Ikra UK Ltd. 05933250 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is freight transport by road. Digita Accounts Production Advanced 6.30.9574.0 true true false true true false 05933250 2023-01-01 2023-12-31 05933250 2023-12-31 05933250 bus:Director2 1 2023-12-31 05933250 bus:OrdinaryShareClass1 2023-12-31 05933250 core:RetainedEarningsAccumulatedLosses 2023-12-31 05933250 core:ShareCapital 2023-12-31 05933250 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 05933250 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 05933250 core:CurrentFinancialInstruments 2023-12-31 05933250 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05933250 core:Non-currentFinancialInstruments 2023-12-31 05933250 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05933250 core:FurnitureFittings 2023-12-31 05933250 core:MotorVehicles 2023-12-31 05933250 core:OfficeEquipment 2023-12-31 05933250 core:PlantMachinery 2023-12-31 05933250 core:AllSubsidiaries 2023-12-31 05933250 core:Subsidiary1 2023-12-31 05933250 bus:SmallEntities 2023-01-01 2023-12-31 05933250 bus:Audited 2023-01-01 2023-12-31 05933250 bus:FullAccounts 2023-01-01 2023-12-31 05933250 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05933250 bus:RegisteredOffice 2023-01-01 2023-12-31 05933250 bus:CompanySecretary1 2023-01-01 2023-12-31 05933250 bus:Director2 2023-01-01 2023-12-31 05933250 bus:Director2 1 2023-01-01 2023-12-31 05933250 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05933250 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05933250 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05933250 core:ShareCapital 2023-01-01 2023-12-31 05933250 core:FurnitureFittings 2023-01-01 2023-12-31 05933250 core:MotorVehicles 2023-01-01 2023-12-31 05933250 core:OfficeEquipment 2023-01-01 2023-12-31 05933250 core:PlantMachinery 2023-01-01 2023-12-31 05933250 core:AllSubsidiaries 2023-01-01 2023-12-31 05933250 core:Subsidiary1 2023-01-01 2023-12-31 05933250 core:Subsidiary1 1 2023-01-01 2023-12-31 05933250 core:Subsidiary1 countries:AllCountries 2023-01-01 2023-12-31 05933250 core:UKTax 2023-01-01 2023-12-31 05933250 countries:AllCountries 2023-01-01 2023-12-31 05933250 2022-12-31 05933250 bus:Director2 1 2022-12-31 05933250 core:RetainedEarningsAccumulatedLosses 2022-12-31 05933250 core:ShareCapital 2022-12-31 05933250 core:CostValuation 2022-12-31 05933250 core:FurnitureFittings 2022-12-31 05933250 core:MotorVehicles 2022-12-31 05933250 core:OfficeEquipment 2022-12-31 05933250 core:PlantMachinery 2022-12-31 05933250 core:AllSubsidiaries 2022-12-31 05933250 2022-01-01 2022-12-31 05933250 2022-12-31 05933250 bus:Director2 1 2022-12-31 05933250 bus:OrdinaryShareClass1 2022-12-31 05933250 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 05933250 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 05933250 core:CurrentFinancialInstruments 2022-12-31 05933250 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05933250 core:Non-currentFinancialInstruments 2022-12-31 05933250 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05933250 core:FurnitureFittings 2022-12-31 05933250 core:MotorVehicles 2022-12-31 05933250 core:OfficeEquipment 2022-12-31 05933250 core:PlantMachinery 2022-12-31 05933250 core:AllSubsidiaries 2022-12-31 05933250 bus:Director2 1 2022-01-01 2022-12-31 05933250 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05933250 core:ShareCapital 2022-01-01 2022-12-31 05933250 core:AllSubsidiaries 2022-01-01 2022-12-31 05933250 core:Subsidiary1 1 2022-01-01 2022-12-31 05933250 core:UKTax 2022-01-01 2022-12-31 05933250 2021-12-31 05933250 bus:Director2 1 2021-12-31 05933250 core:RetainedEarningsAccumulatedLosses 2021-12-31 05933250 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05933250

Ikra UK Ltd.

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ikra UK Ltd.

Contents

Company Information

1

Director's Report

2 to 3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 21

 

Ikra UK Ltd.

Company Information

Director

A Aliyev

Company secretary

Mrs S Aliyeva

Registered office

River Wharf
Mulberry Way
Belvedere
Kent
DA17 6AN

Holding company

Ikra Lojistik Uluslararasi Tasimacilik ve Ticaret A.S

Auditors

Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

 

Ikra UK Ltd.

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

A Aliyev

Principal activity

The principal activity of the company is freight transport by road.

