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Registration number: 13582745

Iseran Estates Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2023

 

Iseran Estates Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Iseran Estates Ltd

Company Information

Directors

Mrs Samantha Lee-Bapty

Mr Samuel Lee-Bapty

Registered office

34 St Anne’s Road
Whitstable
Kent
CT5 2DP

Accountants

Jon Huntley - AIMS accountants for Business
Certified
61 Brancaster Lane
Purley
Surrey
CR8 1HL

 

Iseran Estates Ltd

(Registration number: 13582745)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

884,456

884,456

Current assets

 

Cash at bank and in hand

 

18,537

1,324

Creditors: Amounts falling due within one year

(3,316)

-

Net current assets

 

15,221

1,324

Total assets less current liabilities

 

899,677

885,780

Creditors: Amounts falling due after more than one year

(885,440)

(885,770)

Net assets

 

14,237

10

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

14,137

(90)

Shareholders' funds

 

14,237

10

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

 

Iseran Estates Ltd

(Registration number: 13582745)
Abridged Balance Sheet as at 31 August 2023

.........................................
Mrs Samantha Lee-Bapty
Director

.........................................
Mr Samuel Lee-Bapty
Director

 

Iseran Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
34 St Anne’s Road
Whitstable
Kent
CT5 2DP

These financial statements were authorised for issue by the Board on 19 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Iseran Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 August 2023

Investment properties

2023
£

At 1 September

884,456

 

Iseran Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

7

Related party transactions

 

Iseran Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Transactions with directors

2023

At 1 September 2022
£

At 31 August 2023
£

Mrs Samantha Lee-Bapty

Directors Loan Account

(286,392)

(286,392)

     
   

Mr Samuel Lee-Bapty

Directors Loan Account

(286,392)

(286,392)

     
   

 

2022

At 1 September 2021
£

Other payments made to company by director
£

At 31 August 2022
£

Mrs Samantha Lee-Bapty

Directors Loan Account

-

(286,392)

(286,392)

       
     

Mr Samuel Lee-Bapty

Directors Loan Account

-

(286,392)

(286,392)