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REGISTERED NUMBER: 11894594 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Iconic Time London Ltd

Iconic Time London Ltd (Registered number: 11894594)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Iconic Time London Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Vinod K Baid





REGISTERED OFFICE: 29-30 Frith Street
London
W1D 5LG





REGISTERED NUMBER: 11894594 (England and Wales)





ACCOUNTANTS: WONG LANGE & CO.
Chartered Certified & Management Accountants
29-30 Frith Street
London
W1D 5LG

Iconic Time London Ltd (Registered number: 11894594)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 482 567

CURRENT ASSETS
Stocks 59,790 60,990
Debtors 5 (42,277 ) (21,476 )
Cash at bank 34,583 28,918
52,096 68,432
CREDITORS
Amounts falling due within one year 6 107,170 109,952
NET CURRENT LIABILITIES (55,074 ) (41,520 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(54,592

)

(40,953

)

CREDITORS
Amounts falling due after more than one
year

7

14,949

17,167
NET LIABILITIES (69,541 ) (58,120 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (69,641 ) (58,220 )
SHAREHOLDERS' FUNDS (69,541 ) (58,120 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Iconic Time London Ltd (Registered number: 11894594)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 July 2024 and were signed by:





Vinod K Baid - Director


Iconic Time London Ltd (Registered number: 11894594)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Iconic Time London 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.

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.
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

Iconic Time London Ltd (Registered number: 11894594)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 904
DEPRECIATION
At 1 April 2023 337
Charge for year 85
At 31 March 2024 422
NET BOOK VALUE
At 31 March 2024 482
At 31 March 2023 567

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors (42,277 ) (21,476 )

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 2,900 2,900
Taxation and social security 245 965
Other creditors 104,025 106,087
107,170 109,952

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 14,949 17,167

Iconic Time London Ltd (Registered number: 11894594)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. RELATED PARTY DISCLOSURES

Related Party Transactions
the company has transactions with related parties in the ordinary course of business during the year.
2024 2023
Associates:
Hercules Watch Co Ltd
Fees charged to associates £0.00 £0.00
Iconic Time Limited
Fees charged to associates £5,200.00 £19,841.10
Associate:
Hercules Watch Co Ltd
The director, Vinod Kumar Baid, has a 50% investment in Hercules Watch Co Ltd. Areas of opportunity for
cooperation have been identified and work continues to be pursued. The professional services between related
parties are made at normal market prices and outstanding balances are unsecured and interest free.
Iconic Time Limited
The director, Vinod Kumar Baid, has a 100% investment in Iconic Time Limited. Areas of opportunity for
cooperation have been identified and work continues to be pursued. The professional services between related
parties are made at normal market prices and outstanding balances are unsecured and interest free.

9. GOING CONCERN NOTE

The account has been drawn up on a going concern basis and the director has confirmed that he has enough funds available to inject into the company should it be necessary to the company in order that all other creditors are paid when the liabilities fall.