on transfer to - 860,165
investment property
Income tax relating to other comprehensive
income

-

(204,120

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

656,045
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,521,706
Prior year adjustment 13 (26,196 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

587,139

Profit attributable to:
Owners of the parent 613,335 1,865,661

Total comprehensive income attributable to:
Owners of the parent 560,943 710,445

Ivor King Holdings Limited (Registered number: 07904154)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 14 - -
Tangible assets 15 21,480,950 20,929,507
Investments 16 - -
Investment property 17 1,405,000 1,650,000
22,885,950 22,579,507

CURRENT ASSETS
Stocks 18 2,094,868 2,193,237
Debtors 19 4,817,545 6,105,385
Cash at bank and in hand 48,469 66,098
6,960,882 8,364,720
CREDITORS
Amounts falling due within one year 20 8,264,618 9,174,060
NET CURRENT LIABILITIES (1,303,736 ) (809,340 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,582,214

21,770,167

CREDITORS
Amounts falling due after more than one
year

21

(7,625,537

)

(8,418,883

)

PROVISIONS FOR LIABILITIES 26 (2,542,626 ) (2,217,068 )
NET ASSETS 11,414,051 11,134,216

CAPITAL AND RESERVES
Called up share capital 27 1,702 1,702
Share premium 28 5,888,000 5,888,000
Revaluation reserve 28 656,045 656,045
Capital redemption reserve 28 298 298
Retained earnings 28 4,868,006 4,588,171
SHAREHOLDERS' FUNDS 11,414,051 11,134,216

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





S M King - Director


Ivor King Holdings Limited (Registered number: 07904154)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 14 - -
Tangible assets 15 - -
Investments 16 5,890,100 5,890,100
Investment property 17 - -
5,890,100 5,890,100

CURRENT ASSETS
Debtors 19 2,681,162 2,345,162
Cash at bank 1,835 2,015
2,682,997 2,347,177
NET CURRENT ASSETS 2,682,997 2,347,177
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,573,097

8,237,277

CAPITAL AND RESERVES
Called up share capital 27 1,702 1,702
Share premium 28 5,888,000 5,888,000
Capital redemption reserve 28 298 298
Retained earnings 28 2,683,097 2,347,277
SHAREHOLDERS' FUNDS 8,573,097 8,237,277

Company's profit for the financial year 669,320 434,477

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





S M King - Director


Ivor King Holdings Limited (Registered number: 07904154)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 October 2022 1,702 4,970,377 5,888,000
Prior year adjustment - (1,811,261 ) -
As restated 1,702 3,159,116 5,888,000

Changes in equity
Dividends - (436,606 ) -
Total comprehensive income - 1,891,857 -
Balance at 30 September 2023 1,702 4,614,367 5,888,000
Prior year adjustment - (26,196 ) -
As restated 1,702 4,588,171 5,888,000

Changes in equity
Dividends - (333,500 ) -
Total comprehensive income - 613,335 -
Balance at 30 September 2024 1,702 4,868,006 5,888,000
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 October 2022 - 298 10,860,377
Prior year adjustment - - (1,811,261 )
As restated - 298 9,049,116

Changes in equity
Dividends - - (436,606 )
Total comprehensive income 656,045 - 2,547,902
Balance at 30 September 2023 656,045 298 11,160,412
Prior year adjustment - - (26,196 )
As restated 656,045 298 11,134,216

Changes in equity
Dividends - - (333,500 )
Total comprehensive income - - 613,335
Balance at 30 September 2024 656,045 298 11,414,051

Ivor King Holdings Limited (Registered number: 07904154)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 1,702 2,349,406 5,888,000 298 8,239,406

Changes in equity
Dividends - (436,606 ) - - (436,606 )
Total comprehensive income - 434,477 - - 434,477
Balance at 30 September 2023 1,702 2,347,277 5,888,000 298 8,237,277

