Ivory & Sons Limited

Contents
	Page
Accountant's Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—7

Accountant's report to the directors on the preparation of the unaudited statutory accounts of Ivory & Sons Limited for the year ended 31 May 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ivory & Sons Limited for the year ended 31 May 2025 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As practising members of regulatory professional bodies we are subject to their ethical and other professional requirements which can be provided on request.

This report is made solely to the directors of Ivory & Sons Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Ivory & Sons Limited and state those matters that we have agreed to state to the directors of Ivory & Sons Limited , as a body, in this report in accordance with guidance from our professional bodies. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ivory & Sons Limited and its directors, as a body, for our work or for this report.

It is your duty to ensure that Ivory & Sons Limited 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 profit or loss of Ivory & Sons Limited . You consider that Ivory & Sons Limited 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 Ivory & Sons Limited . 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 financial statements.

Signed

20 October 2025

Smarter Accounting

5 Den Road

Teignmouth

TQ14 8AR

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Ivory & Sons Limited

Balance Sheet

As At 31 May 2025

Balance Sheet

Registered number: 09605981

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		22,118		23,314

			22,118		23,314
CURRENT ASSETS
Stocks	5	4,000		4,000
Debtors	6	9,668		10,754
Cash at bank and in hand		51,217		81,054

		64,885		95,808
Creditors: Amounts Falling Due Within One Year	7	(27,412 )		(38,988 )

NET CURRENT ASSETS (LIABILITIES)			37,473		56,820

TOTAL ASSETS LESS CURRENT LIABILITIES			59,591		80,134

Creditors: Amounts Falling Due After More Than One Year	8		(13,473 )		(21,492 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(4,203 )		(4,430 )

NET ASSETS			41,915		54,212

CAPITAL AND RESERVES
Called up share capital	11		2		2
Profit and Loss Account			41,913		54,210

SHAREHOLDERS' FUNDS			41,915		54,212

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Ivory & Sons Limited

Balance Sheet (continued)

As At 31 May 2025

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs Janet Ivory

Director

20 October 2025

The notes on pages 4 to 7 form part of these financial statements.

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Ivory & Sons Limited

Notes to the Financial Statements

For The Year Ended 31 May 2025

Notes to the Financial Statements

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 4 years.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% Reducing Balance
Motor Vehicles	25% Reducing Balance
Computer Equipment	25% Reducing Balance

1.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

1.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.7. Financial Instruments

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 the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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Ivory & Sons Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

1.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

1.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.10. 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.

1.11. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

2. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

3. Intangible Assets

	Goodwill
	£
Cost
As at 1 June 2024	20,000

As at 31 May 2025	20,000

Amortisation
As at 1 June 2024	20,000

As at 31 May 2025	20,000

Net Book Value
As at 31 May 2025	-

As at 1 June 2024	-

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Ivory & Sons Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 June 2024	17,746	50,939	1,143	69,828
Additions	2,094	3,000	1,082	6,176

As at 31 May 2025	19,840	53,939	2,225	76,004

Depreciation
As at 1 June 2024	12,205	33,302	1,007	46,514
Provided during the period	1,909	5,159	304	7,372

As at 31 May 2025	14,114	38,461	1,311	53,886

Net Book Value
As at 31 May 2025	5,726	15,478	914	22,118

As at 1 June 2024	5,541	17,637	136	23,314

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	12,273	16,364

	12,273	16,364

5. Stocks

	2025	2024
	£	£
Stock	4,000	4,000

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	4,084	3,056
VAT	5,584	7,698

	9,668	10,754

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Ivory & Sons Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	2,701	4,183
Trade creditors	4,400	7,331
Bank loans and overdrafts	6,000	6,000
Corporation tax	7,174	9,661
Other taxes and social security	5,683	4,717
Other creditors	1,405	1,340
Directors' loan accounts	49	5,756

	27,412	38,988

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	13,473	16,174
Bank loans	-	5,318

	13,473	21,492

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The maturity of these amounts is as follows:
Within one year	2,701	4,183
Between one and five years	13,473	16,174

	16,174	20,357

	16,174	20,357

10. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Deferred Tax	4,203	4,430

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

12. Related Party Transactions

At the year end, 31 May 2025, the company owed the directors £49 (2024: £5,756) in respect of loans held with the company. These amounts are interest free and repayable on demand.

13. General Information

Ivory & Sons Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09605981 . The registered office is 21 Upper Longlands, Dawlish, Devon, EX7 9DB.

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