0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 346,000 346,000 346,000 xbrli:pure xbrli:shares iso4217:GBP 12322163 2022-12-01 2023-11-30 12322163 2023-11-30 12322163 2022-11-30 12322163 2021-12-01 2022-11-30 12322163 2022-11-30 12322163 2021-11-30 12322163 bus:Director2 2022-12-01 2023-11-30 12322163 core:WithinOneYear 2023-11-30 12322163 core:WithinOneYear 2022-11-30 12322163 core:AfterOneYear 2023-11-30 12322163 core:AfterOneYear 2022-11-30 12322163 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12322163 core:ShareCapital 2023-11-30 12322163 core:ShareCapital 2022-11-30 12322163 core:RetainedEarningsAccumulatedLosses 2023-11-30 12322163 core:RetainedEarningsAccumulatedLosses 2022-11-30 12322163 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 12322163 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 12322163 bus:SmallEntities 2022-12-01 2023-11-30 12322163 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12322163 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 12322163 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12322163 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 12322163
Iconic Property Portfolio LTD
Filleted Unaudited Financial Statements
30 November 2023
Iconic Property Portfolio LTD
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
346,000
Current assets
Debtors
5
270
180
Cash at bank and in hand
377
4,320
----
-------
647
4,500
Creditors: amounts falling due within one year
6
8,697
18,425
-------
--------
Net current liabilities
8,050
13,925
-------
---------
Total assets less current liabilities
( 8,050)
332,075
Creditors: amounts falling due after more than one year
7
15,000
316,238
Provisions
7,027
--------
---------
Net (liabilities)/assets
( 23,050)
8,810
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 23,150)
8,710
--------
-------
Shareholders (deficit)/funds
( 23,050)
8,810
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Iconic Property Portfolio LTD
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr D Malik
Director
Company registration number: 12322163
Iconic Property Portfolio LTD
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11a Read Place, Ambrosden (Gravenhill), Bicester, Oxfordshire, OX25 2BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
4. Tangible assets
Freehold property
£
Cost
At 1 December 2022
346,000
Disposals
( 346,000)
---------
At 30 November 2023
---------
Depreciation
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
346,000
---------
5. Debtors
2023
2022
£
£
Other debtors
270
180
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,520
Corporation tax
222
Other creditors
8,475
1,905
-------
--------
8,697
18,425
-------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
180,237
Other creditors
15,000
136,001
--------
---------
15,000
316,238
--------
---------
8. Secured debt:
Included within other creditors are liabilities of Nil (2022: £196,756) which have been secured on the assets of the company.
9. Non-distributable reserves
Included within profit and loss account is non-distributable reserves for the sum of Nil (2022: £29,959)
10. Related party transactions
At the balance sheet date, other creditors include an interest free loan of £15,000 (2022 - £136,001 ) from Iconic Development Group LTD in which Mr S Basra and Mr Dheeraj Malik are the directors and hold 25% shares each.