Company Registration No. 12522212 (England and Wales)
Istimar Ltd
Unaudited accounts
for the year ended 31 March 2023
Istimar Ltd
Unaudited accounts
Contents
Istimar Ltd
Company Information
for the year ended 31 March 2023
Directors
Mohammad Rascim Khan Khattak
Chaudary Ali Masood Chohan
Company Number
12522212 (England and Wales)
Registered Office
LEVEL THIRTY 39, ONE CANADA SQUARE
CANADA SQUARE
LONDON
E14 5AB
ENGLAND
Istimar Ltd
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
13,266
140,495
Creditors: amounts falling due within one year
(4,568)
(3,008)
Net current assets
42,127
147,207
Called up share capital
120
116
Share premium
367,818
242,867
Profit and loss account
(322,344)
(94,833)
Shareholders' funds
45,594
148,150
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2024 and were signed on its behalf by
Mohammad Rascim Khan Khattak
Director
Company Registration No. 12522212
Istimar Ltd
Notes to the Accounts
for the year ended 31 March 2023
Istimar Ltd is a private company, limited by shares, registered in England and Wales, registration number 12522212. The registered office is LEVEL THIRTY 39, ONE CANADA SQUARE, CANADA SQUARE, LONDON, E14 5AB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The Directors believe that notwithstanding net current assets of £148,150, the Company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from the Directors and shareholders will be adequate to meet the Company's needs for a period of at least 12 months from the date of approval of these financial statements.
Expenditure on research and development is written off in the year in which it is incurred.
Basic financial instruments
Trade and other debtors/ creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Istimar Ltd
Notes to the Accounts
for the year ended 31 March 2023
Current and defeered taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date.
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% per annum on a straight line basis
Investments in subsidiaries are carried at cost less impairment.
4
Tangible fixed assets
Computer equipment
5
Investments
Subsidiary undertakings
Valuation at 1 April 2022
443
Valuation at 31 March 2023
443
On 30 September 2021, the Company acquired 1,000 shares of Istimar Tech Pvt Ltd., a company incorporated in Pakistan. The Company owns 99.9% of the shares of Istimar Tech Pvt Ltd.
Istimar Ltd
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Other debtors
33,429
9,720
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
504
1,267
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).