REGISTERED NUMBER: 06700876 (England and Wales)

IVARIS LIMITED

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Smith

A P O Bell

REGISTERED OFFICE:

Unit D9

Brunel Gate

Telford Close

Aylesbury

Buckinghamshire

HP19 8AR

REGISTERED NUMBER:

06700876 (England and Wales)

ACCOUNTANTS:

Maclean & Company

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

FIXED ASSETS

Tangible assets

4

31,852

40,289

Investments

5

8,495

8,495

40,347

48,784

CURRENT ASSETS

Stocks

538,518

448,392

Debtors

6

558,806

631,003

Cash at bank and in hand

350,392

251,814

1,447,716

1,331,209

CREDITORS

Amounts falling due within one year

7

282,849

425,028

NET CURRENT ASSETS

1,164,867

906,181

TOTAL ASSETS LESS CURRENT LIABILITIES

1,205,214

954,965

PROVISIONS FOR LIABILITIES

8

7,684

9,148

NET ASSETS

1,197,530

945,817

CAPITAL AND RESERVES

Called up share capital

150

150

Share premium

66,616

66,616

Retained earnings

1,130,764

879,051

SHAREHOLDERS' FUNDS

1,197,530

945,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

S J Smith - Director

A P O Bell - Director

1.	STATUTORY INFORMATION

IVARIS 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tooling & development

-

10% on cost

Office equipment & fittings

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

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 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Office

Tooling &

equipment

development

& fittings

Totals

£

£

£

COST

At 1 January 2024

136,573

59,518

196,091

Additions

-

2,560

2,560

At 31 December 2024

136,573

62,078

198,651

DEPRECIATION

At 1 January 2024

106,951

48,851

155,802

Charge for year

7,690

3,307

10,997

At 31 December 2024

114,641

52,158

166,799

NET BOOK VALUE

At 31 December 2024

21,932

9,920

31,852

At 31 December 2023

29,622

10,667

40,289

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

8,495

NET BOOK VALUE

At 31 December 2024

8,495

At 31 December 2023

8,495

In 2020, Ivaris Limited established, under the appropriate national company law, a wholly-owned Belgian subsidiary company, Peterson Europe BV. This company began trading on 1 January 2021, and is primarily responsible for product sales to EU customers which were previously serviced by Ivaris Limited. The value of these sales in the financial year 2024 was €1,641,743 (2023 - €1,713,702).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

525,525

599,882

Other debtors & prepayments

33,281

31,121

558,806

631,003

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade & other creditors

160,493

233,266

Taxation

122,356

91,762

Other creditors

-

100,000

282,849

425,028

8.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

7,684

9,148

Deferred

tax

£

Balance at 1 January 2024

9,148

Credit to Income Statement during year

(1,464

)

Balance at 31 December 2024

7,684

9.	RELATED PARTY DISCLOSURES

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.