Review of business

The results for the year and financial position of the company are as shown in the annexed financial statements.

Future developments
The company expects to maintain its highly successful relationship with its suppliers and the loyalty of its customers and hopes to continue its hitherto escalating growth pattern

Taxation Status
The company is a close company within the provision of the Income and Corporation Taxes Act 2010.

Fixed Assets
The changes in fixed assets are given in notes 7 and 8 to the financial statements.

Related party transactions
None of the directors had any other material interests at any time during the year in any contract of significance in relation to the business of the company other than that stated in note 13 to the financial statements.

Company policy on payment of creditors
The Company 's current policy concerning the payment of trade creditors is to:
- Pay in accordance with the Company's contractual and other legal obligations.
- Agree in specific cases payment terms with a supplier that reflect the particular nature of a client contract.
- Ensure that regular suppliers are aware of our standard payment terms and that these are respected and acted upon.

Post balance sheet events
There were no significant events to report.

Financial instruments
The company's principal financial instruments comprise bank balances and trade creditors.

The main purpose of these instruments is to provide finance for its day to day operations.

The trade creditors liquidity risks are managed by ensuring sufficient funds are available to meet the amounts due.
 

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

 

Ikra UK Ltd.

Director's Report for the Year Ended 31 December 2023

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mehta & Tengra as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 September 2024
 

.........................................
A Aliyev
Director

 

Ikra UK Ltd.

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ikra UK Ltd.

Independent Auditor's Report to the Members of Ikra UK Ltd.

Opinion

We have audited the financial statements of Ikra UK Ltd. (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Ikra UK Ltd.

Independent Auditor's Report to the Members of Ikra UK Ltd.

the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on Page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Ikra UK Ltd.

Independent Auditor's Report to the Members of Ikra UK Ltd.

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and
non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
include the UK Companies Act, pension legislation and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Ikra UK Ltd.

Independent Auditor's Report to the Members of Ikra UK Ltd.

......................................
Jehangir Mehta (Senior Statutory Auditor)
For and on behalf of Mehta & Tengra, Statutory Auditor

Statutory Auditors
9 Berners Place
London
W1T 3AD

30 September 2024

 

Ikra UK Ltd.

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

10,974,199

5,551,606

Cost of sales

 

(9,515,030)

(4,933,664)

Gross profit

 

1,459,169

617,942

Administrative expenses

 

(1,503,576)

(558,306)

Other operating income

 

6,500

170,760

Operating (loss)/profit

 

(37,907)

230,396

Profit on disposal of fixed assets

 

-

8,306,801

Other interest receivable and similar income

 

45,134

741

Interest payable and similar expenses

 

153,116

(11,052)

   

198,250

8,296,490

Profit before tax

5

160,343

8,526,886

Tax on profit

 

(38,629)

(46,669)

Profit for the financial year

 

121,714

8,480,217

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ikra UK Ltd.

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

121,714

8,480,217

Total comprehensive income for the year

121,714

8,480,217

 

Ikra UK Ltd.

(Registration number: 05933250)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

7

49,249

53,613

Investments

8

6,202,504

2,908,386

 

6,251,753

2,961,999

Current assets

 

Debtors

9

8,604,181

4,464,365

Cash at bank and in hand

 

1,114,748

3,976,417

 

9,718,929

8,440,782

Creditors: Amounts falling due within one year

10

(6,190,748)

(1,725,159)

Net current assets

 

3,528,181

6,715,623

Total assets less current liabilities

 

9,779,934

9,677,622

Creditors: Amounts falling due after more than one year

10

(16,803)

(34,280)

Provisions for liabilities

(12,099)

(14,024)

Net assets

 

9,751,032

9,629,318

Capital and reserves

 

Called up share capital

11

1

1

Retained earnings

9,751,031

9,629,317

Shareholders' funds

 

9,751,032

9,629,318

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 September 2024
 

.........................................
A Aliyev
Director

 

Ikra UK Ltd.

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

9,629,317

9,629,318

Profit for the year

-

121,714

121,714

At 31 December 2023

1

9,751,031

9,751,032

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

1,149,100

1,149,101

Profit for the year

-

8,480,217

8,480,217

At 31 December 2022

1

9,629,317

9,629,318

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
River Wharf
Mulberry Way
Belvedere
Kent
DA17 6AN

These financial statements were authorised for issue by the director on 30 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Ikra UK Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of freight services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

20% on cost

Plant and machinery

20% on cost

Computer equipment

20% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2022 - 9).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

2,500

1,500


 

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

21,255

25,544

6

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

40,554

46,669

Deferred taxation

Arising from changes in tax rates and laws

(1,925)

