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COMPANY REGISTRATION NUMBER: 1736426
Isfahan Carpet Palace Limited
Filleted unaudited financial statements
31 January 2023
Isfahan Carpet Palace Limited
Statement of financial position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
751,850
752,284
Current assets
Stocks
85,409
111,629
Debtors
7
3,898
42,207
-------
---------
89,307
153,836
Creditors: amounts falling due within one year
8
59,852
81,153
-------
---------
Net current assets
29,455
72,683
---------
---------
Total assets less current liabilities
781,305
824,967
Creditors: amounts falling due after more than one year
9
94,047
110,639
Provisions
Taxation including deferred tax
69,740
69,484
---------
---------
Net assets
617,518
644,844
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
11
520,736
520,736
Profit and loss account
11
86,782
114,108
---------
---------
Shareholders funds
617,518
644,844
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Isfahan Carpet Palace Limited
Statement of financial position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Adil Hussain
Director
Company registration number: 1736426
Isfahan Carpet Palace Limited
Notes to the financial statements
year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
The company does not depreciate its freehold property and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on loss
Major components of tax expense/(income)
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
256
( 19)
----
----
Tax on loss
256
( 19)
----
----
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost/Valuation
At 1 February 2022
750,000
13,673
15,702
9,719
789,094
Disposals
( 9,719)
( 9,719)
---------
-------
-------
------
---------
At 31 January 2023
750,000
13,673
15,702
779,375
---------
-------
-------
------
---------
Depreciation
At 1 February 2022
12,832
14,441
9,537
36,810
Charge for the year
126
126
252
Disposals
( 9,537)
( 9,537)
---------
-------
-------
------
---------
At 31 January 2023
12,958
14,567
27,525
---------
-------
-------
------
---------
Carrying amount
At 31 January 2023
750,000
715
1,135
751,850
---------
-------
-------
------
---------
At 31 January 2022
750,000
841
1,261
182
752,284
---------
-------
-------
------
---------
Tangible assets held at valuation
In the opinion of the directors, the carrying value of the property as at 31 January 2023, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.
7. Debtors
2023
2022
£
£
Trade debtors
260
23,569
Other debtors
3,638
18,638
------
-------
3,898
42,207
------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
41,397
29,676
Trade creditors
10,824
46,081
Social security and other taxes
490
436
Other creditors
7,141
4,960
-------
-------
59,852
81,153
-------
-------
The bank loans and overdraft are secured on the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,850
61,636
Other creditors
53,197
49,003
-------
---------
94,047
110,639
-------
---------
The bank loans and overdraft are secured on the assets of the company.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
69,740
69,484
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
477
221
Revaluation of tangible assets
69,263
69,263
-------
-------
69,740
69,484
-------
-------
11. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
At 31 January 2023, creditors included a directors' loan account balance of £53,197 (2022: £49,003). The loan account is interest free and unsecured. A dividend of £Nil (2022: £Nil) was paid during the year. Director's remuneration for the year amounted to £ Nil (2022: £ Nil).