6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02781277 2023-04-01 2024-03-31 02781277 2024-03-31 02781277 2023-03-31 02781277 2022-04-01 2023-03-31 02781277 2023-03-31 02781277 2022-03-31 02781277 core:PlantMachinery 2023-04-01 2024-03-31 02781277 core:MotorVehicles 2023-04-01 2024-03-31 02781277 bus:Director3 2023-04-01 2024-03-31 02781277 core:WithinOneYear 2024-03-31 02781277 core:WithinOneYear 2023-03-31 02781277 core:LandBuildings 2023-03-31 02781277 core:PlantMachinery 2023-03-31 02781277 core:MotorVehicles 2023-03-31 02781277 core:LandBuildings 2024-03-31 02781277 core:PlantMachinery 2024-03-31 02781277 core:MotorVehicles 2024-03-31 02781277 core:ShareCapital 2024-03-31 02781277 core:ShareCapital 2023-03-31 02781277 core:RetainedEarningsAccumulatedLosses 2024-03-31 02781277 core:RetainedEarningsAccumulatedLosses 2023-03-31 02781277 core:BetweenOneFiveYears 2024-03-31 02781277 core:BetweenOneFiveYears 2023-03-31 02781277 core:PlantMachinery 2023-03-31 02781277 core:MotorVehicles 2023-03-31 02781277 bus:SmallEntities 2023-04-01 2024-03-31 02781277 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02781277 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02781277 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02781277 bus:FullAccounts 2023-04-01 2024-03-31 02781277 core:OfficeEquipment 2023-04-01 2024-03-31 02781277 core:OfficeEquipment 2023-03-31 02781277 core:OfficeEquipment 2024-03-31 02781277 core:KeyManagementIndividualGroup1 2023-04-01 2024-03-31 02781277 core:KeyManagementIndividualGroup1 2024-03-31
COMPANY REGISTRATION NUMBER: 02781277
ICW (UK) LTD
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
ICW (UK) LTD
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
25,138
27,409
Current assets
Stocks
83,744
88,778
Debtors
6
177,808
141,756
Cash at bank and in hand
374,618
362,701
----------
----------
636,170
593,235
Creditors: amounts falling due within one year
7
287,027
257,989
----------
----------
Net current assets
349,143
335,246
----------
----------
Total assets less current liabilities
374,281
362,655
Provisions
Taxation including deferred tax
6,132
5,027
----------
----------
Net assets
368,149
357,628
----------
----------
ICW (UK) LTD
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
358,149
347,628
----------
----------
Shareholders funds
368,149
357,628
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 July 2024 , and are signed on behalf of the board by:
Mrs. M.A. Wood
Director
Company registration number: 02781277
ICW (UK) LTD
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B, Tadman Street, Wakefield, WF1 5QU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
2,235
70,939
16,231
28,610
118,015
Additions
1,240
2,086
3,326
-------
--------
--------
--------
----------
At 31 March 2024
2,235
72,179
16,231
30,696
121,341
-------
--------
--------
--------
----------
Depreciation
At 1 April 2023
2,235
54,699
14,166
19,506
90,606
Charge for the year
2,442
516
2,639
5,597
-------
--------
--------
--------
----------
At 31 March 2024
2,235
57,141
14,682
22,145
96,203
-------
--------
--------
--------
----------
Carrying amount
At 31 March 2024
15,038
1,549
8,551
25,138
-------
--------
--------
--------
----------
At 31 March 2023
16,240
2,065
9,104
27,409
-------
--------
--------
--------
----------
6. Debtors
2024
2023
£
£
Trade debtors
151,011
117,602
Other debtors
26,797
24,154
----------
----------
177,808
141,756
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,938
95,254
Accruals and deferred income
16,030
17,814
Corporation tax
26,887
37,757
Social security and other taxes
31,821
33,472
Director loan accounts
92,108
70,853
Other creditors
2,243
2,839
----------
----------
287,027
257,989
----------
----------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
25,700
25,700
Later than 1 year and not later than 5 years
43,175
68,875
--------
--------
68,875
94,575
--------
--------
9. Related party transactions
During the year the directors made available loans to the company . The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 92,108 (2023 - £70,853).