Company number:
02137647
Industrial Common Ownership Fund Plc
Report and Audited Financial Statements
31 December 2023
Industrial Common Ownership Fund Plc
Reference and administrative details
For the year ended 31 December 2023
Status The organisation is a company limited by share capital, incorporated on 29 May 1987.
Company number 02137647
Registered office and 1 - 3 Gloucester Road
operational address Bishopston
Bristol
BS7 8AA
Directors R Buchanan appointed 5 October 2023
D Cole
S Connor resigned 12 July 2023
O Dowsett
J Forbes resigned 5 October 2023
D Holden
N Katangaza
J Martin
P Mather appointed 1 January 2023
J Nott
M Rodriguez-Piza
Company secretary A Demontoux
Bankers Unity Trust Bank Plc
Four Brindleyplace
Birmingham
B1 2JB
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Industrial Common Ownership Fund Plc
Report of the directors
For the year ended 31 December 2023
Registered company number: 02137647
The directors present their report and the audited financial statements for the year ended 31 December 2023.
Principal activity
The company's principal activity during the year continued to be the provision of loans to common ownership companies and co-operatives and also to act as a vehicle for channelling loans from public funds to such enterprises.
Portfolio risk, credit risk, liquidity risk and cash flow risk
With regard to portfolio risk, all clients in the portfolio are subject to stringent due diligence before a formal loan application is approved. The existing portfolio is monitored on a timely basis through the review of statutory accounts and trading data. If necessary, corrective action may be taken, in particular with regard to delinquency management. Any debtor that is felt to have substantially increased in risk over a period of time may fall in to the category of doubtful debtors and as such be provided for in the accounts as bad or doubtful debt. The quality of the portfolio is good.
Credit risk relates primarily to a counterparty’s potential inability to meet its obligations towards the business and the losses the organisation might incur as a result. Cash balances are held with Unity Trust and whilst deposit accounts are utilised with the banks in order to maximise interest bearing returns on the cash balances, there is no element of speculation involved.
The directors and their interests
The directors who served during the year were as follows:
R Buchanan appointed 5 October 2023
D Cole
S Connor resigned 12 July 2023
O Dowsett
J Forbes resigned 5 October 2023
D Holden
N Katangaza
J Martin
P Mather appointed 1 January 2023
J Nott
M Rodriguez-Piza
Statement of director's responsibilities
The directors are responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
§ select suitable accounting policies and then apply them consistently;
§ make judgments and accounting estimates that are reasonable and prudent; and
§ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure of information to auditors
The directors of the company who held office at the date of approval of this directors report confirm that:
§ so far as they are aware, there is no relevant audit information, information needed by the company’s auditors in connection with preparing their report, of which the company’s auditors are unaware; and
§ they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Auditors
The auditors, Godfrey Wilson Limited, are deemed to be re-appointed under section 487(2) of the Companies Act 2006. The company plans to retender to prospective auditors in 2024.
Approved by the directors on 28 March 2024 and signed on their behalf by
P Mather
Director
Industrial Common Ownership Fund Plc
Strategic report
For the year ended 31 December 2023
Registered company number: 02137647
Business review
The Industrial Common Ownership Fund Plc (ICO Fund Plc) was launched in 1987, a subsidiary of Industrial Common Ownership Finance Limited, for the specific purposes of raising capital by public share issue. The money raised is lent, repaid and lent again. From an original £1 million raised, over £5 million has been lent to hundreds of co-operative and employee owned businesses.
By lending at risk to create opportunity ICO Fund Plc has:
§ created, supported and saved jobs;
§ boosted local economies;
§ helped convert environmental concern into action; and
§ enabled people to own and control the businesses in which they work.
2023 saw continued demand for lending after the economic recovery from Covid that saw the portfolio balance at the end of the year of almost £1 million.
Income for the year was £97,804, which was higher than the budget by £22,534 (30%). This was driven by increases against budget in bank interest, £10,580 (132%), as Unity deposit rates rose to 2.75%. We also saw an increase in loan interest income of £12,784 (20%) against budget as BOE base rate increased to 5.25%.
Expenses of £41,283 were higher than the budget by £2,129 (5%). Included were £1,783 in the development costs, for software and support for our new cloud-based share register system, Air Table.
This performance produced an operational profit of £56,521, better than the budget by £29,257 (107%).
