Irshaad Ebrahim Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 04418143 (England and Wales)
Irshaad Ebrahim Limited
Company Information
Directors
Dr I. O. Ebrahim
Ms S L Taylor
T S Ebrahim
(Appointed 15 May 2023)
Secretary
Ms S L Taylor
Company number
04418143
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Irshaad Ebrahim Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Irshaad Ebrahim Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,246
73,718
Investments
4
2,074,334
574,334
2,132,580
648,052
Current assets
Debtors
5
886,252
1,589,284
Cash at bank and in hand
178,994
8,743
1,065,246
1,598,027
Creditors: amounts falling due within one year
6
(2,134,533)
(1,052,879)
Net current (liabilities)/assets
(1,069,287)
545,148
Total assets less current liabilities
1,063,293
1,193,200
Creditors: amounts falling due after more than one year
7
(29,663)
(162,730)
Provisions for liabilities
(3,463)
(3,463)
Net assets
1,030,167
1,027,007
Capital and reserves
Called up share capital
8
10,000
1,000
Profit and loss reserves
1,020,167
1,026,007
Total equity
1,030,167
1,027,007
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
Irshaad Ebrahim Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
Dr I. O. Ebrahim
Director
Company Registration No. 04418143
Irshaad Ebrahim Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

Irshaad Ebrahim Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, the principal accounting policies are set out below.

1.2
Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

1.3
Turnover
Turnover represents consultancy and management fee income receivable.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
Computer equipment
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Irshaad Ebrahim Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Irshaad Ebrahim Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(98)
128
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
389,904
Additions
14,080
At 31 March 2024
403,984
Depreciation and impairment
At 1 April 2023
316,186
Depreciation charged in the year
29,552
At 31 March 2024
345,738
Carrying amount
At 31 March 2024
58,246
At 31 March 2023
73,718
Irshaad Ebrahim Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,074,334
574,334
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 April 2023
574,334
Additions
1,500,000
At 31 March 2024
2,074,334
Carrying amount
At 31 March 2024
2,074,334
At 31 March 2023
574,334
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
101
-
0
Amounts owed by group undertakings
-
565,133
Other debtors
886,151
1,024,151
886,252
1,589,284
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
18,507
Amounts owed to group undertakings
1,817,699
849,819
Other creditors
163,515
166,918
Accruals and deferred income
153,319
17,635
2,134,533
1,052,879
Irshaad Ebrahim Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
127,947
Other creditors
29,663
34,783
29,663
162,730
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
10,000
1,000
Irshaad Ebrahim Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
9
Related party transactions

In accordance with FRS 102 Section 33, the Company has not disclosed any related party transactions between this Company and its wholly-owned subsidiary.

 

During the year Irshaad Ebrahim Limited received fees of £82,500 (2023: £101800) from The Sleep Medicine Centre Limited, a company of which I.O Ebrahim is a director and the ultimate controlling party. Included in other creditors is £1,817,699 (2023: £849,819) owed to The Sleep Medicine Centre Limited. This loan is interest free and repayable on demand.

 

Included in other creditors is an amount of £83,684 owed by the company to I.O. Ebrahim (2023: £40,190). This loan is interest free and repayable on demand.

 

A loan has been provided to Sangani Private Equity (Pty) Limited (formerly Sleep Disorders Centre SA (Pty) Limited), a company incorporated in South Africa and wholly owned by I.O. Ebrahim. Interest is charged on the loan at a rate of 2% (2023: 0.5%) and totalled £nil (2023: £2,805 ) in the year. At the balance sheet date, £nil (2023: £583,995) was due to the company and is included within debtors.

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