Changes in equity
Dividends - (333,500 ) - - (333,500 )
Total comprehensive income - 669,320 - - 669,320
Balance at 30 September 2024 1,702 2,683,097 5,888,000 298 8,573,097

Ivor King Holdings Limited (Registered number: 07904154)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,791,088 3,101,091
Interest paid (232,997 ) (182,351 )
Interest element of hire purchase payments
paid

(350,088

)

(244,328

)
Tax (paid)/repaid - 120,861
Net cash from operating activities 3,208,003 2,795,273

Cash flows from investing activities
Purchase of tangible fixed assets (557,428 ) (1,167,319 )
Sale of tangible fixed assets 530,791 1,091,749
Net cash from investing activities (26,637 ) (75,570 )

Cash flows from financing activities
Loan repayments in year (250,893 ) (330,471 )
Capital repayments in year (2,444,971 ) (2,056,708 )
Amount withdrawn by directors 19,743 -
Equity dividends paid (333,500 ) (436,606 )
Net cash from financing activities (3,009,621 ) (2,823,785 )

Increase/(decrease) in cash and cash equivalents 171,745 (104,082 )
Cash and cash equivalents at beginning
of year

2

(1,273,192

)

(1,169,110

)

Cash and cash equivalents at end of year 2 (1,101,447 ) (1,273,192 )

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
as restated
£    £   
Profit before taxation 838,893 2,319,358
Depreciation charges 1,485,955 1,447,423
Profit on disposal of fixed assets (81,169 ) (226,080 )
Loss/(gain) on revaluation of fixed assets 245,000 (12,663 )
Other provisions 100,000 -
Finance costs 583,085 426,679
3,171,764 3,954,717
Decrease in stocks 98,369 483,021
Decrease/(increase) in trade and other debtors 1,287,840 (1,145,354 )
Decrease in trade and other creditors (766,885 ) (191,293 )
Cash generated from operations 3,791,088 3,101,091

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 48,469 66,098
Bank overdrafts (1,149,916 ) (1,339,290 )
(1,101,447 ) (1,273,192 )
Year ended 30 September 2023
30.9.23 1.10.22
as restated
£    £   
Cash and cash equivalents 66,098 79,842
Bank overdrafts (1,339,290 ) (1,248,952 )
(1,273,192 ) (1,169,110 )


Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.23 Cash flow changes At 30.9.24
£    £    £    £   
Net cash
Cash at bank
and in hand 66,098 (17,629 ) 48,469
Bank overdrafts (1,339,290 ) 189,374 (1,149,916 )
(1,273,192 ) 171,745 (1,101,447 )
Debt
Finance leases (7,993,969 ) 2,444,971 - (7,478,590 )
Debts falling due
within 1 year (250,895 ) (10,580 ) - (261,475 )
Debts falling due
after 1 year (2,634,884 ) 261,473 - (2,373,411 )
(10,879,748 ) 2,695,864 - (10,113,476 )
Total (12,152,940 ) 2,867,609 - (11,214,923 )

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Ivor King Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These polices have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparing the financial statements
These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the notes. The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account.

Going Concern
The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements. The directors have concluded that there are no material uncertainties about the group's ability to continue as a going concern and they are satisfied that the group has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements present the results of Ivor King Holdings Limited and its subsidiaries ("the group") for the year as if they were a single entity. Intercompany transactions and balances between group companies are therefore eliminated.

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 of which control is obtained. They are deconsolidated from the date control ceases.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the consolidated financial statements.

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Revenue recognition
Rental income
Revenue from rental income is recognised evenly over the period of rental.

Revenue from construction contracts
Revenue from long term contracts is measured at fair value of the right to consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.

The group recognises such revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of the revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity. Provisions are made for foreseeable losses (as described in the accounting policy for long term contracts).

Hire of plant and machinery
Revenue from hire of plant and machinery is recognised at fair value of the right to consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the group and value added taxes spread evenly over the period of hire.