Once the FRS share charge of £56,175 is deducted, PLC made a net profit of £346 which was better than the budget by £20,402 (102%). PLC has rallied this year, and this improves the eventual position of the company when it comes to winding down the company in 2027.
On the balance sheet the loan book stood at £940,798 and cash at £824,425.
Shareholdings stand at £1,754,024 and net worth on the balance sheet is now at £258,542.
Equality, Diversity, and Inclusion (EDI)
CCF are members of the Diversity Forum and the Diversity Forum Champions Network. We have worked on a series of EDI questions to be added to our new application form, asking for information about diversity and disadvantage. This will ensure we can capture relevant information to help with reporting and help us identify where we lack reach.
In 2023 we continued our EDI journey, and shared Action Plan for 2023-2024 on our website. Produced by our Board and Staff team, this Plan includes specific commitments and objectives to help us move with purpose towards real, measurable, change.
OUR PLEDGE: To continue working together to ensure that the sector reflects the communities it serves and that we use our tools, networks and experience to tackle inequality and bring about transformational change.
Work to improve our own internal practices and policies, as well as supporting our borrowers and potential borrowers to improve their equality impact, is ongoing.
Cost of living crisis
The directors have considered the impact that the cost-of-living crisis will have on the company’s current and future financial position. The company is taking the following steps to mitigate the risks that the current economic client may pose to the organisation:
§ We have been in close contact with our borrowers from the beginning, doing all we can to help with their cashflow at this difficult time.
The directors consider that the company will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:
§ The company holds cash and general reserves as set out in the GC policy in Note 1;
§ Pipeline for lending remains strong following a successful 2023;
§ We continue to work with our partners delivering the Pub programme, and back office and consultancy work continues at high levels. We also continue to lend our own funds;
§ We have a unique relationship with our clients which enables a high level of communication so that they are working with us to mitigate the effects on the portfolio; and
§ Along with other social lenders and the co-operative movement we are making clients aware of the help that is available from government, including loans, guarantees, tax relief, cash grants and deferred VAT payments.
The directors therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in note 1 to the financial statements.
Financial risk
Financial risk management objectives and policies
In the course of its normal business, the business runs operational risks. These risks relate to losses the organisation could incur as a result of inadequate or failing internal processes, systems, human behaviour or external events. The business tries to limit these risks as much as possible by making sure there are clear policies, reports and procedures in place for its staff.
Approved by the directors on 28 March 2024 and signed on their behalf by
P Mather
Director
Independent auditors' report
To the shareholders of
Industrial Common Ownership Fund Plc
Opinion
We have audited the financial statements of Industrial Common Ownership Fund Plc (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit or loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
the financial statements are not in agreement with the accounting records and returns;
certain disclosures of directors’ remuneration specified by law are not made; and
we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the directors
As explained more fully in the directors’ responsibilities statement set out in the directors’ report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
(1) We obtained an understanding of the legal and regulatory framework that the company operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
(2) We reviewed the company’s policies and procedures in relation to:
Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
(3) We inspected the minutes of director meetings.
(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.
(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.
(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.
(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:
Testing the appropriateness of journal entries;
Assessing judgements and accounting estimates for potential bias;
Reviewing related party transactions; and
Testing transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the companyʼs shareholders as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the companyʼs shareholders those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the companyʼs members as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 28 March 2024
Rob Wilson FCA
(Senior Statutory Auditor)
For and on behalf of:
Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Industrial Common Ownership Fund Plc
Statement of comprehensive income
For the year ended 31 December 2023
2023 2022
Total Total
Note £ £
Turnover 2 78,496 55,751
Administrative expenses (97,458) (86,323)
Operating loss 3 (18,962) (30,572)
Income from investments 724 710
Interest receivable 18,584 5,114
Profit / (loss) on ordinary activities before taxation 346 (24,748)
Tax on profit / (loss) on ordinary activities 5 - -
Prfot / (loss) on ordinary activities after taxation and total comprehensive income for the year
