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REGISTERED NUMBER: 07406152 (England and Wales)















Financial Statements for the Year Ended 30 June 2023

for

International Construction Equipment Ltd

International Construction Equipment Ltd (Registered number: 07406152)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


International Construction Equipment Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTORS: L S Talbot
A F Moss





REGISTERED OFFICE: Site 7 Meriden Park
Cornets End Lane
Meriden
Coventry
West Midlands
CV7 7LG





REGISTERED NUMBER: 07406152 (England and Wales)





AUDITORS: Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

International Construction Equipment Ltd (Registered number: 07406152)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 - 29,911

CURRENT ASSETS
Debtors 6 3,160,000 3,485,939
Cash at bank and in hand 483 5,724
3,160,483 3,491,663
CREDITORS
Amounts falling due within one year 7 (2,531,882 ) (2,564,194 )
NET CURRENT ASSETS 628,601 927,469
TOTAL ASSETS LESS CURRENT
LIABILITIES

628,601

957,380

CREDITORS
Amounts falling due after more than one
year

8

(19,277

)

(31,146

)
NET ASSETS 609,324 926,234

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 609,224 926,134
SHAREHOLDERS' FUNDS 609,324 926,234

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 Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:





L S Talbot - Director


International Construction Equipment Ltd (Registered number: 07406152)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

International Construction Equipment 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

International Construction Equipment Ltd (Registered number: 07406152)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial accounts have been prepared on a going concern basis; the company recognises there is an in-year loss in 22/23 but a healthy 12 month forecast of PowerX group has been reviewed by the directors for 2024. The Management Team continue to be cost efficient by careful consideration of overheads. The Management Team have a scheduled review on a monthly basis and utilise this time to review past performance, refine forecast for upcoming months and to review current projects. The industry the company operates within has been fortunate enough to continue operating in these challenging times due to environmental factors. The directors also believe the company is a going concern as the entity will continue to meet all financial obligations as they fall due. With the increased business within the quarry sector the directors expect both the spares and service demand to increase over the next 12 months.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 141,188
Disposals (36,450 )
At 30 June 2023 104,738
DEPRECIATION
At 1 July 2022 111,277
Charge for year 29,911
Eliminated on disposal (36,450 )
At 30 June 2023 104,738
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 29,911

International Construction Equipment Ltd (Registered number: 07406152)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2022 104,738
Reclassification/transfer (104,738 )
At 30 June 2023 -
DEPRECIATION
At 1 July 2022 74,827
Charge for year 29,911
Reclassification/transfer (104,738 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 29,911

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 92,024 56,212
Other debtors - 45,495
Amounts owed from related
entities 3,060,498 3,378,636
Tax 100 -
VAT 7,378 5,596
3,160,000 3,485,939

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts - 25,343
Trade creditors 45,409 93,313
Amounts owed to group undertakings 2,308,457 2,261,552
Taxation and social security 2,671 97,693
Other creditors 164,697 75,645
2,531,882 2,564,194

International Construction Equipment Ltd (Registered number: 07406152)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 19,277 29,044
Hire purchase contracts - 2,102
19,277 31,146

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts - 27,445

Hire purchase contracts are secured against the related assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 July 2022 926,134
Deficit for the year (316,910 )
At 30 June 2023 609,224

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zahid Saleem FCCA ACA (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP

13. RELATED PARTY DISCLOSURES

The company had sales of £69,933 (2022: £3,678) and purchases of £341,863 (2022: £96,179) during the year with companies under common control.

International Construction Equipment Ltd (Registered number: 07406152)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

14. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company during the financial year was PowerX Holdings Limited, a company incorporated in England and Wales.

These financial statements have been consolidated in the financial statements of PowerX Holdings Limited. The consolidated financial statements can be obtained from Site 7, Meriden Park, Cornets End lane, Coventry, CV7 7LG.