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Registration number: 01146325

Ivor Jones & Co. Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Ivor Jones & Co. Ltd.

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

Ivor Jones & Co. Ltd.

(Registration number: 01146325)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

162,673

171,738

Current assets

 

Debtors

5

5,592

5,079

Cash at bank and in hand

 

47,241

35,553

 

52,833

40,632

Creditors: Amounts falling due within one year

6

(22,847)

(18,571)

Net current assets

 

29,986

22,061

Total assets less current liabilities

 

192,659

193,799

Creditors: Amounts falling due after more than one year

6

(7,906)

(13,177)

Net assets

 

184,753

180,622

Capital and reserves

 

Called up share capital

7

10,000

10,000

Share premium reserve

64,849

64,849

Capital redemption reserve

8,027

8,027

Revaluation reserve

76,053

76,995

Profit and loss account

25,824

20,751

Shareholders' funds

 

184,753

180,622

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.

Directors' 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 directors acknowledge their 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 


L P Jones
Director

 

Ivor Jones & Co. Ltd.

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:
1B Costly Street
Ivybridge
Devon
PL21 0BD

Principal activity

The principal activity of the company is financial advisors

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Ivor Jones & Co. Ltd.

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

2

Accounting policies (continued)

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

 

Ivor Jones & Co. Ltd.

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

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Freehold buildings - 50 Years straight line
Fittings fixtures and equipment - 25% reducing balance
Motor vehicles - 25% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or
residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ivor Jones & Co. Ltd.

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

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Ivor Jones & Co. Ltd.

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

141,000

92,017

39,644

272,661

Additions

-

1,870

-

1,870

At 31 December 2024

141,000

93,887

39,644

274,531

Depreciation

At 1 January 2024

2,224

89,408

9,291

100,923

Charge for the year

2,224

1,123

7,588

10,935

At 31 December 2024

4,448

90,531

16,879

111,858

Carrying amount

At 31 December 2024

136,552

3,356

22,765

162,673

At 31 December 2023

138,776

2,609

30,353

171,738

Included within the net book value of land and buildings above is £136,552 (2023 - £138,776) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Property was revalued on 7 July 2023 by an independent valuer.The name and qualification of the independent valuer are Monk & Partners Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £60,499 (2023 - £61,772).

5

Debtors

2024
£

2023
£

Prepayments

2,606

2,885

Deferred tax assets

2,986

2,194

5,592

5,079

 

Ivor Jones & Co. Ltd.

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,271

5,271

Taxation and social security

 

15,482

7,323

Accruals and deferred income

 

1,360

917

Other creditors

 

734

5,060

 

22,847

18,571

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,906

13,177

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

5,000

5,000

5,000

5,000

Ordinary B Shares of £1 each

5,000

5,000

5,000

5,000

10,000

10,000

10,000

10,000

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

942

942

Surplus/deficit on revaluation of other assets

(942)

-

(942)

(942)

942

-

 

Ivor Jones & Co. Ltd.

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

8

Reserves (continued)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

23,020

951

23,971

Surplus/deficit on revaluation of other assets

(951)

-

(951)

22,069

951

23,020

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Capital Redemption Reserve:

This reserve records the nominal value of the shares repurchased by the company. This reserve
is undistributable.

Revaluation Reserve;

This reserve records the revaluation gains on the property owned by the company. This reserve
is undistributable.

Share Premium Account:

This reserve shows the premium paid above the par value of the shares. This reserve is
undistributable.


9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,906

13,177

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

5,271

5,271

 

Ivor Jones & Co. Ltd.

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

10

Financial commitments, guarantees and contingencies

The company has not made any provision against any clawback commission payable on any indemnity commission received by the end of the year, on the basis that the likely clawback payable would be minimal. Past history of clawback commission payable has been minimal and it is uncertain as to the timing or the amount of any commission payable.

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

At 31 December 2024
£

Loan to director

(2,928)

2,928

-

       
     

 

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Loan to director

-

(2,928)

(2,928)