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REGISTERED NUMBER: SC379041 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

ICD CONTRACTING LTD

ICD CONTRACTING LTD (REGISTERED NUMBER: SC379041)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ICD CONTRACTING LTD

COMPANY INFORMATION
For The Year Ended 31 May 2023







DIRECTOR: I Duncan





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC379041 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

ICD CONTRACTING LTD (REGISTERED NUMBER: SC379041)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,100 2,800
Tangible assets 5 465,904 137,521
468,004 140,321

CURRENT ASSETS
Stocks 18,057 12,201
Debtors 6 95,938 37,387
Cash at bank 190,710 62,009
304,705 111,597
CREDITORS
Amounts falling due within one year 7 458,276 203,975
NET CURRENT LIABILITIES (153,571 ) (92,378 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,433

47,943

CREDITORS
Amounts falling due after more than one year 8 (206,821 ) (18,498 )

PROVISIONS FOR LIABILITIES (9,738 ) (9,274 )
NET ASSETS 97,874 20,171

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 97,774 20,071
SHAREHOLDERS' FUNDS 97,874 20,171

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

ICD CONTRACTING LTD (REGISTERED NUMBER: SC379041)

BALANCE SHEET - continued
31 May 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 26 March 2024 and were signed by:





I Duncan - Director


ICD CONTRACTING LTD (REGISTERED NUMBER: SC379041)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023

1. STATUTORY INFORMATION

ICD Contracting Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Small tools - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

ICD CONTRACTING LTD (REGISTERED NUMBER: SC379041)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 10,000
AMORTISATION
At 1 June 2022 7,200
Amortisation for year 700
At 31 May 2023 7,900
NET BOOK VALUE
At 31 May 2023 2,100
At 31 May 2022 2,800

5. TANGIBLE FIXED ASSETS
Plant and Small Motor Computer
machinery tools vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 193,804 15,478 42,391 300 251,973
Additions 417,607 - 51,695 1,130 470,432
Disposals (20,643 ) - - - (20,643 )
At 31 May 2023 590,768 15,478 94,086 1,430 701,762
DEPRECIATION
At 1 June 2022 85,671 12,142 16,339 300 114,452
Charge for year 101,019 667 19,437 283 121,406
At 31 May 2023 186,690 12,809 35,776 583 235,858
NET BOOK VALUE
At 31 May 2023 404,078 2,669 58,310 847 465,904
At 31 May 2022 108,133 3,336 26,052 - 137,521

ICD CONTRACTING LTD (REGISTERED NUMBER: SC379041)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 95,938 37,387

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 67,821 27,092
Payments on account 11,500 -
Trade creditors 127,365 54,279
Taxation and social security 56,744 65,849
Other creditors 194,846 56,755
458,276 203,975

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 206,821 18,498