Hire of steel
Revenue from the hire of steel is measured at the fair value of right to the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the group and value added taxes spread evenly over the period of hire.

Business combination and goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years as this reflects the estimated life of the goodwill. A provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on reducing balance
Improvements to property - 15% on reducing balance
Plant and machinery - 20% on reducing balance and 10% straight line less residual value
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 10% straight line less residual value

Depreciation of assets commences once the assets are fit for purpose.

Assets held under finance leases are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the group will obtain ownership, in which case the depreciation period is the useful life.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At the end of each reporting period, stock is reviewed and assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment is recognised immediately in the statement of comprehensive income.
Stock valuation includes stock which has been sold but is subject to an agreement for the group to repurchase it, with an equivalent liability recognised in accrued expenses.

Costs includes all direct expenditure and an appropriate proportion of fixed and variable costs.

Financial instruments
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of
three months or less.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for
estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Taxation in relation to R&D claims is only recognised when the benefit has been received from or the claim agreed by HMRC.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The tax rates applied in calculating the deferred tax provision are:
Deferred tax on accelerated capital allowances is calculated at 25% (2023 - 25%).
Deferred tax on losses is calculated at 25% (2023 - 25%).
Deferred tax on other timing differences is calculated at 25% (2023 - 25%).

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

i. Finance leased assets

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligation is recorded as a liability on inception of the arrangement. Lease Payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of capital repayments outstanding.

ii. Operating leased assets

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Defined contribution pension plans
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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Long term contracts
Long term contract work in progress is stated at net cost, less foreseeable losses and payments on account. Operating profit includes the results attributable to contracts completed and long term contracts in progress where a profitable outcome can be prudently foreseen, after deducting amounts recognised in previous years and after making provision for foreseeable losses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, considering the related risks and uncertainties, and the related increases are generally charged as an expense to profit or loss.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic lives and residual values of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The net carrying amount of tangible fixed assets are disclosed in note 15 to the financial statements.

Valuation of investment property
The directors reassess the fair value of investment property annually using either a qualified surveyor or the directors opinion of the properties' fair values. Investment property has been revalued as at balance sheet date in accordance with the valuation prepared in the year as disclosed in note 17. The valuation prepared in the year was prepared using the RICS Red Book valuation methodology, which as with all property valuations, requires the use of professional judgement and professional estimates. Details of the qualifications of the valuers and the carrying value of investment property are disclosed in note 17 to the financial statements.

Transfer from freehold property to investment property
During the previous year, the group entered into leases for property that it had previously occupied. Accordingly, it transferred this property from freehold property to investment property. The cost of the land transferred was estimated using the historic cost for the entire site and the area of land subject to lease. As a result, land with cost of £nil (2023: £284,361) and accumulated depreciation of £nil (2023: £27,190) was transferred. The investment property was valued by a qualified surveyor and the increase in value of £nil (2023: £860,165) net of deferred taxation of £nil (2023: £204,120) was taken to the revaluation reserve as shown in note 28.

Stock
Stock it stated at the lower of net realisable value and cost. Net realisable value is based on estimated selling price in the ordinary course of business, less any further costs expected to be incurred to completion and disposal. The net carrying amount of stock is disclosed in note 18 to the financial statements.
Net realisable value is valued by the group based on the average purchase price of steel and average scrap steel price during the year and is calculated based on an estimate of the ageing of stock which is applied on a consistent basis with prior years.

Long term contracts and impairment of debtors
Long term contracts in progress are sensitive to the completion of the contract and economic factors. The group is prudent in recognising revenue on long term contracts and making provision for foreseeable losses when the contract can be reliably estimated. The group makes an estimate of the recoverable value of trade debtors and accrued income. When assessing impairment of trade debtors and accrued income, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount of trade debtors and accrued income, net of any associated impairment provisions is disclosed in note 19 to the financial statements. The carrying value of accrued income being £3,350,120 (2023: £3,926,561) and is presented within Prepayments and accrued income.

