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Company No: 09973090 (England and Wales)

ISHKA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ISHKA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ISHKA LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
ISHKA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTOR G C B Talwatte
REGISTERED OFFICE Pennine Place
2a Charing Cross Road
London
WC2H 0HF
London
United Kingdom
COMPANY NUMBER 09973090 (England and Wales)
ACCOUNTANT S&W Partners LLP
4th Floor Cumberland House
15-17 Cumberland Place
Southampton
Hampshire
SO15 2BG
ISHKA LIMITED

BALANCE SHEET

As at 31 December 2024
ISHKA LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,272 5,034
Investments 4 2 2
7,274 5,036
Current assets
Debtors 5 979,816 780,044
Cash at bank and in hand 365,293 502,595
1,345,109 1,282,639
Creditors: amounts falling due within one year 6 ( 3,526,030) ( 3,548,468)
Net current liabilities (2,180,921) (2,265,829)
Total assets less current liabilities (2,173,647) (2,260,793)
Creditors: amounts falling due after more than one year 7 ( 66,155) ( 54,019)
Net liabilities ( 2,239,802) ( 2,314,812)
Capital and reserves
Called-up share capital 345,920 345,920
Share premium account 1,165,026 1,165,026
Profit and loss account ( 3,750,748 ) ( 3,825,758 )
Total shareholders' deficit ( 2,239,802) ( 2,314,812)

For the financial year ending 31 December 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 financial statements of Ishka Limited (registered number: 09973090) were approved and authorised for issue by the Director on 21 May 2025. They were signed on its behalf by:

G C B Talwatte
Director
ISHKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ISHKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ishka Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Pennine Place, 2a Charing Cross Road, London, WC2H 0HF, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Ishka Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The director has assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval of these financial statements. The director notes that the business has net liabilities of £2,180,921 (2023 - £2,314,812). The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Based on this ongoing financial support, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Pensions

Defined contribution pension plan:

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.

Investments in subsidiaries are measured at cots less accumulated impairment.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 28 23

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 January 2024 17,203 43,856 61,059
Additions 0 5,278 5,278
At 31 December 2024 17,203 49,134 66,337
Accumulated depreciation
At 01 January 2024 16,788 39,237 56,025
Charge for the financial year 118 2,922 3,040
At 31 December 2024 16,906 42,159 59,065
Net book value
At 31 December 2024 297 6,975 7,272
At 31 December 2023 415 4,619 5,034

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 2
At 31 December 2024 2
Carrying value at 31 December 2024 2
Carrying value at 31 December 2023 2

5. Debtors

2024 2023
£ £
Trade debtors 816,727 634,748
Amounts owed by associates 731 7,120
Other debtors 0 2,539
Prepayments 162,358 135,637
979,816 780,044

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 23,475 48,346
Trade creditors 171,669 211,465
Taxation and social security 93,885 150,518
Other creditors 3,237,001 3,138,139
3,526,030 3,548,468

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 66,155 54,019

8. Related party transactions

During the year the director loaned the company £85,554 (2023 - £30,000). The total amount owed to the director at the balance sheet date totalled £688,500 (2023 - £602,946).

An amount of £7,120 (2023 - £45,856) was owed by group undertakings at the balance sheet date.