Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30true2022-10-01falseNo description of principal activity2928trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02145825 2022-10-01 2023-09-30 02145825 2021-10-01 2022-09-30 02145825 2023-09-30 02145825 2022-09-30 02145825 c:Director1 2022-10-01 2023-09-30 02145825 d:PlantMachinery 2022-10-01 2023-09-30 02145825 d:PlantMachinery 2023-09-30 02145825 d:PlantMachinery 2022-09-30 02145825 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02145825 d:CurrentFinancialInstruments 2023-09-30 02145825 d:CurrentFinancialInstruments 2022-09-30 02145825 d:Non-currentFinancialInstruments 2023-09-30 02145825 d:Non-currentFinancialInstruments 2022-09-30 02145825 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02145825 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 02145825 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 02145825 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 02145825 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 02145825 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 02145825 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 02145825 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 02145825 d:ShareCapital 2023-09-30 02145825 d:ShareCapital 2022-09-30 02145825 d:SharePremium 2023-09-30 02145825 d:SharePremium 2022-09-30 02145825 d:RetainedEarningsAccumulatedLosses 2023-09-30 02145825 d:RetainedEarningsAccumulatedLosses 2022-09-30 02145825 c:FRS102 2022-10-01 2023-09-30 02145825 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 02145825 c:FullAccounts 2022-10-01 2023-09-30 02145825 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02145825 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 02145825 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 02145825 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 02145825 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 iso4217:GBP xbrli:pure
Company registration number: 02145825







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023


ICON CONNECT LIMITED






































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ICON CONNECT LIMITED
REGISTERED NUMBER:02145825



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
58,765
23,599

  
58,765
23,599

Current assets
  

Stocks
  
462,939
105,746

Debtors: amounts falling due within one year
 4 
1,804,178
1,803,984

Cash at bank and in hand
  
56,331
94,108

  
2,323,448
2,003,838

Creditors: amounts falling due within one year
 5 
(1,812,311)
(1,594,976)

Net current assets
  
 
 
511,137
 
 
408,862

Total assets less current liabilities
  
569,902
432,461

Creditors: amounts falling due after more than one year
 6 
(122,452)
(160,000)

  

Net assets
  
447,450
272,461


Capital and reserves
  

Called up share capital 
  
224,446
224,446

Share premium account
  
107,556
107,556

Profit and loss account
  
115,448
(59,541)

  
447,450
272,461


Page 1

 


ICON CONNECT LIMITED
REGISTERED NUMBER:02145825


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P S Rose
Director
Date: 28 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
1.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts 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.

 
1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
1.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.12

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. 
 
Financial instruments are recognised in the companys statement of financial position when the company becomes party to the contractual provisions of the instrument.


2.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 28).

Page 5

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 October 2022
617,687


Additions
42,208



At 30 September 2023

659,895



Depreciation


At 1 October 2022
594,088


Charge for the year on owned assets
7,042



At 30 September 2023

601,130



Net book value



At 30 September 2023
58,765



At 30 September 2022
23,599


4.


Debtors

2023
2022
£
£


Trade debtors
375,960
470,614

Amounts owed by group undertakings
1,208,202
1,216,911

Other debtors
104,421
73,789

Prepayments and accrued income
115,595
42,670

1,804,178
1,803,984


Page 6

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
60,000
60,000

Trade creditors
677,325
465,361

Corporation tax
18,358
5,538

Other taxation and social security
152,042
137,461

Obligations under finance lease and hire purchase contracts
9,788
-

Other creditors
61,100
39,114

Accruals and deferred income
833,698
887,502

1,812,311
1,594,976


The bank loan and other facilities are secured by a fixed and floating charge over the company's assets.


6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
100,000
160,000

Net obligations under finance leases and hire purchase contracts
22,452
-

122,452
160,000


The bank loan and other facilities are secured by a fixed and floating charge over the company's assets.

Page 7

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
60,000
60,000


60,000
60,000

Amounts falling due 1-2 years

Bank loans
60,000
60,000


60,000
60,000

Amounts falling due 2-5 years

Bank loans
40,000
100,000


40,000
100,000


160,000
220,000



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
9,788
-

Between 1-5 years
22,452
-

32,240
-


9.


Directors advances and guarantees

At the balance sheet date the directors owed £5,000 (2022: £5,000) to the company. The maximum balance outstanding in the year was £5,000. The balance is being repaid after the year end.
No interest is being charged on this balance.

 
Page 8