346 (24,748)
Industrial Common Ownership Fund Plc
Balance sheet
As at 31 December 2023
2023 2022
Note £ £ £
Fixed assets
Investments 6 20,956 20,947
Current assets
Debtors due within one year 7 81,566 174,309
Debtors falling after one year 7 860,990 811,254
Cash at bank and in hand 824,425 738,936
1,766,981 1,724,499
Creditors: amounts due within 1 year 8 (557,774) (571,804)
Net current assets 1,209,207 1,152,695
Total assets less current liabilities 1,230,163 1,173,642
Creditors: amounts due after 1 year 9 (971,621) (915,446)
Net assets 258,542 258,196
Capital and reserves
Called up share capital 11 100 100
Capital reserve 228,379 284,554
Profit and loss account 30,063 (26,458)
Shareholders' funds 258,542 258,196
Approved by the directors on 28 March 2024 and signed on their behalf by
P Mather
Director
Industrial Common Ownership Fund Plc
Statement of changes in equity
As at 31 December 2023
Share capital Capital reserve Profit and loss account Total
£ £ £ £
Balance at 1 January 2022 100 337,481 (54,637) 282,944
Loss for the year - - (24,748) (24,748)
Transfers - (52,927) 52,927 -
Balance at 31 December 2022 100 284,554 (26,458) 258,196
Profit for the year - - 346 346
Transfers - (56,175) 56,175 -
Balance at 31 December 2023 100 228,379 30,063 258,542
Industrial Common Ownership Fund Plc
Statement of cash flows
For the year ended 31 December 2023
2023 2022
£ £
Cash used in operating activities:
Profit / (loss) for the financial year 346 (24,748)
Adjustments for:
Interest received (18,584) (5,114)
Dividends received (724) (710)
Finance costs 56,175 52,927
Decrease / (increase) in debtors 43,007 (209,742)
Increase in creditors 270 180
Net cash provided by / (used in) operating activities 80,490 (187,207)
Cash flows from investing activities:
Interest received 18,584 5,114
Dividends received 724 710
Additions to investments (9) (10)
Net cash provided by investing activities 19,299 5,814
Cash flows from financing activities:
Redemption of preference share capital (14,300) (7,750)
Net cash used in financing activities (14,300) (7,750)
Increase / (decrease) in cash and cash equivalents in the year 85,489 (189,143)
Cash and cash equivalents at the beginning of the year 738,936 928,079
Cash and cash equivalents at the end of the year 824,425 738,936
Analysis of changes in net debt:
Brought forward Cash flows Non-cash movements Carried forward
£ £ £ £
Cash 738,936 85,489 - 824,425
Non-equity preference shares due within one year or on demand
(568,324) 14,300 - (554,024)
Non-equity preference shares due after one year
(915,446) - (56,175) (971,621)
(744,834) 99,789 (56,175) (701,220)
Industrial Common Ownership Fund Plc
Notes to the financial statements
For the year ended 31 December 2023
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The presentation is in £ sterling.
b) Going concern
The accounts have been prepared on the assumption that the company is able to continue as a going concern. The directors have considered the ongoing impact of high inflation, bank interest rates and the subsequent cost-of-living crisis on the company’s current and future financial position. The company holds a cash balance of £824,425 at 31 December 2023, and the directors consider that the company has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Turnover
Turnover represents the amount derived from interest and fees on loans falling within the company's activities. All income is derived from the UK.
d) Fixed asset investments
Fixed asset investments comprise investments in co-operative share capital and are stated at historic cost less impairment.
e) Debtors
Short term debtors are measured at transaction price, less any impairment loss for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs, and subsequently measured at amortised cost, determined using effective interest method, less any impairment losses for bad and doubtful debts.
f) Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially measured at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
g) Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the the balance sheet date, except as required by FRS 102.
Tax losses of £16,572 can be carried forward and offset against future profits. However, a deferred tax asset has not been recognised as future profits are uncertain.
1. Accounting policies (continued)
h) Finance costs
Finance costs charged through the profit and loss accounts represent effective interest charged on the redeemable preference shares held at amortised cost at a rate of 6%. The amount of such interest charged during the year was £56,175 (2022: £52,927).
i) Capital reserve
The capital reserve has arisen due to the difference between the sum advanced for the redeemable preference shares issued by Industrial Common Ownership Fund Plc and the value of the redeemable preference shares when held at amortised cost. The company has adopted a policy of transferring an amount equal to the effective interest charged on these shares each year from the capital reserve to the profit and loss account. The capital reserve therefore reflects the outstanding effective interest to be charged on the redeemable preference shares prior to their becoming redeemable.
j) Accounting estimates and key judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
(i) Debtors falling due within one year - Forecast capital repayments
As a result of the Bank of England base rate rising throughout 2023, various loan recipients were repaying higher levels of loan interest and reduced capital throughout 2023. The loan book was re-profiled in October 2023 to ensure that capital will be repaid within original loan terms.