-

Tax expense in the income statement

38,629

46,669

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

52,976

146,094

14,742

-

213,812

Additions

-

5,031

11,284

8,642

24,957

Disposals

-

-

-

(8,642)

(8,642)

At 31 December 2023

52,976

151,125

26,026

-

230,127

Depreciation

At 1 January 2023

52,976

95,180

12,043

-

160,199

Charge for the year

-

17,730

2,949

576

21,255

Eliminated on disposal

-

-

-

(576)

(576)

At 31 December 2023

52,976

112,910

14,992

-

180,878

Carrying amount

At 31 December 2023

-

38,215

11,034

-

49,249

At 31 December 2022

-

50,914

2,699

-

53,613

8

Investments

2023
£

2022
£

Shares in group undertakings

2,058,998

2,058,998

Participating interests

499

499

Loans to group undertakings

4,143,007

848,889

6,202,504

2,908,386

Subsidiaries

£

Cost or valuation

At 1 January 2023

2,058,998

Carrying amount

At 31 December 2023

2,058,998

At 31 December 2022

2,058,998

Participating Interests
499 ordinary shares representing 49.9% of issued shares of Daily Groupage Services Limited a company registered in England and Wales. The company was dissolved on 16 April 2024,

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

Fixed asset group loan

£

Cost or valuation

At 1 January 2023

848,889

Additions

3,294,118

At 31 December 2023

4,143,007

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Sandbar Investments Ltd

River Wharf, Mulberry Way, Kent DA17 6AN

UK

Ordinary

100%

100%

Subsidiary undertakings

Sandbar Investments Ltd

The principal activity of Sandbar Investments Ltd is investment in properties. Its financial period end is 31 December 2023. The profit for the financial period was £108,617(2022;loss-£4,015) and the aggregate amount of capital and reserves at the end of the period was £92,209.(2022:-£16,408).

9

Debtors

Current

Note

2023
£

2022
£

Amounts owed by group undertakings

13

1,850,000

1,850,000

Prepayments

 

65,586

62,464

Directors' current account

 

-

154

Trade debtors

 

1,650,207

1,744,460

Other loans

 

50,000

50,000

Other debtors

 

4,568

5,748

Trade debtors - Amounts owed by group undertakings

 

4,983,820

751,539

   

8,604,181

4,464,365

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

14,774

17,384

Trade creditors

 

267,195

268,045

Amounts owed to participating interests

13

-

225,000

Accruals and deferred income

 

27,573

5,976

Other taxation

 

277,368

119,538

Trade creditors - Amount owed to group undertakings

 

5,558,073

1,037,644

Other creditors

 

4,690

4,903

Directors' current account

 

521

-

Corporation tax

 

40,554

46,669

 

6,190,748

1,725,159

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

16,803

34,280

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

12

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,192

27,544

Hire purchase contracts

2,611

6,736

16,803

34,280

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,649

7,297

Bank overdrafts

-

5,962

Hire purchase contracts

4,125

4,125

14,774

17,384

13

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 paragraph 33.1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, Ikra UK Ltd sold goods amounting to £3,779 (2022 £358,788) to the participating interests and purchased goods amounting to £30,390 (2022:£373,279) from the participating interests.Amounts owed by participating interests was £Nil (2022:£Nil) and amounts owed to participating interests was £Nil (2022:£225,000).

The director of Ikra UK Ltd is also a director of another limited company.
During the year, Ikra UK Ltd sold goods amounting to £100,124 (2022:£100,306) to the company and purchased goods amounting to £13,913 (2022:£67,194) from the company.At the balance sheet date, the amounts due from the company was £32,949 (2022;£43,478) and amounts payable to the company was
£Nil (2022:£11,020).

Transactions with the director

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

A Aliyev

Balance outstanding at start of year

154

(675)

(521)

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

A Aliyev

Balance outstanding at start of year

7,690

(7,536)

154

 

Ikra UK Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

45,400

38,250

Contributions paid to money purchase schemes

1,362

1,148

46,762

39,398

Summary of transactions with subsidiaries

Sandbar Investment Limited
 

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

848,889

848,889

Advanced

3,294,118

3,294,118

At end of period

4,143,007

4,143,007

2022

Subsidiary
£

Total
£

Advanced

848,889

848,889

At end of period

848,889

848,889

13.1

Ultimate parent company

Ikra Lojistik Uluslararasi Tasimacilik ve Ticaret A.S (Incorporated in Turkey) is regarded by the directors as being the company's parent company.

14

Going concern

The holding company will continue to provide financial support to IKRA UK Limited as is required to enable IKRA UK Limited to continue to trade for at least 12 months from the date of this report.