Registered number
11851454
Istanbul Organic Ltd
Filleted Accounts
28 February 2023
Istanbul Organic Ltd
Registered number: 11851454
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 205,051 214,946
Current assets
Stocks 93,360 109,405
Debtors 4 8,520 9,093
Barclaycard (Credit Card) 5,624 -
Cash at bank and in hand 107,797 32,369
215,301 150,867
Creditors: amounts falling due within one year 5 (292,251) (250,705)
Net current liabilities (76,950) (99,838)
Net assets 128,101 115,108
Capital and reserves
Called up share capital 1 1
Profit and loss account 128,100 115,107
Shareholder's funds 128,101 115,108
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sami Guzeloglu
Director
Approved by the board on 27 November 2023
Istanbul Organic Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 144,973 100,324 52,490 297,787
Additions - - 7,000 7,000
At 28 February 2023 144,973 100,324 59,490 304,787
Depreciation
At 1 March 2022 14,497 54,658 13,686 82,841
Charge for the year - 9,134 7,761 16,895
At 28 February 2023 14,497 63,792 21,447 99,736
Net book value
At 28 February 2023 130,476 36,532 38,043 205,051
At 28 February 2022 130,476 45,666 38,804 214,946
4 Debtors 2023 2022
£ £
VAT - Input - 166
Rent Prepayment 3,561 3,561
Net VAT due - 407
Other debtors 4,959 4,959
5 Creditors: amounts falling due within one year 2023 2022
£ £
Selina Weldab Tesfay 897 -
Moussa Medjerab 1,516 -
Lamine Ain El 772 -
Close Brothers 255 -
Bulent Bilgi 1,396 -
Ali Mechetek 988 -
Yusuf Golmohamadi - 618
Sami Guzeloglu - 824
Pension payable 92 255
CBIL (Loan) 29,537 55,603
Trade creditors 121,354 41,864
Taxation and social security costs 1,463 5,836
Other creditors 133,981 145,705
292,251 250,705
6 Other information
Istanbul Organic Ltd is a private company limited by shares and incorporated in England. Its registered office is:
120-124 Ground Floor King Street
Hammersmith
London
W6 0QU
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