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Registration number: 05422115

Ishak Properties Ltd

Unaudited Abridged Financial Statements

(Companies House version)

for the Year Ended 31 March 2024

 

Ishak Properties Ltd

Contents

Accountants' Report

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ishak Properties Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ishak Properties Ltd for the year ended 31 March 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Ishak Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ishak Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Ishak Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ishak Properties Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ishak Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ishak Properties Ltd. You consider that Ishak Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ishak Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

24 July 2025

 

Ishak Properties Ltd

(Registration number: 05422115)
Abridged Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

6,915,644

 

7,498,329

Current assets

   

 

Debtors

37,935

 

30,582

 

Cash at bank and in hand

 

145,346

 

82,260

 

 

183,281

 

112,842

 

Creditors: Amounts falling due within one year

 

(6,682,707)

 

(7,006,988)

 

Net current liabilities

   

(6,499,426)

 

(6,894,146)

Net assets

   

416,218

 

604,183

Capital and reserves

   

 

Called up share capital

200

 

200

 

Profit and loss account

416,018

 

603,983

 

Total equity

   

416,218

 

604,183

 

Ishak Properties Ltd

(Registration number: 05422115)
Abridged Balance Sheet as at 31 March 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................
Mr Z M Majid
Director

 

Ishak Properties Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

These financial statements were authorised for issue by the Board on 24 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

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.

Government grants

Government grants are accounted using the accrual model.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Ishak Properties Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% straight line

Investment property

Investment properties are stated in the statement of financial position using the fair value method.

The properties were last valued by the Directors on 31 March 2019.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Ishak Properties Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

During the year, the average number of employees at the company was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

7,434,381

9,948

151,580

7,595,909

Additions

39,426

27,810

150,419

217,655

Disposals

(705,318)

-

(151,580)

(856,898)

At 31 March 2024

6,768,489

37,758

150,419

6,956,666

Depreciation

At 1 April 2023

-

9,948

87,632

97,580

Charge for the year

-

2,598

28,476

31,074

Eliminated on disposal

-

-

(87,632)

(87,632)

At 31 March 2024

-

12,546

28,476

41,022

Carrying amount

At 31 March 2024

6,768,489

25,212

121,943

6,915,644

At 31 March 2023

7,434,381

-

63,948

7,498,329

 

Ishak Properties Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Charges

The undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery is secured by way of fixed and floating charge to Barclays Bank plc, dated 17 July 2012. This was satisfied during the year, as of 26 February 2024.
 

The following freehold properties are secured by Barclays Bank Plc created 21 December 2012:

Cedar House High Street Collingham
 

The following freehold properties were secured by Barclays Bank Plc created 27 December 2012, and have been satisfied as of 26 February 2024:

110 Melton Road Leicester
17 Spital Terrace Gainsborough
The Barn Collingham near Newark Nottingham
Linby House Collingham Newark
11 and 11A Fairfield Road Market Harborough
472 Newark Road Lincoln
80 Highbury Road Nottingham

Freehold property was secured by way of a negative pledge to Barclays Bank plc, dated 13 July 2015, and satisfied as of 26 February 2024.