General Information
IVO Textiles Limited is a private company, limited by shares, registered in England and Wales, registration number 05082945, registration address 3 Trident Way, International Trading Estate, Southall, Middlesex, UB2 5LF.
| 1. |
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 represents the net amounts invoiced or receivable for goods and services provided to customers excluding value added tax and is recognised when the company obtains the right to consideration.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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 taxation
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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, has been fully amortised over its estimated useful life of fifteen years.
Tangible fixed assets
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Machinery, Equipment and Vehicles |
25% of reducing balance |
Hire purchase and leasing
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
|
| 2. |
Average number of employees
Average number of employees during the year was 47 (2024 : 45).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 May 2024 |
140,200 |
|
140,200 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 30 April 2025 |
140,200 |
|
140,200 |
| Amortisation |
| At 01 May 2024 |
140,200 |
|
140,200 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 30 April 2025 |
140,200 |
|
140,200 |
| Net book values |
| At 30 April 2025 |
- |
|
- |
| At 30 April 2024 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 May 2024 |
1,592,235 |
|
1,592,235 |
| Additions |
127,405 |
|
127,405 |
| Disposals |
- |
|
- |
| At 30 April 2025 |
1,719,640 |
|
1,719,640 |
| Depreciation |
| At 01 May 2024 |
1,020,747 |
|
1,020,747 |
| Charge for year |
142,871 |
|
142,871 |
| On disposals |
- |
|
- |
| At 30 April 2025 |
1,163,618 |
|
1,163,618 |
| Net book values |
| Closing balance as at 30 April 2025 |
556,022 |
|
556,022 |
| Opening balance as at 01 May 2024 |
571,488 |
|
571,488 |
The net book value of Machinery, Equipment and Vehicles includes £ 34,237 (2024 £152,064) in respect of assets leased under finance leases or hire purchase contracts.
|
| 5. |
Ultimate Controlling Party
The company's ultimate controlling party is M Z Haas.
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3
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