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REGISTERED NUMBER: 11705032 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Ikonic Serviced Accommodation Ltd

Ikonic Serviced Accommodation Ltd (Registered number: 11705032)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ikonic Serviced Accommodation Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr D J Goodfellow
Ms L J Nelson
Mr D M Ince





REGISTERED OFFICE: Military House
24 Castle Street
Chester
Cheshire
CH1 2DS





REGISTERED NUMBER: 11705032 (England and Wales)





ACCOUNTANTS: Haines Watts
Military House
24 Castle Street
Chester
Cheshire
CH1 2DS

Ikonic Serviced Accommodation Ltd (Registered number: 11705032)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,966 63,443

CURRENT ASSETS
Debtors 5 47,683 60,328
Cash at bank 106,045 239,709
153,728 300,037
CREDITORS
Amounts falling due within one year 6 117,636 262,762
NET CURRENT ASSETS 36,092 37,275
TOTAL ASSETS LESS CURRENT
LIABILITIES

91,058

100,718

CREDITORS
Amounts falling due after more than one
year

7

33,990

49,431
NET ASSETS 57,068 51,287

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 56,968 51,187
SHAREHOLDERS' FUNDS 57,068 51,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ikonic Serviced Accommodation Ltd (Registered number: 11705032)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr D J Goodfellow - Director


Ikonic Serviced Accommodation Ltd (Registered number: 11705032)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Ikonic Serviced Accommodation Ltd 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.

The financial statements are presented in sterling, which is the functional currency of the company, rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and equipment - 33% on cost and 25% on reducing balance
Motor vehicles - 20% on reducing balance

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

Current 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Ikonic Serviced Accommodation Ltd (Registered number: 11705032)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 December 2022 14,631 49,988 64,619
Additions 1,191 5,700 6,891
At 30 November 2023 15,822 55,688 71,510
DEPRECIATION
At 1 December 2022 1,176 - 1,176
Charge for year 3,943 11,425 15,368
At 30 November 2023 5,119 11,425 16,544
NET BOOK VALUE
At 30 November 2023 10,703 44,263 54,966
At 30 November 2022 13,455 49,988 63,443

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 December 2022
and 30 November 2023 49,988
DEPRECIATION
Charge for year 10,000
At 30 November 2023 10,000
NET BOOK VALUE
At 30 November 2023 39,988
At 30 November 2022 49,988

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Amounts owed by associates 47,683 60,328

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 10,000 10,000
Finance leases 10,712 10,712
Trade creditors 72,815 210,837
Taxation and social security (3,794 ) 17,148
Other creditors 27,903 14,065
117,636 262,762

Ikonic Serviced Accommodation Ltd (Registered number: 11705032)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 27,027 30,685
Finance leases 6,963 18,746
33,990 49,431

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Finance leases 17,675 29,458

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £32,012 (2022 - £2,000) were paid to the directors .

During the year the company undertook loan transactions with the following trading companies in which the directors have a controlling interest:-

- received repayment of £22,000 from Trinity Avenue Ltd.
- loaned £500 to Ikonic Management Services Ltd.

At 30 November 2023 the company owed £38,328 (2022: £60,328) to Trinity Avenue Ltd, and also owed £9,355 (2022: £8,855) to Ikonic Management Services Ltd.