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REGISTERED NUMBER: 04110179 (England and Wales)















Report of the Director and

Audited Financial Statements for the Year Ended 31 March 2023

for

Irinvestship Limited

Irinvestship Limited (Registered number: 04110179)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Notes to the Financial Statements 10


Irinvestship Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: A Bayat





REGISTERED OFFICE: 4 Dancastle Court
14 Arcadia Avenue
London
N3 2JU





REGISTERED NUMBER: 04110179 (England and Wales)





AUDITORS: Faiz & Co Limited
8b Accommodation Road
London
NW11 8ED

Irinvestship Limited (Registered number: 04110179)

Report of the Director
for the Year Ended 31 March 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

DIRECTORS
The directors who have held office during the period from 1 April 2022 to the date of this report are as follows:

Mr A Sarkandi - resigned 13 June 2022
Mr G Nabipour - resigned 13 June 2022
A Bayat - appointed 13 June 2022

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Faiz & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Irinvestship Limited (Registered number: 04110179)

Report of the Director
for the Year Ended 31 March 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A Bayat - Director


27 February 2024

Report of the Independent Auditors to the Members of
Irinvestship Limited

Opinion
We have audited the financial statements of Irinvestship Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Irinvestship Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Irinvestship Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for the engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We assessed the susceptibility of the company's financial statements to material misstatements and how fraud might occur, including liaising with the director and his team, discussions within our audit team planning meeting, recording internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significant in the context of the company by discussions with director and updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the financial statements of the company include the Companies Act 2006 and UK Tax legislations.

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures.

We have documented the processes and procedures that the company has in place to mitigate the risk of regulatory non-compliance including confirming the operation of these systems on a sample basis.

We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management basis. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional skepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Irinvestship Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Behzad Faiz-Mahdavi (Senior Statutory Auditor)
for and on behalf of Faiz & Co Limited
8b Accommodation Road
London
NW11 8ED

28 February 2024

Irinvestship Limited (Registered number: 04110179)

Income Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER - -

Administrative expenses 36,094 244,807
OPERATING LOSS and
LOSS BEFORE TAXATION (36,094 ) (244,807 )

Tax on loss 4 - -
LOSS FOR THE FINANCIAL YEAR (36,094 ) (244,807 )

Irinvestship Limited (Registered number: 04110179)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 173,782 174,195
Cash at bank 20,607 40,663
194,389 214,858
CREDITORS
Amounts falling due within one year 6 42,158 26,533
NET CURRENT ASSETS 152,231 188,325
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,231

188,325

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Retained earnings (347,769 ) (311,675 )
SHAREHOLDERS' FUNDS 152,231 188,325

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 27 February 2024 and were signed by:





A Bayat - Director


Irinvestship Limited (Registered number: 04110179)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Irinvestship Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Irinvestship Limited (Registered number: 04110179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (36,094 ) (244,807 )
Loss multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(6,858

)

(46,513

)

Effects of:
Expenses not deductible for tax purposes - 38,206
Income not taxable for tax purposes (846 ) -
Unutilised tax losses 7,704 8,307

Total tax charge - -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 170,024 170,024
Other debtors 138 1,002
VAT 3,620 3,169
173,782 174,195

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 13,129 370
Social security and other taxes 90 937
Other creditors 28,939 25,226
42,158 26,533

7. RELATED PARTY DISCLOSURES

Balances with Group Undertakings

At 31 March 2023 there was an amount of £170,024 (2022 - £170,024) due from group undertakings.

8. ULTIMATE CONTROLLING PARTY

The parent company, Islamic Republic of Iran Shipping Lines, is owned by a number of shareholders none of whom control it.