Impairment of a connected party debtor has been assessed by the directors via a review of the net asset position of the connected party. The impairment of £31,436 (2023: £nil), is reflective of the net liabilities of the connected party which has determined the debtor as being partially non-recoverable and is reflected within Other Debtors (note 19) and Exceptional Items (note 8).

Deferred tax provision
Deferred tax rates are estimated from the current and expected future rates of tax. Given that the tax assets and liabilities on timing differences may only be realised many years into the future, there is inherent uncertainty as to the actual rates that these will be subject to. The net carrying amount of the provision is disclosed in note 26 to the financial statements.

Connected company debtor

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024
The debtor balance owed by a company under common control is considered by the directors not to be recoverable in full and was therefore has been fully impaired at 30 September 2024, as noted above within note 8. The net carrying value of this debtor balance is £Nil (2023: £352,395) and is presented within Other Debtors on note 19. The impairment of the debtor is assessed inline with the policy for impairment.The impairment is disclosed as within Exceptional Items (note 8).

5. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

30.9.24 30.9.23
as restated
£    £   
Rendering of services 22,068,799 30,276,111
Hire of goods and equipment 2,472,355 2,110,450
Property rental 128,280 82,580
24,669,434 32,469,141

6. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
as restated
£    £   
Wages and salaries 5,564,956 5,704,962
Social security costs 647,394 613,228
Other pension costs 115,265 107,951
6,327,615 6,426,141

The average number of employees during the year was as follows:
30.9.24 30.9.23
as restated

Directors 2 2
Administration 16 16
Direct 89 98
107 116

The average number of employees by undertakings that were proportionately consolidated during the year was 107 (2023 - 116 ) .

30.9.24 30.9.23
as restated
£    £   
Directors' remuneration 51,617 45,776
Directors' pension contributions to money purchase schemes 1,012 951

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
as restated
£    £   
Hire of plant and machinery 1,248,894 1,671,410
Depreciation - owned assets 744,555 585,959
Depreciation - assets on hire purchase contracts 741,400 861,464
Profit on disposal of fixed assets (81,169 ) (226,081 )
Auditors' remuneration 102,691 61,773

Reversal of impairment and impairment losses shown above are included within administrative expenses in the income statement.

8. EXCEPTIONAL ITEMS
30.9.24 30.9.23
as restated
£    £   
Impairment of debtor balance with connected
party

(31,436

)

-

The exceptional items relates to the impairment of the Other Debtors balance with a connected party. The connected party has been supported by the company over a period of time, however the directors have determined the debtor is no longer fully recoverable based on the net liabilities of the connected party and its current trading position.

9. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
as restated
£    £   
Bank interest 119,302 54,254
Bank loan interest 113,695 128,097
Hire purchase 350,088 244,328
583,085 426,679

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
as restated
£    £   
Deferred tax 225,558 453,697
Tax on profit 225,558 453,697

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
as restated
£    £   
Profit before tax 838,893 2,319,358
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

209,723

579,840

Effects of:
Expenses not deductible for tax purposes 4,049 5,723
Income not taxable for tax purposes (258 ) (258 )
Capital allowances in excess of depreciation - (149,427 )
Depreciation in excess of capital allowances 13,349 -
Utilisation of tax losses - 40,606
Adjustments to tax charge in respect of previous periods - 750
Other timing differences (1,305 ) (23,537 )
Total tax charge 225,558 453,697

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 September 2024.

30.9.23
Gross Tax Net
£    £    £   
Revaluation gain on transfer to 860,165 (204,120 ) 656,045
investment property
860,165 (204,120 ) 656,045

11. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


12. DIVIDENDS
30.9.24 30.9.23
as restated
£    £   
Ordinary A shares of £1 each
Interim 72,000 6,106
Ordinary B shares of £1 each
Interim 12,000 12,000
Ordinary C shares of £1 each
Interim 133,000 209,250
Ordinary F shares of £1 each
Interim 116,500 209,250
333,500 436,606

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

13. PRIOR YEAR ADJUSTMENT

The following prior period errors have impacted the statutory accounts.

