Registration number:
Ikra UK Ltd
for the Year Ended 31 December 2024
Ikra UK Ltd
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Director's Report |
|
|
Statement of Director's Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account |
|
|
Statement of Comprehensive Income |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Statement of Cash Flows |
|
|
Notes to the Financial Statements |
Ikra UK Ltd
Company Information
|
Director |
A Aliyev |
|
Company secretary |
Mrs S Aliyeva |
|
Registered office |
|
|
Holding company |
|
|
Bankers |
|
|
Auditors |
|
Ikra UK Ltd
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is freight transport by road.
Review of business
The results for the year and financial position of the company are as shown in the annexed financial statements.
The company continued to maintain a strong focus on acquiring new customers and retaining existing customers to significantly expand its market share.
Principal risks and uncertainties
Management Risks
The company is reliant on it's small team of advisers and director.
Financial Risks
See Financial Instruments note in the Directors Report.
Credit Risks
The Company is exposed due to credit given to it's customers, many of whom are not well established.
Exchange Risks
The Company has a significant exposure to foreign currency movements. Regular reviews are undertaken to mitigate against any potential currency volatility.
Regulatory
The Company 's activities are subject to certain regulations around health and safety. The Company has detailed policies and training plans in place for employees to ensure compliance with regulations.
Cyber Security Risks
The Company 's priority is the security of its technology platform and data. It continuously updates and adapts its defences against potential cyber security threats. Ikra has in place very robust processes, technology and protections to counter the evolving cyber-security risks and to mitigate their impact if they materialise.
Ikra UK Ltd
Strategic Report for the Year Ended 31 December 2024
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Gross profit to turnover |
% |
13.79 |
14.7 |
|
Net profit before tax to turnover |
% |
1.3 |
1.46 |
|
Current assets to current liabilities |
% |
4.45 |
1.57 |
|
Trade receivable turnover ratio |
days |
45 |
55 |
|
Cash balances |
£m |
3.4 |
1.1 |
The non-financial indicators are:
Suppliers confidence
The company maintains a long standing good relationship with all its suppliers.
Customer Satisfaction
The company's customers are mainly based in the UK, most of whom have a long standing professional relationship with the company.
Employee relationship
The company operates non discriminatory policies on the employment and welfare of staff. Health and safety policies are strictly adhered to by ensuring staff are properly trained in handling goods & heavy packaging. The employee/manager relationship and complaint procedures are regularly reviewed by management. The company also maintains a healthy and productive relationship with its employees.
Company's policy on payment of creditors
The company's current policy concerning the payment of trade creditors is dictated by the large oversea suppliers who have their own terms. On average the company obtains 1 to 2 weeks of credit.
Approved and authorised by the
|
......................................... |
Ikra UK Ltd
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Financial Instruments
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to provide finance for its day to day operations.
Since a considerable amount of the company's purchases are in Euro there is exposure to currency risks in addition to normal inflationary risks which under the current economic climate may also be a factor.
The trade creditors liquidity risks are managed by ensuring sufficient funds are available to meet the amounts due. The trade debtors liquidity risks are managed by ensuring the prompt collection of outstanding debts
Post balance sheet events
There were no significant events to report.
Taxation status
The company is a close company within the provision of Income and Corporation Tax Act 2010.
Related party transactions
The director had no material interest at any time during the year in any contract of significance in relation to the business of the company except as stated in note 22 to the financial statement.
Fixed assets
The changes in fixed assets are given in notes 13 & 14 to the financial statements
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mehta & Tengra as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
|
......................................... |
Ikra UK Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ikra UK Ltd
Independent Auditor's Report to the Members of Ikra UK Ltd
Opinion
We have audited the financial statements of Ikra UK Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Ikra UK Ltd
Independent Auditor's Report to the Members of Ikra UK Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Ikra UK Ltd
Independent Auditor's Report to the Members of Ikra UK Ltd
In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and
non-compliance and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
include the UK Companies Act, pension legislation and tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
London W1T 3AD
Ikra UK Ltd
Profit and Loss Account for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
123,043 |
116,323 |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
22,837 |
44,020 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Ikra UK Ltd
Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Ikra UK Ltd
(Registration number: 05933250)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Retained earnings |
9,858,079 |
9,751,031 |
|
|
Shareholders' funds |
9,858,080 |
9,751,032 |
Approved and authorised by the
|
......................................... |
Ikra UK Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 December 2023 |
1 |
9,751,031 |
9,751,032 |
Ikra UK Ltd
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
- |
( |
|
|
Loss from disposals of investments |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Cash receipts from repayment of loans, classified as investing activities |
|
- |
|
|
Advances of loans, classified as investing activities |
( |
( |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
3,443,130 |
1,114,748 |
|
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts
The company has a wholly owned subsidiary, Sandbar Investments Limited. The company and its subsidiary comprise a medium group.
