It means "you all". You can tell because it uses habt. Your last sentence was incorrect.
Ihr means "you all" in nominative (the main subject of the sentence). You also seem to be confused about using it formally. It can be used to mean "your" when being formal, and like all the formal pronouns it doesn't matter if it's singular or plural. "Das ist Ihr Tisch" is saying "that is your table" in a formal way, and can be said to one person or a group of people who all own the table together.
It has more meanings, too... I still need to look at tables sometimes >_<.