Fixed asset disposals
A prior period adjustment has been made to correct fixed asset disposals. As a result of the adjustment, as at 30 September 2023 Tangible fixed assets and Reserves have reduced by £26,196.

Accrued expenses and Stock
A prior period adjustment has been made to correct buybacks accrued for. As a result of the adjustment, as at 30 September 2023 Stock and Accrued expenses have reduced by £154,510.There has been no impact on profit/retained earnings.

14. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 1,654,896
AMORTISATION
At 1 October 2023
and 30 September 2024 1,654,896
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

15. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 4,680,450 127,530 20,773,979
Additions 23,631 125,629 1,581,910
Disposals - - (634,123 )
At 30 September 2024 4,704,081 253,159 21,721,766
DEPRECIATION
At 1 October 2023 167,234 19,130 6,233,255
Charge for year 45,368 35,104 1,041,135
Eliminated on disposal - - (416,296 )
At 30 September 2024 212,602 54,234 6,858,094
NET BOOK VALUE
At 30 September 2024 4,491,479 198,925 14,863,672
At 30 September 2023 4,513,216 108,400 14,540,724

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

15. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 360,752 2,138,915 28,081,626
Additions 38,976 716,874 2,487,020
Disposals - (575,552 ) (1,209,675 )
At 30 September 2024 399,728 2,280,237 29,358,971
DEPRECIATION
At 1 October 2023 135,419 597,081 7,152,119
Charge for year 37,938 326,410 1,485,955
Eliminated on disposal - (343,757 ) (760,053 )
At 30 September 2024 173,357 579,734 7,878,021
NET BOOK VALUE
At 30 September 2024 226,371 1,700,503 21,480,950
At 30 September 2023 225,333 1,541,834 20,929,507

All of the group's Freehold Property is used within the group.

Tangible fixed assets with a net book value of £4,491,478 (2023: £4,513,215) have been pledged as security for liabilities of the group. These assets have restricted title. Further details are included in note 23.

The net book value of tangible fixed assets includes £10,389,423 (2023: £9,030,075) in respect of assets held under hire purchase contracts.

16. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 5,890,100
NET BOOK VALUE
At 30 September 2024 5,890,100
At 30 September 2023 5,890,100

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

16. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ivor King Properties Limited
Registered office: Haunchwood Park Industrial Estate, Galley Common, Nuneaton, CV10 9SP
Nature of business: Property Management
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 587,302 703,301
(Loss)/profit for the year (115,999 ) 7,874

Ivor King (Civil Engineering Contractors) Limited
Registered office: Haunchwood Park Industrial Estate, Galley Common, Nuneaton, CV10 9SP
Nature of business: Civil Engineering
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 8,143,744 8,083,733
Profit for the year 729,511 1,857,916

All subsidiaries are consolidated into these financial statements.


17. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2023 1,650,000
Revaluations (245,000 )
At 30 September 2024 1,405,000
NET BOOK VALUE
At 30 September 2024 1,405,000
At 30 September 2023 1,650,000

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

17. INVESTMENT PROPERTY - continued

Group

All investment property is rented outside of the group.

In the opinion of the directors the Investment property is stated at its fair value. The directors have used an independent professional valuation dated 7 March 2025 by Matt Greenaway MRICS and Thomas Eagleton MRICS of BNP Paribas Real Estate with knowledge of the local and national particular property market and prepared in accordance with the RICS Valuation - Global Standards 2024. Details on the assumptions made and the key sources of estimation uncertainty are given in note 4.

The loss on revaluation of Investment property arising of £245,000 (2023: £12,664 gain) has been debited (2023: credited) to the profit and loss for the year.

Investment property with a fair value of £1,405,000 (2023: £1,650,000) has been pledged as security for liabilities of the company. Further details are included in note 16.