The company has taken advantage of the exemption provided by Section 405 of the Companies Act 2006 not to prepare group accounts, which states that a subsidiary undertaking may be excluded from consolidation if it's inclusion is not material for the purpose of giving a true and fair view.
The financial statements therefore, present information about the company as an individual undertaking and not as a group
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of freight services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Tax
The tax expense for the period comprises current and deferred 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.
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
|
Fixture and fittings |
20% on cost |
|
Plant and machinery |
20% on cost |
|
Computer equipment |
20% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain on disposal of tangible assets |
- |
|
|
Loss from disposals of investments |
( |
- |
|
(499) |
784 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Operating lease expense - other |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
- |
|
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest expense on other finance liabilities |
|
|
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Warehouse labour |
|
|
|
Social security |
44,794 |
37,443 |
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Pension |
|
|
|
Social security |
5,265 |
5,091 |
|
53,933 |
51,853 |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
44,412 |
40,554 |
|
|
Deferred taxation |
||
|
Arising from changes in tax rates and laws |
( |
( |
|
Tax expense in the income statement |
|
|
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
- |
|
|
|
|
Investments |
|
2024 |
2023 |
|
|
Shares in group undertakings |
|
|
|
Investments in associates |
- |
|
|
Loan to group undertakings |
2,018,463 |
4,143,007 |
|
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Associates |
£ |
|
Cost |
|
|
Provision |
|
|
At 1 January 2024 |
( |
|
Eliminated on disposals |
|
|
At 31 December 2024 |
- |
|
Carrying amount |
|
|
At 31 December 2024 |
- |
|
At 31 December 2023 |
|
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Participating Interests
499 ordinary shares representing 49.9% of issued shares of Daily Groupage Services Limited a company registered in England and Wales.The company was dissolved on 16th April 2024.
Fixed asset group loan
|
£ |
|
|
Cost or valuation |
|
|
At 1 January 2024 |
4,143,007 |
|
Repayment |
(3,219,080) |
|
Additions |
1,094,536 |
|
At 31 December 2024 |
2,018,463 |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
River Wharf, Mulberry Way, Kent DA17 6AN UK |
|
|
|
|
Subsidiary undertakings |
|
Sandbar Investments Ltd The principal activity of Sandbar Investments Ltd is |
|
Debtors |
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Prepayments |
|
|
|
|
Amounts due from related company |
50,000 |
50,000 |
|
|
Other debtors |
7,204 |
4,568 |
|
|
Trade debtors - Amounts owed by group undertakings |
651,422 |
4,983,820 |
|
|
Director loan account |
16,320 |
- |
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
45,196 |
40,554 |
|
|
Other creditors |
6,495 |
4,690 |
|
|
Trade creditors - Amount owed to group undertakings |
1,070,983 |
5,558,073 |
|
|
Other taxation |
201,408 |
265,171 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Additional provisions |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £9,870 (2023 - £7073).
Paragraph body
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
- |
|
|
|
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Details of loans, overdrafts and limits.
Bounce Back Loan facility of £9,700.00
Commercial Card facility of £15,000.00
Details of Security held:
Company Unlimited Multilateral Guarantee dated 14 August 2023 given by Sandbar Investments Limited, Ikra UK Ltd.
First Legal charge dated 22 October 2013 over Freehold Property known as River Wharf, Mulberry Way, Belvedere, Kent, DA17 6AN
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 paragraph 33.1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
The director of Ikra UK Ltd is also a director of another limited company.
During the year, Ikra UK Ltd sold goods amounting to £33,021 (202:£100,124) to the company and purchased goods amounting to £12,905 (2023:£13,913) from the company.At the balance sheet date, the amounts due from the company was £5,049 (2023;£32,949) and amounts payable to the company was £1,553 (2023:£Nil).
|
Transactions with the director |
|
2024 |
At 1 January 2024 |
Advances to director |
At 31 December 2024 |
|
A Aliyev |
|||
|
Balance outstanding at start of year |
( |
|
|
Interest of £359 has been charged on amounts due to the director.
|
2023 |
At 1 January 2023 |
Repayments by director |
At 31 December 2023 |
|
A Aliyev |
|||
|
Balance outstanding at start of year |
|
( |
( |
Summary of transactions with subsidiaries
Loans to related parties
|
2024 |
Subsidiary |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||
|
2023 |
Subsidiary |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
Ikra UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Ultimate parent company |
Ikra Lojistik Uluslararasi Tasimacilik ve Ticaret A.S (Incorporated in Turkey) is regarded by the directors as being the company's parent company.
|
Going concern |
The holding company will continue to provide financial support to Ikra UK Limited as is required to enable Ikra UK Limited to continue to trade for at least 12 months from the date of this report.