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Company No: 11275294 (England and Wales)

INTERNATIONAL TOURISM INVESTMENT CORPORATION LIMITED

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

INTERNATIONAL TOURISM INVESTMENT CORPORATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

INTERNATIONAL TOURISM INVESTMENT CORPORATION LIMITED

BALANCE SHEET

As at 31 March 2024
INTERNATIONAL TOURISM INVESTMENT CORPORATION LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 960,546 1,133,092
960,546 1,133,092
Current assets
Debtors 5 160,525 145,447
160,525 145,447
Creditors: amounts falling due within one year 6 ( 193,952) ( 179,416)
Net current liabilities (33,427) (33,969)
Total assets less current liabilities 927,119 1,099,123
Creditors: amounts falling due after more than one year 7 ( 21,479) ( 21,479)
Net assets 905,640 1,077,644
Capital and reserves
Called-up share capital 8 1,400,000 1,400,000
Other reserves 100,000 100,000
Profit and loss account ( 594,360 ) ( 422,356 )
Total shareholders' funds 905,640 1,077,644

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of International Tourism Investment Corporation Limited (registered number: 11275294) were approved and authorised for issue by the Board of Directors on 27 June 2025. They were signed on its behalf by:

I Ayoub
Director
INTERNATIONAL TOURISM INVESTMENT CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
INTERNATIONAL TOURISM INVESTMENT CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

International Tourism Investment Corporation 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 2 Leman Street, London, E1W 9US, 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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

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 Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Prior year adjustment

During the year, the company identified an error in the capitalization of it's intangible assets for the year ended 31 March 2023. The error resulted in an understatement of intangible assets by £325.460, an understatement of the amortization for the period , an overstatement of stock for the period and an overstatement of costs for the period.

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Intangible Assets 1,400,000 325,460 1,725,460
Intangible Asset Amorisation 560,000 32,368 592,368
Closing Stock 216,973 (216,973) 0
Retained Earnings (498,475) 76,119 (422,356)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

4. Intangible assets

Development costs Total
£ £
Cost
At 01 April 2023 1,725,460 1,725,460
At 31 March 2024 1,725,460 1,725,460
Accumulated amortisation
At 01 April 2023 592,368 592,368
Charge for the financial year 172,546 172,546
At 31 March 2024 764,914 764,914
Net book value
At 31 March 2024 960,546 960,546
At 31 March 2023 1,133,092 1,133,092

5. Debtors

2024 2023
£ £
Trade debtors 158,279 142,140
Other debtors 2,246 3,307
160,525 145,447

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 26,763 25,166
Trade creditors 65,175 54,887
Amounts owed to Group undertakings 42,855 42,855
Other taxation and social security 16,505 11,384
Other creditors 42,654 45,124
193,952 179,416

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

2024 2023
£ £
Bank loans 21,479 21,479

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,400,000 Ordinary shares of £ 1.00 each 1,400,000 1,400,000