Financial Statements
Ihsan Holdings Ltd
For the financial year ended 30 June 2024
Registered number: 04277374
Ihsan Holdings Ltd
Company Information
Registered number
04277374
Directors
S M Khalid
R M Khalid
Registered Office
Euro House
Dale Street
Craven Arms
Shropshire
SY7 9PA
Solicitors
Private Client Solicitors
Centurion House
129 Deansgate
Manchester
M3 3WR
Independent Auditors
Grant Thornton
Chartered Accountants & Statutory Auditors
13-18 City Quay
Dublin 2
Ireland
Ihsan Holdings Ltd
Contents
Page
1
Statement of financial position
2
Statement of changes in equity
3 - 7
Notes to the financial statements
Ihsan Holdings Ltd
Statement of Financial Position
2024
Notes
2023
£
£
Fixed assets
Investments
5
939,454
Current assets
Cash in hand
6
17
Current liabilities
Creditors due within one year
7
(316,947)
(316,947)
Net current liabilities
Net assets
17
622,507
Capital and reserves
10
Called-up equity share capital
10
8
9
Retained earnings
7
622,497
Total equity
17
622,507
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board on 20 November 2024
Signed on behalf of the board:
R M Khalid
Director
Registered number: 04277374
The notes on pages 3 to 7 form part of these financial statements.
- 1 -
Ihsan Holdings Ltd
Statement of Changes in Equity
For the financial year ended 30 June 2024
Called-up share
Retained
capital
earnings
Total
£
£
£
Balance at 1 July 2022
10
356,997
357,007
Total profit for the financial year
265,500
265,500
Balance at 30 June 2023
10
622,497
622,507
Dividends: Equity Capital
(622,490)
(622,490)
Balance at 30 June 2024
17
10
7
The notes on pages 3 to 7 form part of these financial statements.
- 2 -
Ihsan Holdings Ltd
Notes to the Financial Statements
For the financial year ended 30 June 2024
1. General Information
Ihsan Holdings Ltd is under the control of the director, S M Khalid, and his close family members. The Company is a private company limited by shares and is incorporated in England. The address of the registered office is Euro House, Dale Street, Craven Arms, Shropshire, SY7 9PA.
The Company's principal activity during the financial year is that of a holding company.
2. Accounting policies
2.1 Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards, including Section 1A of Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
2.2 Going concern
The Company is supported by related party undertakings, and the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
2.3 Taxation
The tax expense for the financial year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
2.4 Debtors
Short term debtors are measured at transaction price, less any impairment. Receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.5 Cash
Cash is represented by cash in hand repayable of not more than 24 hours
- 3 -
Ihsan Holdings Ltd
Notes to the Financial Statements
For the financial year ended 30 June 2024
3. Accounting policies (continued)
2.6 Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.7 Investments in subsidiaries
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.
2.8 Investments in associates
Investments in associates are recognised initially in the statement of financial position at the transaction price and subsequently adjusted to reflect the company's share of total comprehensive income and equity of the associate, less any impairment.
Any excess of the cost of acquisition over the company's share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition, although treated as goodwill, is presented as part of the investment in the associate. Amortisation is charged so as to allocate the cost of goodwill over its estimated useful life, using the straight-line method.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
Investments in associates are accounted for at cost less impairment in the individual financial statements.
2.9 Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.
2.10 Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2.11 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
- 4 -
Ihsan Holdings Ltd
Notes to the Financial Statements
For the financial year ended 30 June 2024
3. Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Management bases judgments on historical experience on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption and conditions.
There were no areas that significant judgments and estimates were applied during the financial year.
4. Employees
The Company has no employees other than directors, who did not receive any remuneration (2023: £Nil).
- 5 -
Ihsan Holdings Ltd
Notes to the Financial Statements
For the financial year ended 30 June 2024
5. Financial assets
Unlisted
Investment in
investments
Total
subsidiaries
£
£
£
Cost
At 1 July 2023
661,649
277,805
939,454
Additions
6
-
6
Disposals
(661,655)
(277,805)
(939,460)
At 30 June 2024
During the year, the Company transferred all of its investments as dividend in specie to a related party, Ihsan Limited, which included the following;
The Company held 85% of the issued ordinary share capital of Euro Quality Lambs Limited, which is incorporated in England and Wales and is engaged in the processing and sale of lamb meat and related products. The registered address of Euro Quality Lambs Limited is Euro House, Dale Street Craven Arms, Shropshire, SY7 PA.
The Company held 85% of the issued ordinary share capital of Euro Quality Lambs France through its subsidiary Euro Quality Lambs Limited, which is incorporated in France and is engaged in the sale of lamb meat and related products. The registered address of Euro Quality Lambs France is 25 Place de la Madelaine, 75008 Paris, France.
The Company held 85% of the issued ordinary share capital of Euro Quality Foods Limited through its subsidiary Euro Quality Lambs Limited, which is incorporated in Ireland and is engaged in the sale of lamb meat and related products. The registered address of Euro Quality Foods Ltd is Inniscarra, Main Street, Rathcoole, Dublin, Ireland.
The Company held 89% of the issued ordinary share capital of Grove Park Limited, which is incorporated in England and Wales and is engaged in the letting and operating of real estate. The registered address of Grove Park Limited is Euro House, Dale Street Craven Arms, Shropshire, SY7 PA.
6. Cash in hand
2024
2023
£
£
Cash in hand
17
7. Creditors: due within one year
2024
2023
£
£
Amounts owed to related parties (note 10)
316,947
-
-
Amounts owed to related parties are unsecured, interest free and are repayable on demand.
- 6 -
Ihsan Holdings Ltd
Notes to the Financial Statements
For the financial year ended 30 June 2024
8. Share capital
2024
2023
£
£
Allotted and fully paid
10 (2023: 10) Ordinary shares of £ 1 each
10
10
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
9. Reserves
Share capital
Called up share capital represents the nominal value of shares that have been issued.
Retained earnings
Includes all current and prior period retained profits and losses attributable to owners of the parent company.
10. Related party transactions
During the year ended 30 June 2024, the company assigned its liabilities of £316,953 (2023: £265,500) owed to the close family members of Mr. S M Khalid to a related party, Ihsan Limited based on Isle of Man. At 30 June 2024, there was an amount of £Nil (2023: £316,947) outstanding to the close family members of Mr. S M Khalid.
11. Events since end of financial year
There have been no significant events affecting the Company since the year end.
12. Ultimate controlling party
Ihsan Holdings Limited is under the control of a director, S M Khalid, and his close family members.
13. Auditor's information
The auditor's report on the financial statements for the financial year ended 30 June 2024 was unqualified.
The audit report was signed on
20 November 2024
20 November 2024
by
Jason Crawford (Senior statutory auditor) on behalf of Grant Thornton.
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