1 September 2023 v2025.14.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP097526312023-09-012024-08-31097526312024-08-31097526312023-08-3109752631core:WithinOneYear2024-08-3109752631core:WithinOneYear2023-08-3109752631core:AfterOneYear2024-08-3109752631core:AfterOneYear2023-08-3109752631core:ShareCapital2024-08-3109752631core:ShareCapital2023-08-3109752631core:RetainedEarningsAccumulatedLosses2024-08-3109752631core:RetainedEarningsAccumulatedLosses2023-08-3109752631bus:Director12023-09-012024-08-3109752631bus:RegisteredOffice2023-09-012024-08-3109752631core:MotorVehicles2023-09-012024-08-3109752631core:FurnitureFittings2023-09-012024-08-31097526312022-09-012023-08-3109752631core:LandBuildings2023-09-0109752631core:PlantMachinery2023-09-01097526312023-09-0109752631core:PlantMachinery2023-09-012024-08-3109752631core:LandBuildings2024-08-3109752631core:PlantMachinery2024-08-3109752631core:LandBuildings2023-08-3109752631core:PlantMachinery2023-08-310975263112023-09-012024-08-3109752631countries:EnglandWales2023-09-012024-08-3109752631bus:AuditExemptWithAccountantsReport2023-09-012024-08-3109752631bus:PrivateLimitedCompanyLtd2023-09-012024-08-3109752631bus:SmallEntities2023-09-012024-08-3109752631bus:FullAccounts2023-09-012024-08-31
Company registration number:
09752631
Iconic Property Investment Limited
Unaudited Filleted Financial Statements for the year ended
31 August 2024
Iconic Property Investment Limited
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Tangible assets 5
472,267
 
474,243
 
Current assets    
Debtors 6
73,945
 
19,521
 
Cash at bank and in hand
208,160
 
141,214
 
282,105
 
160,735
 
Creditors: amounts falling due within one year 7
(355,882
)
(290,077
)
Net current liabilities
(73,777
)
(129,342
)
Total assets less current liabilities 398,490   344,901  
Creditors: amounts falling due after more than one year 8
(135,879
)
(131,250
)
Net assets
262,611
 
213,651
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
262,511
 
213,551
 
Shareholders funds
262,611
 
213,651
 
For the year ending
31 August 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
7 March 2025
, and are signed on behalf of the board by:
Salma Begum
Director
Company registration number:
09752631
Iconic Property Investment Limited
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Villa Mentone Hotel, 11 Park Road
,
Park Road
,
Shanklin
,
Isle Of Wight
,
PO37 6AY
, England. The company is engaged in hotels and similar accommodation.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The current year financial statements are based on provisional figures.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings-
Motor vehicles
15% straight line
Fixtures and fittings
15% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
12
(2023:
10.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 September 2023
465,850
 
26,152
 
492,002
 
Additions -  
2,290
 
2,290
 
At
31 August 2024
465,850
 
28,442
 
494,292
 
Depreciation      
At
1 September 2023
-  
17,759
 
17,759
 
Charge -  
4,266
 
4,266
 
At
31 August 2024
-  
22,025
 
22,025
 
Carrying amount      
At
31 August 2024
465,850
 
6,417
 
472,267
 
At 31 August 2023
465,850
 
8,393
 
474,243
 

6 Debtors

20242023
££
Trade debtors
73,945
 
19,521
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
294,928
 
225,102
 
Taxation and social security
53,867
 
58,169
 
Other creditors
7,087
 
6,806
 
355,882
 
290,077
 

8 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
135,879
 
131,250
 
Other creditors represent Director Loan a.c of £135,879 (2023: £131,250).