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COMPANY REGISTRATION NUMBER: 01736426

Isfahan Carpet Palace Limited

Filleted unaudited financial statements

31 January 2025

Isfahan Carpet Palace Limited

Statement of financial position

31 January 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 751,408 | 751,597

Current assets

Stocks | 56,838 |  | 67,128
Debtors | 7 | 203 |  | –
| ------- |  | -------
| 57,041 |  | 67,128

Creditors: amounts falling due within one year | 8 | 38,945 |  | 51,115
| ------- |  | -------
Net current assets |  | 18,096 | 16,013
|  | --------- | ---------
Total assets less current liabilities |  | 769,504 | 767,610

Creditors: amounts falling due after more than one year | 9 |  | 81,667 | 80,601

Provisions

Taxation including deferred tax |  | 69,263 | 69,263
|  | --------- | ---------
Net assets |  | 618,574 | 617,746
|  | --------- | ---------

Capital and reserves

Called up share capital |  | 10,000 | 10,000
Revaluation reserve | 11 |  | 520,736 | 520,736
Profit and loss account | 11 |  | 87,838 | 87,010
|  | --------- | ---------
Shareholders funds |  | 618,574 | 617,746
|  | --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2025 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Isfahan Carpet Palace Limited

Statement of financial position (continued)

31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 8 October 2025 , and are signed on behalf of the board by:

Adil Hussain
Director

Company registration number: 01736426

Isfahan Carpet Palace Limited

Notes to the financial statements

year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant & machinery | - | 15% reducing balance
| Fixtures & fittings | - | 10% reducing balance

The company does not depreciate its freehold property and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Tax on profit/(loss)
Major components of tax income

| 2025 | 2024
| £ | £

Current tax:

Adjustments in respect of prior periods | ( 98) | –

Deferred tax:

Origination and reversal of timing differences | – | ( 477)
| ---- | ----
Tax on profit/(loss) | ( 98) | ( 477)
| ---- | ----

6. Tangible assets

| Land and buildings | Plant and machinery | Fixtures and fittings | Total
| £ | £ | £ | £
Cost/Valuation |  |  |  |
At 1 February 2024 and 31 January 2025 | 750,000 | 13,673 | 15,702 | 779,375
| --------- | ------- | ------- | ---------
Depreciation |  |  |  |
At 1 February 2024 | – | 13,085 | 14,693 | 27,778
Charge for the year | – | 88 | 101 | 189
| --------- | ------- | ------- | ---------
At 31 January 2025 | – | 13,173 | 14,794 | 27,967
| --------- | ------- | ------- | ---------
Carrying amount |  |  |  |
At 31 January 2025 | 750,000 | 500 | 908 | 751,408
| --------- | ------- | ------- | ---------
At 31 January 2024 | 750,000 | 588 | 1,009 | 751,597
| --------- | ------- | ------- | ---------

Tangible assets held at valuation
In the opinion of the directors, the carrying value of the property as at 31 January 2025, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.
7. Debtors

| 2025 | 2024
| £ | £
Other debtors | 203 | –
| ---- | ----

8. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 26,634 | 42,452
Trade creditors | 6,154 | 1,220
Corporation tax | – | 98
Social security and other taxes | – | 485
Other creditors | 6,157 | 6,860
| ------- | -------
| 38,945 | 51,115
| ------- | -------

The bank loans and overdraft are secured on the assets of the company.
9. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 27,541 | 25,842
Other creditors | 54,126 | 54,759
| ------- | -------
| 81,667 | 80,601
| ------- | -------

The bank loans and overdraft are secured on the assets of the company.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions | 69,263 | 69,263
| ------- | -------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Revaluation of tangible assets | 69,263 | 69,263
| ------- | -------

11. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
At 31 January 2025, creditors included a directors' loan account balance of £54,126 (2024: £54,759). The loan account is interest free and unsecured.