2022-10-312023-10-302023-10-30false06389314ICONA HOMES 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ICONA HOMES LIMITED

Registered Number
06389314
(England and Wales)

Unaudited Financial Statements for the Year ended
30 October 2023

ICONA HOMES LIMITED
Company Information
for the year from 31 October 2022 to 30 October 2023

Directors

AHMED, Farhat
AHMED, Waqar

Company Secretary

AHMED, Waqar

Registered Address

Ihl
12 Whytecliffe Road South
Purley
CR8 2AU

Registered Number

06389314 (England and Wales)
ICONA HOMES LIMITED
Balance Sheet as at
30 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets45,3211,469
Investment property5785,707785,707
791,028787,176
Current assets
Stocks6-155,124
Debtors72,990,6162,922,238
Cash at bank and on hand2,567,9042,854,948
5,558,5205,932,310
Creditors amounts falling due within one year8(365,718)(546,794)
Net current assets (liabilities)5,192,8025,385,516
Total assets less current liabilities5,983,8306,172,692
Creditors amounts falling due after one year9(26,667)(36,667)
Provisions for liabilities10(279)(279)
Net assets5,956,8846,135,746
Capital and reserves
Called up share capital100100
Profit and loss account5,956,7846,135,646
Shareholders' funds5,956,8846,135,746
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
AHMED, Waqar
Director
Registered Company No. 06389314
ICONA HOMES LIMITED
Notes to the Financial Statements
for the year ended 30 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year22
3.Prior period adjustment
Prior year adjustment is related to correction of the investment properties being recorded as stock.
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 31 October 224,5458,7002,469-15,714
Additions-3,255-1,2004,455
At 30 October 234,54511,9552,4691,20020,169
Depreciation and impairment
At 31 October 223,5878,5842,074-14,245
Charge for year23916599100603
At 30 October 233,8268,7492,17310014,848
Net book value
At 30 October 237193,2062961,1005,321
At 30 October 22958116395-1,469
5.Investment property

£
Fair value at 31 October 22785,707
At 30 October 23785,707
6.Stocks

2023

2022

££
Work in progress-155,124
Total-155,124
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables105,65896,734
Amounts owed by group undertakings2,867,0602,803,056
Other debtors2,9782,631
Prepayments and accrued income14,92019,817
Total2,990,6162,922,238
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables195,745194,525
Bank borrowings and overdrafts61,6471,647
Taxation and social security-348,123
Other creditors105,826-
Accrued liabilities and deferred income2,5002,499
Total365,718546,794
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.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts26,66736,667
Total26,66736,667
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)279279
Total279279
11.Guarantees provided on behalf of directors
As at the year end, director loan account has credit balance of £61,647 (2022: £1,647).
12.Related party transactions
Debtors includes balance of £248,433 Dr. (2022- 300,111 Dr.) related to Icona Asset Management Limited.