In determining the split of capital expected to be repaid in the next 12 months, the directors have had to make an assumption about the number of loan recipients who will make capital repayments in 2024. This is based on historical experience, discussions with the loan recipients and the level of repayments received in 2023. However, actual results may differ.
(ii) Redeemable preference shares - effective interest rate
The preference shares are accounted for under the amortised cost model and the effective interest rate is assumed to be 6%. The effective interest rate is used to calculate the amortised cost of the preference shares and is therefore a key component in determining the carrying amount of the shares on the balance sheet.
There are no other key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.
2. Analysis of turnover
2023 2022
£ £
Loan interest 77,296 53,101
Arrangement fees 1,200 2,650
78,496 55,751
3. Operating profit / (loss)
This is stated after charging:
2023 2022
£ £
Directors' remuneration - -
Auditors' remuneration (excl. VAT) 3,125 2,900
4. Employees
The average number of staff employed by the company during the year amounted to:
2023 2022
No. No.
Administrative staff - -
5. Taxation
2023 2022
£ £
UK corporation tax based on results for the period - -
Factors affecting current tax charge:
Profit / (loss) on ordinary activities by rate of tax 66 (4,702)
Adjustment for expenses not allowable 10,673 10,056
Losses brought forward (13,887) (19,241)
Losses carried forward 3,148 13,887
Total current tax charge - -
6. Investments Unquoted shares
£
Cost
At 1 January 2023 20,947
Additions 9
At 31 December 2023 20,956
7. Debtors
2023 2022
£ £
Trade debtors 940,798 979,917
Other debtors 1,758 5,646
942,556 985,563
Amounts due after more than one year included in:
Trade debtors 860,990 811,254
8. Creditors: amounts due within 1 year
2023 2022
£ £
Non-equity preference shares (see note 10) 554,024 568,324
Accruals 3,750 3,480
557,774 571,804
9. Creditors: amounts due after 1 year
2023 2022
£ £
Non-equity preference shares (see note 10) 971,621 915,446
10. Non-equity preference shares
2023 2022
£ £
Analysis of maturity of debt:
Within one year or on demand 554,024 568,324
Between 2 - 5 years 971,621 -
After five years - 915,446
1,525,645 1,483,770
Less: due within one year (554,024) (568,324)
971,621 915,446
The preference shares are non-equity co-operative shares which are redeemable in full at par, subject to one month's notice being given. The shares are redeemable by the company at any time without notice.
The non-equity co-operative shares have the following rights:
§ The shares are entitled to a maximum dividend of 6% before tax, which is paid at the discretion of the directors;
§ The shareholders have the opportunity to waive the dividend if they wish;
§ The shareholders have no voting rights. They do however have the right to appoint a representative who will follow the progress of the subsidiary that has issued the preference shares, Industrial Common Ownership Fund Plc, and inform the directors of any matter which they think will affect the co-operative shareholders; and
§ Having passed their ten year anniversary of issue, at 31 December 2023 there were 554,024 £1 preference shares in issue (2022: 568,324), which were redeemable subject to one month's notice.
A further 1,200,000 £1 preference shares are redeemable in full at par, ten years from the date of issue, in September 2027, subject to one month's notice being given. Under the amortised cost method, these shares have been discounted to £971,621 in the accounts. Effective finance costs of £56,175 (2022: £52,927) have been recognised during the year in the profit and loss. A corresponding amount has been released from the capital reserve.
11. Called up share capital
2023 2022
No. No.
Allotted, called up and fully paid:
100 ordinary shares: £1 each 100 100
12. Related party transactions
The results and cash flows of the company are included in the consolidated financial statements of Industrial Common Ownership Finance Limited which are publicly available from Companies House. Consequently the company has taken advantage of the exemption under the terms of paragraph 33.1A of FRS 102 from disclosing related party transactions between wholly owned entities that are part of Industrial Common Ownership Finance Limited.
13. Ultimate controlling party
The directors regard Industrial Common Ownership Finance Limited, a company incorporated in England and Wales, as the immediate and ultimate parent company. Industrial Common Ownership Finance Limited owns 100% of the ordinary share capital of Industrial Common Ownership Fund Plc.
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