Ivory Printers (Holdings) Limited - Period Ending 2021-12-31
Ivory Printers (Holdings) Limited - Period Ending 2021-12-31
Registration number:
Ivory Printers (Holdings) Limited
for the Year Ended 31 December 2021
Ivory Printers (Holdings) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ivory Printers (Holdings) Limited
Company Information
Director |
D Skates |
Company secretary |
L Jenkinson |
Registered office |
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Ivory Printers (Holdings) Limited
(Registration number: 05862920)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Capital redemption reserve |
1 |
1 |
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Profit and loss account |
302,623 |
271,751 |
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Shareholders' funds |
302,625 |
271,753 |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Ivory Printers (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 05862920.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 have been prepared in sterling and are rounded to the nearest pound.
Group accounts not prepared
Revenue recognition
Turnover represents rents receivable, excluding value added tax
The company recognises revenue when:
The amount of revenue can be reliably measure;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current and deferred 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.
Ivory Printers (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.
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.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
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 |
Furniture and fittings |
20% on Cost |
Office equipment |
33% on Cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Ivory Printers (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Trade debtors
Trade debtors are amounts due from customers for the sale of goods and the provision of services in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2021 |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
- |
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Charge for the year |
- |
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At 31 December 2021 |
- |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Included within the net book value of land and buildings above is £186,393 (2020 - £186,393) in respect of freehold land and buildings.
Ivory Printers (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2021 |
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Provision |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Ivory Printers (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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( |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
642 |
836 |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
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.
Transactions with the director |
2021 |
At 1 January 2021 |
At 31 December 2021 |
D Skates |
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Unsecured, interest free loan, repayable on demand |
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2020 |
At 1 January 2020 |
Advances to directors |
At 31 December 2020 |
D Skates |
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Unsecured, interest free loan, repayable on demand |
( |
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Other transactions with the director |
At the year end, the director owed the company £74,980 (2020: £74,980). This amount is unsecured, interest free and repayable on demand.