Registered number
14631022
Irtish Creation Limited
Filleted Accounts
31 October 2024
Irtish Creation Limited
Registered number: 14631022
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Investment Property 3 336,032 336,032
Current assets
Debtors 4 422 -
Cash at bank and in hand 22,169 27,520
22,591 27,520
Creditors: amounts falling due within one year 5 (350,830) (366,544)
Net current liabilities (328,239) (339,024)
Net assets/(liabilities) 7,793 (2,992)
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,693 (3,092)
Shareholders' funds 7,793 (2,992)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Ajai Agarwal
Director
Approved by the board on 6 March 2025
Irtish Creation Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration for rent receivable, net of discounts and value added taxes. 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.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investment Property
£
Cost
At 1 November 2023 336,032
At 31 October 2024 336,032
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The directors having suitable knowledge and experience considered the above valuation to be a fair reflection of the value of the investment property as at 31 October 2024.
4 Debtors 2024 2023
£ £
Other debtors 422 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 35 -
Taxation and social security costs 2,101 -
Other creditors 348,694 366,544
350,830 366,544
6 Other information
Irtish Creation Limited is a private company limited by shares and incorporated in England. Its registered office is:
311 Regents Park Road
London
N3 1DP
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