In the prior year, the company transferred freehold property to investment property. The resulting revaluation gain of £860,165 was credited to the revaluation reserve with deferred taxation charged to the revaluation reserve £204,120.

All other tangible fixed assets are stated at historical cost less depreciation and impairments.

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 1,650,000
Valuation in 2025 (245,000 )
1,405,000

If investment property had not been revalued, it would have been included at the following historical cost:
Cost - £648,449, Accumulated Depreciation - £72,258, Net Book Value - £576,191.

18. STOCKS

Group
30.9.24 30.9.23
as restated
£    £   
Stocks 2,094,868 2,193,237

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as restated as restated
£    £    £    £   
Trade debtors 683,105 587,015 - -
Amounts owed by group undertakings - - 2,681,162 2,345,162
Other debtors 73,336 410,247 - -
VAT 467,538 323,266 - -
Prepayments and accrued income 3,593,566 4,784,857 - -
4,817,545 6,105,385 2,681,162 2,345,162

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Lessor - operating leases

Minimum lease receipts as they fall due:
Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 130,800 130,800
Between one and five years 64,300 195,100
In more than five years - -

195,100 325,900

The leases relate to rental of property.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.9.24 30.9.23
as restated
£    £   
Bank loans and overdrafts (see note 22) 1,411,391 1,590,185
Hire purchase contracts (see note 23) 2,226,464 2,209,970
Trade creditors 3,266,166 3,865,482
Social security and other taxes 222,513 196,596
Other creditors 257,305 368,131
Directors' current accounts 19,743 -
Accruals and deferred income 7,932 3,063
Accrued expenses 853,104 940,633
8,264,618 9,174,060

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
30.9.24 30.9.23
as restated
£    £   
Bank loans (see note 22) 2,373,411 2,634,884
Hire purchase contracts (see note 23) 5,252,126 5,783,999
7,625,537 8,418,883

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

22. LOANS

An analysis of the maturity of loans is given below:

Group
30.9.24 30.9.23
as restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,149,916 1,339,290
Bank loans 261,475 250,895
1,411,391 1,590,185
Amounts falling due between one and two years:
Bank loans 129,203 261,472
Amounts falling due between two and five years:
Bank loans 379,575 377,046
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 1,864,633 1,996,366

Loans payable by the company are summarised below:

- As at 30 September 2024 the balance outstanding relating to initial loan borrowings of £700,000 was £162,294 which is repayable in instalments finishing in October 2025. Interest rate is 3.71% fixed until October 2025.

- As at 30 September 2024 the balance outstanding relating to initial loan borrowings of £2,900,000 was £2,472,591 which is repayable in instalments finishing in October 2040. Interest rate is 3.98% fixed until June 2026.

23. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 30.9.23
as restated
£    £   
Net obligations repayable:
Within one year 2,226,464 2,209,970
Between one and five years 5,252,126 5,783,999
7,478,590 7,993,969

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

24. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.24 30.9.23
as restated
£    £   
Bank overdraft 1,149,916 1,339,290
Bank loans 2,634,886 2,885,779
Hire purchase contracts 7,478,590 7,993,969
11,263,392 12,219,038

The bank has a fixed and floating charge over all assets and the group has entered into a cross guarantee in resect of all group companies.

Hire purchase loans are secured against the asset.

Further to the disclosures in note 17, HSBC UK Bank plc holds various fixed and floating charges over the property and undertakings of the company.

The company is also entered into a cross guarantee in respect of other group companies.

Further information in relation to the cross guarantee and charges can be found at Companies House.

25. FINANCIAL INSTRUMENTS

Amortised cost
The carrying amount of the company's financial instruments measured at amortised cost are as follows:

30.9.24 30.9.23
£    £   
Financial liabilities
- Loans and borrowings (note 20) 2,634,885 2,885,778

The income, expenses, net gains and net losses attributable to the company's financial instruments measured at amortised cost are summarised as follows:

30.9.24 30.9.23
Expense: interest charge
Financial liabilities measured at amortised cost (note 8) 113,695 128,097


Details on the loan interest rates and term, and accordingly the exposure of the company to credit risk and interest rate risk, are included in note 22. Details of the loan security are included in note 24.

