REGISTERED NUMBER: |
IVOR INNES LTD |
Unaudited Financial Statements |
For The Year Ended 30 September 2024 |
REGISTERED NUMBER: |
IVOR INNES LTD |
Unaudited Financial Statements |
For The Year Ended 30 September 2024 |
IVOR INNES LTD (Registered number: 01278997) |
Contents of the Financial Statements |
For The Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Abridged Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
IVOR INNES LTD |
Company Information |
For The Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
BANKERS: |
11 South Lane |
Hessle |
East Yorkshire |
HU13 ORR |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
IVOR INNES LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IVOR INNES LTD for the year ended 30 September 2024 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of IVOR INNES LTD, as a body, in accordance with the terms of our engagement letter dated 26 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of IVOR INNES LTD and state those matters that we have agreed to state to the Board of Directors of IVOR INNES LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IVOR INNES LTD and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that IVOR INNES LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of IVOR INNES LTD. You consider that IVOR INNES LTD is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of IVOR INNES LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
IVOR INNES LTD (Registered number: 01278997) |
Abridged Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
IVOR INNES LTD (Registered number: 01278997) |
Abridged Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
IVOR INNES LTD (Registered number: 01278997) |
Notes to the Financial Statements |
For The Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
IVOR INNES LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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 |
Land and buildings | - |
Computers and equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Camera equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
IVOR INNES LTD (Registered number: 01278997) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
IVOR INNES LTD (Registered number: 01278997) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 September 2024 is represented by: |
Totals |
£ |
Valuation in 2002 | (18,539 | ) |
Cost | 1,172,535 |
1,153,996 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 542,576 | 542,576 |
Aggregate depreciation | 113,988 | 108,947 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 October 2023 |
and 30 September 2024 | 77,824 |
DEPRECIATION |
At 1 October 2023 | 44,992 |
Charge for year | 8,208 |
At 30 September 2024 | 53,200 |
NET BOOK VALUE |
At 30 September 2024 | 24,624 |
At 30 September 2023 | 32,832 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans repayable after more than five years |
202,558 |
66,740 |
IVOR INNES LTD (Registered number: 01278997) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 23,158 | 35,628 |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2023 |
and 30 September 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
IVOR INNES LTD (Registered number: 01278997) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | RELATED PARTY DISCLOSURES |
The following balances were due to/(from) the Directors: |
2024 | 2023 |
£ | £ |
Mr & Mrs I D Innes | 58,673 | 61,139 |
Mr & Mrs D I Innes | 2,789 | 11,770 |
Mr P Cox | 60 | 56 |
Interest was paid to the Directors as follows: |
2024 | 2023 |
£ | £ |
Mr & Mrs I D Innes | 1,748 | 1,809 |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr and Mrs I D Innes and D I Innes. |