2022-11-012023-10-312023-10-31false10765184ICONA HOLDINGS 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ICONA HOLDINGS LIMITED

Registered Number
10765184
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

ICONA HOLDINGS LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

AHMED, Farhat
AHMED, Waqar

Registered Address

Ihl
12 Whytecliffe Road South
Purley
CR8 2AU

Registered Number

10765184 (England and Wales)
ICONA HOLDINGS LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3106,278-
Investments51,430,1001,430,100
Investment property420,846,73820,846,738
22,383,11622,276,838
Current assets
Debtors61,828,0381,472,520
Cash at bank and on hand43,156103,627
1,871,1941,576,147
Creditors amounts falling due within one year7(14,123,243)(13,378,732)
Net current assets (liabilities)(12,252,049)(11,802,585)
Total assets less current liabilities10,131,06710,474,253
Creditors amounts falling due after one year8(7,048,464)(7,027,770)
Net assets3,082,6033,446,483
Capital and reserves
Called up share capital200200
Share premium2,350,0002,350,000
Profit and loss account732,4031,096,283
Shareholders' funds3,082,6033,446,483
The financial statements were approved and authorised for issue by the Board of Directors on 31 July 2024, and are signed on its behalf by:
AHMED, Waqar
Director
Registered Company No. 10765184
ICONA HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 31 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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Vehicles25
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2.Average number of employees

20232022
Average number of employees during the year54
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
Revaluations111,50123,772135,273
At 31 October 23111,50123,772135,273
Depreciation and impairment
Charge for year25,5523,44328,995
At 31 October 2325,5523,44328,995
Net book value
At 31 October 2385,94920,329106,278
At 31 October 22---
4.Investment property

£
Fair value at 01 November 2220,846,738
At 31 October 2320,846,738
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 November 221,430,1001,430,100
At 31 October 231,430,1001,430,100
Net book value
At 31 October 231,430,1001,430,100
At 31 October 221,430,1001,430,100

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,611,0451,284,237
Other debtors209,053188,283
Prepayments and accrued income7,940-
Total1,828,0381,472,520
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables682,557543,423
Bank borrowings and overdrafts130,502130,502
Amounts owed to related parties-17,729
Taxation and social security6,29197,710
Other creditors13,300,39312,584,368
Accrued liabilities and deferred income3,5005,000
Total14,123,24313,378,732
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts4,423,6254,554,125
Amounts owed to related parties2,624,8392,473,645
Total7,048,4647,027,770
Creditors : Amount due after one includes balance of £11,020,000 (2023 : £10,587,000) of Ahmed Property Limited.
9.Directors advances, credits and guarantees
As at year end, the director current account shows balance of £1,044,519 (2022 : £1,032,677) of Mr. Waqar Ahmed and £17250 (2022 - £34500) of Mr. Farhat Ahmed
10.Related party transactions
The company has taken advantage of FR102, section 33 available to groups producing consolidated group financial statements and transactions with wholly owned subsidiaries, and has chosen not to disclose related party transactions within the group.