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REGISTERED NUMBER: 03596595 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

ICARUS TECHNOLOGY LTD

ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ICARUS TECHNOLOGY LTD

COMPANY INFORMATION
for the year ended 31 July 2023







DIRECTOR: I R Woodward





REGISTERED OFFICE: 8 Old Barn Close
Hempstead
Gillingham
Kent
ME7 3PJ





REGISTERED NUMBER: 03596595 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)

BALANCE SHEET
31 July 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,444 5,598

CURRENT ASSETS
Stocks 426,843 257,547
Debtors 5 237,356 325,214
Cash at bank and in hand 959,065 950,620
1,623,264 1,533,381
CREDITORS
Amounts falling due within one year 6 (357,401 ) (330,826 )
NET CURRENT ASSETS 1,265,863 1,202,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,269,307

1,208,153

CREDITORS
Amounts falling due after more than one
year

7

(5,641

)

(31,442

)

PROVISIONS FOR LIABILITIES 9 (861 ) (1,400 )
NET ASSETS 1,262,805 1,175,311

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 1,262,605 1,175,111
SHAREHOLDERS' FUNDS 1,262,805 1,175,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)

BALANCE SHEET - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 January 2024 and were signed by:





I R Woodward - Director


ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Icarus Technology Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of scientific and technological products is recognised at the point of despatch.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings-25% reducing balance
Computer equipment-33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate entity. Once the contributions have been paid, the company has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Going concern
The company has been severely impacted by the effects of Brexit, which has necessitated relocating company operations to Rotterdam in order to support European customers and brought significant increases in operating costs. Despite this, the director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 4,762 10,213 14,975
DEPRECIATION
At 1 August 2022 2,120 7,257 9,377
Charge for year 660 1,494 2,154
At 31 July 2023 2,780 8,751 11,531
NET BOOK VALUE
At 31 July 2023 1,982 1,462 3,444
At 31 July 2022 2,642 2,956 5,598

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 218,229 324,786
Other debtors 19,127 428
237,356 325,214

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 2,400 10,648
Trade creditors 301,503 202,523
Taxation and social security 47,170 109,970
Other creditors 6,328 7,685
357,401 330,826

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 5,641 31,442

ICARUS TECHNOLOGY LTD (REGISTERED NUMBER: 03596595)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year 52,054 4,013
Between one and five years 184,691 3,344
In more than five years 22,100 -
258,845 7,357

9. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 861 1,400

Deferred
tax
£   
Balance at 1 August 2022 1,400
Accelerated capital allowances (539 )
Balance at 31 July 2023 861

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
150 Ordinary £1 150 150
50 Ordinary B £1 50 50
200 200