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Registration number: 09055493

Ithaca Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ithaca Investments Limited

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 10

iXBRL Detailed Profit and Loss Account

11

 

Ithaca Investments Limited

Company Information

Director

Ms A H Vasunia

Company secretary

Mr V S Rege

Registered office

73A Madeley Road
London
W5 2LT

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Ithaca Investments Limited

Director's Report for the Year Ended 31 March 2024

The director presents her report and the financial statements for the year ended 31 March 2024.

Director of the company

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

Ms A H Vasunia

Principal activity

The principal activity of the company is that of consultancy services and holding investments.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

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.

This report was approved by the director on 15 November 2024 and signed on its behalf by:

.........................................
Ms A H Vasunia
Director

 

Ithaca Investments Limited

Statement of Director's Responsibilities

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 she 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 her to ensure that the financial statements comply with the Companies Act 2006. She 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.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ithaca Investments Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ithaca Investments Limited for the year ended 31 March 2024 as set out on pages 5 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ithaca Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ithaca Investments Limited and state those matters that we have agreed to state to the Board of Directors of Ithaca Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ithaca Investments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ithaca Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ithaca Investments Limited. You consider that Ithaca Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ithaca Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

............................................................................

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

15 November 2024

 

Ithaca Investments Limited

(Registration number: 09055493)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

879

1,172

Investments

6

20,000

20,000

 

20,879

21,172

Current assets

 

Cash at bank and in hand

 

47

48

Creditors: Amounts falling due within one year

7

(35,979)

(35,392)

Net current liabilities

 

(35,932)

(35,344)

Net liabilities

 

(15,053)

(14,172)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(15,153)

(14,272)

Shareholders' deficit

 

(15,053)

(14,172)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The financial statements were approved and authorised for issue by the director on 15 November 2024
 

.........................................
Ms A H Vasunia
Director

   
     
 

Ithaca Investments Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

(12,851)

(12,751)

Loss for the year

-

(1,421)

(1,421)

At 31 March 2023

100

(14,272)

(14,172)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

(14,273)

(14,173)

Loss for the year

-

(880)

(880)

At 31 March 2024

100

(15,153)

(15,053)

 

Ithaca Investments Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
73A Madeley Road
London
W5 2LT
United Kingdom

These financial statements were authorised for issue by the director on 15 November 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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

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

Office equipment

25% on reducing balance

 

Ithaca Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value

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 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.

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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2023: 1).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

293

391

 

Ithaca Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 April 2023

6,819

At 31 March 2024

6,819

Depreciation

At 1 April 2023

5,647

Charge for the year

293

At 31 March 2024

5,940

Carrying amount

At 31 March 2024

879

At 31 March 2023

1,172

6

Investments

2024
£

2023
£

Investments in limited partnership

20,000

20,000

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

211

420

Directors current account

35,768

34,972

35,979

35,392

 

Ithaca Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Ithaca Investments Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Gross profit/(loss)

-

-

Distribution costs

Administrative expenses

Audit and accountancy other services

-

(420)

Depreciation of Fixed assets

(293)

(391)

Legal and professional costs

(66)

-

Bank charges

(1)

(24)

Other costs

(520)

(586)

Other operating income

Other items

Loss for the financial year

(880)

(1,421)