ICAR World Ltd 31/03/2021 iXBRL

ICAR World Ltd 31/03/2021 iXBRL

ICAR WORLD LTD - Company Information

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Company registration number: 10066787
ICAR World Ltd
Unaudited filleted financial statements
31 March 2021
ICAR World Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ICAR World Ltd
Directors and other information
Directors Mr Boris Kiourtzidis
Ms Gianna Zachariadi
Company number 10066787
Registered office 9 Palmers Avenue
Grays
Essex
RM17 5TX
Business address Unit 15, Askew Farm Lane
Grays
Essex
RM17 5XR
Accountants Cooper & Co
9 Palmers Avenue
Grays
Essex
RM17 5TX
Bankers HSBC
8 Lakeside Shopping Centre
West Thurrock
Essex
RM20 2ZF
ICAR World Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of ICAR World Ltd
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ICAR World Ltd for the year ended 31 March 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of ICAR World 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 financial statements of ICAR World Ltd and state those matters that we have agreed to state to the board of directors of ICAR World Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ICAR World Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that ICAR World Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ICAR World Ltd. You consider that ICAR World 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 financial statements of ICAR World 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 financial statements.
Cooper & Co
Chartered Certified Accountants
9 Palmers Avenue
Grays
Essex
RM17 5TX
22 December 2021
ICAR World Ltd
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 2,302 966
_______ _______
2,302 966
Current assets
Stocks 184,889 85,565
Debtors 6 94,591 102,216
Cash at bank and in hand 219,701 214,040
_______ _______
499,181 401,821
Creditors: amounts falling due
within one year 7 ( 122,636) ( 159,761)
_______ _______
Net current assets 376,545 242,060
_______ _______
Total assets less current liabilities 378,847 243,026
Creditors: amounts falling due
after more than one year 8 ( 42,010) -
_______ _______
Net assets 336,837 243,026
_______ _______
Capital and reserves
Called up share capital 101 101
Profit and loss account 336,736 242,925
_______ _______
Shareholders funds 336,837 243,026
_______ _______
For the year ending 31 March 2021 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2021 , and are signed on behalf of the board by:
Mr Boris Kiourtzidis
Director
Company registration number: 10066787
ICAR World Ltd
Statement of changes in equity
Year ended 31 March 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2019 100 133,434 133,534
Profit for the year 113,491 113,491
_______ _______ _______
Total comprehensive income for the year - 113,491 113,491
Issue of shares 1 1
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______
Total investments by and distributions to owners 1 ( 4,000) ( 3,999)
_______ _______ _______
At 31 March 2020 and 1 April 2020 101 242,925 243,026
Profit for the year 111,811 111,811
_______ _______ _______
Total comprehensive income for the year - 111,811 111,811
Dividends paid and payable ( 18,000) ( 18,000)
_______ _______ _______
Total investments by and distributions to owners - ( 18,000) ( 18,000)
_______ _______ _______
At 31 March 2021 101 336,736 336,837
_______ _______ _______
ICAR World Ltd
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 9 Palmers Avenue, Grays, Essex, RM17 5TX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 April 2020 957 1,803 2,760
Additions 800 1,373 2,173
_______ _______ _______
At 31 March 2021 1,757 3,176 4,933
_______ _______ _______
Depreciation
At 1 April 2020 239 1,555 1,794
Charge for the year 379 458 837
_______ _______ _______
At 31 March 2021 618 2,013 2,631
_______ _______ _______
Carrying amount
At 31 March 2021 1,139 1,163 2,302
_______ _______ _______
At 31 March 2020 718 248 966
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 53,955 76,657
Other debtors 40,636 25,559
_______ _______
94,591 102,216
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 7,990 -
Trade creditors 4,063 35,547
Corporation tax 52,507 26,593
Social security and other taxes - 510
Other creditors 58,076 97,111
_______ _______
122,636 159,761
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 42,010 -
_______ _______
In May 2020 , the company took out a Coronavirus Bounce Back Loan of £50,000. The loan is to be repaid by equal monthly instalments over 5 years, starting in June 2021.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Boris Kiourtzidis ( 32,674) 31,369 ( 1,305)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Boris Kiourtzidis ( 32,310) ( 364) ( 32,674)
_______ _______ _______