Ironside Motors Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Ironside Motors Ltd

(Registration number: 00913288)
Statement of Financial Position as at 30 June 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	472,866	515,897
Current assets
Debtors	5	28,562	32,668
Cash at bank and in hand		901,995	326,002
		930,557	358,670
Creditors: Amounts falling due within one year	6	(214,476)	(106,483)
Net current assets		716,081	252,187
Net assets		1,188,947	768,084
Capital and reserves
Called up share capital		54,000	54,000
Revaluation reserve		106,701	86,701
Profit and loss account		1,028,246	627,383
Shareholders' funds		1,188,947	768,084

For the financial year ending 30 June 2025 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 8 November 2025 and signed on its behalf by:
 

Mr J M Ironside Director

Ironside Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

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:
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT

Principal activity

The principal activity of the company is that of renting freehold and leasehold property.

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.

Ironside Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

2	Accounting policies (continued)

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Computer equipment	25% reducing balance
Freehold land and buildings	2% straight line

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.

Ironside Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

2	Accounting policies (continued)

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

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 1).

Ironside Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

4	Tangible assets

	Land and buildings £	Long leasehold land and buildings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 July 2024	584,524	230,000	136,627	2,076	953,227
Revaluations	-	20,000	-	-	20,000
Additions	5,267	-	-	-	5,267
Disposals	(84,663)	-	-	-	(84,663)
At 30 June 2025	505,128	250,000	136,627	2,076	893,831
Depreciation
At 1 July 2024	299,049	-	136,205	2,076	437,330
Charge for the year	11,796	-	84	-	11,880
Eliminated on disposal	(28,245)	-	-	-	(28,245)
At 30 June 2025	282,600	-	136,289	2,076	420,965
Carrying amount
At 30 June 2025	222,528	250,000	338	-	472,866
At 30 June 2024	285,475	230,000	422	-	515,897

Included within the net book value of land and buildings above is £222,528 (2024 - £285,475) in respect of freehold land and buildings and £250,000 (2024 - £230,000) in respect of long leasehold land and buildings.
 

5

Debtors

	2025 £	2024 £
Other debtors	4,000	4,000
Prepayments	24,562	28,668
	28,562	32,668

Ironside Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Taxation and social security	151,886	16,515
Accruals and deferred income	7,821	4,338
Other creditors	54,769	85,630
	214,476	106,483

7

Reserves

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

	Revaluation reserve £	Total £
Surplus/deficit on property, plant and equipment revaluation	20,000	20,000

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

	Revaluation reserve £	Total £
Surplus/deficit on property, plant and equipment revaluation	(40,000)	(40,000)

Profit and loss account:

This reserve records retained earnings and accumulated losses.