26. PROVISIONS FOR LIABILITIES

Group
30.9.24 30.9.23
as restated
£    £   
Deferred tax
Accelerated capital allowances 3,771,549 3,512,666
Tax losses carried forward (1,559,182 ) (1,587,107 )
Other timing differences 230,259 291,509
2,442,626 2,217,068

Other provisions 100,000 -

Aggregate amounts 2,542,626 2,217,068

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

26. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 October 2023 2,217,068 -
Provided during year 225,558 100,000
Balance at 30 September 2024 2,442,626 100,000

the tax rates applied in calculating the deferred tax provision are:
Capital allowances in excess of depreciation 25% (2023: 25%)
Unused tax losses carried forward 25% (2023: 25%)

Revalued fixed assets are included within Other timing difference totalling £230,259 (2023: £291,509).

27. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: as restated
£    £   
1,204 Ordinary A £1 1,204 1,204
200 Ordinary B £1 200 200
149 Ordinary C £1 149 149
149 Ordinary F £1 149 149
1,702 1,702

28. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 October 2023 4,614,367 5,888,000 656,045 298 11,158,710
Prior year adjustment (26,196 ) (26,196 )
4,588,171 11,132,514
Profit for the year 613,335 613,335
Dividends (333,500 ) (333,500 )
At 30 September 2024 4,868,006 5,888,000 656,045 298 11,412,349

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 2,347,277 5,888,000 298 8,235,575
Profit for the year 669,320 669,320
Dividends (333,500 ) (333,500 )
At 30 September 2024 2,683,097 5,888,000 298 8,571,395

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

28. RESERVES - continued

The revaluation gain on transfer from freehold property to investment property in the year of £nil (2023: £860,165) has been credited to the revaluation reserve with deferred taxation charged to the revaluation reserve of £nil (2023: £204,120) resulting in a net credit of £nil (2023: £656,045).

Revaluation reserve
The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets on their transfer to investment property net of taxation.

Retained earnings
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Share premium account
The share premium account represents the premium arising on the issue of shares net of issue costs.

Capital redemption reserve
The capital redemption reserve represents the share value purchased back by the entity.

29. PENSION COMMITMENTS

Liabilities relating to pension commitments are included in other creditors and total £30,098 (2023 - £27,330) at the balance sheet date. The profit and loss expense for pensions relating to defined contribution plans is £115,264 (2023 - £107,952).

30. CAPITAL COMMITMENTS
30.9.24 30.9.23
as restated
£    £   
Contracted but not provided for in the
financial statements 288,815 1,198,439

The capital commitments relate to the acquisition of tangible fixed assets by subsidiaries of the group.

31. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
30.9.24 30.9.23
as restated
£    £   
Impairment of Other debtor 31,436 -
Amount due from related party 895 352,395
Amount due to related party - 90,000

Impairment of Other debtor is included as an exceptional item at Note 8.

The transactions relate to a company over which group has control.

Other related parties
30.9.24 30.9.23
as restated
£    £   
Sales to related party 18,567 17,408
Purchases from related party 10,350 4,350
Salaries to related party (non-directors) 135,243 126,761
Amount due from related party 4,866 916

During the year, a total of key management personnel compensation of £ 628,483 (2023 - £ 313,151 ) was paid.

Key management personnel are individuals with authority and responsibility for controlling and managing the activities of the entity.

Ivor King Holdings Limited (Registered number: 07904154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

32. ULTIMATE CONTROLLING PARTY

The group is under the control of Mr I H King.

33. GOVERNMENT GRANTS

Government grants are recognised as income in Other operating income of £43,350 (2023: £22,341) and relate to green business programmes and various training schemes.