John Ives Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06352967

John Ives Limited

Unaudited financial statements

31 December 2024

John Ives Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	29,861	32,847
Tangible assets	6	249,666	234,612
		---------	---------
		279,527	267,459

Current assets

Stocks		40,394	60,682
Debtors	7	2,437	5,698
Cash at bank and in hand		1,472	30,060
		-------	-------
		44,303	96,440

Creditors: Amounts falling due within one year	8	( 119,776)		( 114,695)
		---------		---------
Net current liabilities			( 75,473)		( 18,255)
			---------		---------
Total assets less current liabilities			204,054		249,204

Creditors: Amounts falling due after more than one year	9		( 148,684)		( 163,684)

Provisions

Taxation including deferred tax	( 17,591)	( 19,001)
	---------	---------
Net assets	37,779	66,519
	---------	---------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	62,000	62,000
Profit and loss account	( 24,223)	4,517
	-------	-------
Shareholders funds	37,779	66,519
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

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

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

John Ives Limited

Statement of financial position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 18 September 2025 , and are signed on behalf of the board by:

Mr D Ives	Miss F Ives
Director	Director

Company registration number: 06352967

John Ives Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The trading address is 29 & 31 The Thoroughfare, Woodbridge, IP12 1BE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	20% straight line
Fixture and fittings	-	15% reducing balance
Computer equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 9 (2023: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	59,721
	-------
Amortisation
At 1 January 2024	26,874
Charge for the year	2,986
	-------
At 31 December 2024	29,860
	-------
Carrying amount
At 31 December 2024	29,861
	-------
At 31 December 2023	32,847
	-------

6. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	212,000	1,141	47,701	1,830	262,672
Revaluations	18,000	–	–	–	18,000
	---------	------	-------	------	---------
At 31 December 2024	230,000	1,141	47,701	1,830	280,672
	---------	------	-------	------	---------
Depreciation
At 1 January 2024	–	1,141	26,206	713	28,060
Charge for the year	–	–	2,860	86	2,946
	---------	------	-------	------	---------
At 31 December 2024	–	1,141	29,066	799	31,006
	---------	------	-------	------	---------
Carrying amount
At 31 December 2024	230,000	–	18,635	1,031	249,666
	---------	------	-------	------	---------
At 31 December 2023	212,000	–	21,495	1,117	234,612
	---------	------	-------	------	---------

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 December 2024
Aggregate cost	133,287
Aggregate depreciation	–
	---------
Carrying value	133,287
	---------

At 31 December 2023
Aggregate cost	133,287
Aggregate depreciation	–
	---------
Carrying value	133,287
	---------

7. Debtors

	2024	2023
	£	£
Other debtors	2,437	5,698
	------	------

8. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	19,111	–
Trade creditors	12,260	6,229
Social security and other taxes	4,486	9,709
Other creditors	83,919	98,757
	---------	---------
	119,776	114,695
	---------	---------

Bank loans are secured in full by the company.

9. Creditors: Amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	148,684	163,684
	---------	---------

Bank loans are secured in full by the company.