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Registered number: 03419460









iCOM Works Ltd









Financial statements

Information for filing with the registrar

For the year ended 31 December 2022

 
iCOM Works Ltd
Registered number: 03419460

Balance Sheet
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,557
15,305

Current assets
  

Debtors: amounts falling due within one year
 5 
3,497,685
2,831,894

Cash at bank and in hand
  
58,060
172,444

  
3,555,745
3,004,338

Creditors: amounts falling due within one year
 6 
(1,427,506)
(1,432,500)

Net current assets
  
 
 
2,128,239
 
 
1,571,838

Total assets less current liabilities
  
2,139,796
1,587,143

  

Net assets
  
2,139,796
1,587,143


Capital and reserves
  

Called up share capital 
  
1,143
1,143

Share premium account
  
12,298
12,298

Profit and loss account
  
2,126,355
1,573,702

  
2,139,796
1,587,143


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Wiegmann
Director

Date: 29 September 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
iCOM Works Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2022

1.


General information

iCOM Works Ltd is a private company limited by shares and incorporated in England. The address of the registered office and principal place of business is 8 Ash Tree Court, Woodsy Close, Cardiff Gate Business Park, Cardiff, CF23 8RW. The company's registered number is 03419460.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from contracts to set up employee reward platforms is recognised in the period in which the platforms are created.
Revenue from sales of rewards is recognised in the period the rewards are purchased. 

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 2

 
iCOM Works Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15 - 20%
Fixtures and fittings
-
15 - 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties. 

Page 3

 
iCOM Works Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2021 - 21).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2022
116,938
83,264
200,202


Disposals
(116,938)
(64,523)
(181,461)



At 31 December 2022

-
18,741
18,741



Depreciation


At 1 January 2022
116,938
67,959
184,897


Charge for the year
-
3,748
3,748


Disposals
(116,938)
(64,523)
(181,461)



At 31 December 2022

-
7,184
7,184



Net book value



At 31 December 2022
-
11,557
11,557



At 31 December 2021
-
15,305
15,305


5.


Debtors

2022
2021
£
£


Trade debtors
1,383,344
494,141

Amounts owed by group undertakings
2,107,709
2,325,910

Prepayments and accrued income
6,632
11,843

3,497,685
2,831,894


Page 4

 
iCOM Works Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
159,900
11,047

Corporation tax
141,810
120,000

Other taxation and social security
252,260
264,337

Accruals and deferred income
873,536
1,037,116

1,427,506
1,432,500



7.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
30,000
30,000

Later than 1 year and not later than 5 years
92,500
120,000

Later than 5 years
-
2,500

122,500
152,500


8.


Controlling party

iCOM Reward Works Ltd  is the immediate parent of the company. iCOM Reward Works has company number 11596472 and its registered office is Unit 8, Ashtree Court, Woodsy Close, Cardiff Gate Business Park, Cardiff, CF23 8RW.
Terryberry Limited is the parent company of iCOM Reward Works Ltd and is a wholly owned subsidiary of Terryberry Company LLC based in the USA. Terryberry Limited has company number 07770608 and its registered office is 15 Beech Lane, Macclesfield, Cheshire, SK10 2DR.
There is no ultimate controlling party.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 29 September 2023 by Chris Stewardson (senior statutory auditor) on behalf of Hurst Accountants Limited.

 
Page 5