Company registration number 09614875 (England and Wales)
I&C LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
I&C LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 11
I&C LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,873,098
12,340,740
Current assets
Stocks
73,839
51,917
Debtors
5
6,530,988
3,357,048
Cash at bank and in hand
871,756
164,243
7,476,583
3,573,208
Creditors: amounts falling due within one year
6
(6,426,689)
(6,722,639)
Net current assets/(liabilities)
1,049,894
(3,149,431)
Total assets less current liabilities
11,922,992
9,191,309
Creditors: amounts falling due after more than one year
7
(6,450,000)
(7,951,981)
Provisions for liabilities
8
(2,233,842)
(1,169,468)
Net assets
3,239,150
69,860
Capital and reserves
Called up share capital
1
1
Revaluation reserve
3,255,941
4,385,829
Profit and loss reserves
(16,792)
(4,315,970)
Total equity
3,239,150
69,860

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 January 2024 and are signed on its behalf by:
Kristen Branford
Director
Company registration number 09614875 (England and Wales)
I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

I&C Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cliff Road Dock Estate, Cliff Road, Cliff Quay, Ipswich, IP3 0AX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of plant and equipment and vessels. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ECONEN Limited. These consolidated financial statements are available from its registered office, Connexions, 159 Princes Street, Ipswich, Suffolk.

I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern

Last year’s decision to expand the offering to encompass marine construction projects to enhance the barge hire business has been successful. true

 

Whilst the year got off to a slow start, several projects were secured, and these were all completed successfully within this trading year.

 

This forthcoming year the business seeks to further expand into near water, land-based construction opportunities.

 

The company again moves into the new trading year with a healthy level of secured business.

 

Having undertaken a detailed forecast and cashflow review of coming 12 months the directors are satisfied the business is on a firm footing for trading over the next 12 months.

 

On this basis of the above the accounts have been prepared on a going concern basis.

1.3
Turnover

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided when the amount of revenue can be measured reliably and it is probable that the company will receive the consideration due under the contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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.

 

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to that company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Office equipment
20% straight line
Motor vehicles
20% straight line
Vessels
2% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial 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 company after deducting all of its liabilities.

I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Revaluation of assets

The company carries its vessels and plant and equipment at valuation and the directors have engaged an independent valuation specialist to determine the fair value of these assets. The vessels and plant and equipment are valued on an open market value basis in accordance with the requirements of FRS 102.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
54
39
I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Vessels
Total
£
£
£
£
£
£
Cost or valuation
At 1 August 2022
280,502
5,697
122,935
33,095
12,358,119
12,800,348
Additions
286,789
-
0
55,637
20,825
63,717
426,968
Disposals
(33,463)
-
0
(59,376)
(16,595)
(2,083,958)
(2,193,392)
Revaluation
-
0
-
0
-
0
-
0
27,212
27,212
At 31 July 2023
533,828
5,697
119,196
37,325
10,365,090
11,061,136
Depreciation and impairment
At 1 August 2022
59,165
4,527
104,678
25,687
265,551
459,608
Depreciation charged in the year
58,439
1,116
12,606
2,913
217,539
292,613
Eliminated in respect of disposals
(10,798)
-
0
(59,376)
(10,919)
(56,703)
(137,796)
Revaluation
-
0
-
0
-
0
-
0
(426,387)
(426,387)
At 31 July 2023
106,806
5,643
57,908
17,681
-
0
188,038
Carrying amount
At 31 July 2023
427,022
54
61,288
19,644
10,365,090
10,873,098
At 31 July 2022
221,337
1,170
18,257
7,408
12,092,568
12,340,740

The Company has adopted a policy of valuing its vessels and plant and machinery assets at fair value. Vessels and plant and equipment have been valued by the directors at the year end by reference to the most recent external valuation with an effective date of 21 December 2022.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Vessels, plant and equipment
2023
2022
£
£
Cost
7,172,139
7,309,308
Accumulated depreciation
(721,281)
(597,909)
Carrying value
6,450,858
6,711,399
I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,208,717
2,372,592
Corporation tax recoverable
255,683
-
0
Other debtors
1,066,588
984,456
6,530,988
3,357,048
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,915,674
1,255,495
Amounts owed to group undertakings
1,142,708
2,121,908
Taxation and social security
1,055,719
318,230
Other creditors
2,312,588
3,027,006
6,426,689
6,722,639

Included in other creditors are £nil (2022: £386,420) of loans secured against plant and machinery and a Receivables Finance Facility totalling £nil (2022: £1,137,073), secured against trade debtors.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
6,450,000
7,951,981

Included in other creditors are £5,500,000 (2022: £6,594,838) of loans secured against plant and machinery.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed asset timing differences
2,672,120
2,543,529
Losses and other deductions
(438,278)
(1,374,061)
2,233,842
1,169,468
I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
8
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Liability at 1 August 2022
1,169,468
Charge to profit or loss
1,148,528
Credit to other comprehensive income
(84,154)
Liability at 31 July 2023
2,233,842

The deferred tax liability set out above relates to accelerated capital allowances and brought forward losses. The deferred tax liability is expected to reverse in line with the depreciation of fixed assets.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion on financial statements

We have audited the financial statements of I&C Limited (the 'company') for the year ended 31 July 2023 which comprise , the statement of financial position and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

The comparative financial statements were unaudited and it has not been possible to obtain sufficient and appropriate audit evidence to confirm the accuracy of opening balances as at 1 August 2022 and comparative figures in the Profit and Loss Account. Any adjustment to the opening balances at 1 August 2022 would have a consequential effect on the profit for the year ended 31 July 2023. The figures for the year ended 31 July 2023 and 31 July 2022 are therefore not comparable and our audit report is qualified in respect of comparative financial information and opening balances as at 1 August 2022.

 

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 qualified opinion.

I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
9
Audit report information
(Continued)
- 10 -

Emphasis of matter

The comparatives for the year ended 31 July 2022 are unaudited. Had we performed an audit we may have identified adjustments that would materially affect the comparative financial information.

Senior Statutory Auditor:
Barry Gostling
Statutory Auditor:
Ensors Accountants LLP
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
137,181
57,712
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
-
0
18,867
34,105
20,633
Interest payable
Management charges
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
77,117
83,545
-
-
Key management personnel
4,967
-
-
-
Other related parties
-
-
120,000
120,000
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,142,908
2,121,908
Other related parties
12,308
7,158
I&C LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
11
Related party transactions
(Continued)
- 11 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
-
1,904
12
Events after the reporting date

After the statement of financial position date the company disposed of an asset. The carrying value at the statement of financial position date was £1,060,000.

13
Parent company

The immediate parent is I&C Holdings Limited, a company registered and incorporated in England and Wales.

 

The ultimate parent company is ECONEN Limited, a company registered and incorporated in England and Wales. In the opinion of the directors the ultimate controlling party is Mr J Walsh by virtue of his majority shareholding in ECONEN Limited.

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