Company registration number 09556619 (England and Wales)
IC 107 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
IC 107 LIMITED
COMPANY INFORMATION
Directors
P Shackley
A J Thorpe
Company number
09556619
Registered office
80 Catley Road
Darnall
Sheffield
South Yorkshire
S9 5JF
Auditor
Hart Shaw LLP
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
IC 107 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 29
IC 107 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The group's subsidiary, Ford Windows Limited, welcomed two new directors to its board in Q3 of the previous year – Wesley Shackley & Courtney Shackley, 2023 was the first full year with all four directors on the board.

 

The business has had a downturn in turnover throughout 2023 which relates to the decrease in houses sold throughout the UK. New homes registered in the private sector were 42% lower than in 2022 Q2. Supply and demand therefore saw a drop which continued throughout 2023.

 

The group continues to be restrictive with its customer base based on their type and location.

 

Price increases from their top three suppliers were not as frequent which helped towards GP. Gross profit shrunk by 10.38%. Production staff efficiencies and use of sub-contractors have been closely monitored which has resulted in margins of 22% (2022 – 22%).

 

The balance sheet shows a liquidity level of £2,193,776 and total net assets of £3,146,624.

Key performance indicators
Key performance indicators (KPIs) used to measure progress are as follows:
2023
% to Turnover
2022
% to Turnover
% Increase
£'000
£'000
/(decrease)
Turnover
17,910
19,649
(8.85)%
Gross Profit
3,956
22.09%
4,414
22.46%
(10.38)%
Profit Before Tax
1,575
8.79%
2,177
11.08%
(27.64)%
Wages to turnover
(3,633)
20.29%
(3,738)
19.02%
1.27%

Material costs have been closely monitored throughout the year mainly due to economic pressures however surcharges have fallen off and fixed prices have been agreed toward the end of 2023, therefore helping matters going into 2024.

 

Manufacturing and fitting labour, form a substantial proportion of the underlying cost base which requires constant monitoring for the maintenance of the group’s profitability. In addition to the above stock holding levels are also recorded and used on a monthly basis to assess both profitability and liquidity.

 

Production, processing and installation errors are investigated monthly to avoid and improve upon problems which may become reoccurring. This has especially been considered due to the downturn in turnover thus tightening the gap for any errors. The directors are confident that with the continuous efforts being made by the quality control department, another improvement to the group’s performance will be made throughout the 2024 financial year.

 

The group regulates its carbon footprint by seeking movement in all available factors including recycling its main material back to the suppliers originally purchased from and switching vehicles to electric.

IC 107 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

Management continues to consider competitive pressure within the window manufacturing and glazing sector and has done so especially throughout 2023 due to inflationary economic pressures.

 

Price increases have remained site-specific to essentially mitigate risks of losing potential turnover from current customers. The market has seen a loss of some competitors in 2023 which has led to additional work being taken on in the year.

 

The group is not dependent upon any single customer, retaining current customers by continuing to maintain the quality of products and services provided.

 

On behalf of the board

A J Thorpe
Director
15 July 2024
IC 107 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activities of the group throughout the year were those of UPVC window manufacturing and the supply of glass and double glazing.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Shackley
A J Thorpe
Future developments

The directors aim to maintain the management policies which have led to the group's profits over recent years. Demand in the market is strong and the market is consolidating, with a number of key competitors struggling, therefore enabling the group to continue to grow its operations. There are also plans to expand the product line to include composite doors alongside existing operations.

 

In addition to this, the directors have continued to monitor staff levels closely and believe the group now has the correct mix and number of employees to meet the turnover goals for the next financial year.

Auditor

The auditor, Hart Shaw LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
A J Thorpe
Director
15 July 2024
IC 107 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual 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 affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

IC 107 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IC 107 LIMITED
- 5 -
Opinion

We have audited the financial statements of IC 107 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and 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 FRS 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:

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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

IC 107 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IC 107 LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 the directors 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud and the audit response

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

At the outset and throughout the planning stage, laws and regulations were discussed with both the management team and the audit team to:

 

Using our knowledge of the client and general commercial and sector experience we built on our understanding and our response to those risks.

IC 107 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IC 107 LIMITED
- 7 -

The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.

 

Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low. In response, our approach included but was not limited to:

Management override is the most likely way in which fraud might present itself and as such is inherently high risk on any audit. In relation to how the risk of management override of controls was addressed, our approach included but was not limited to:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

IC 107 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IC 107 LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, 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 company’s members those matters we are required to state to them in an auditor's 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Natalie Bracey (Senior Statutory Auditor)
For and on behalf of Hart Shaw LLP
30 July 2024
Chartered Accountants
Statutory Auditor
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
IC 107 LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
17,909,955
19,648,515
Cost of sales
(13,954,126)
(15,234,603)
Gross profit
3,955,829
4,413,912
Administrative expenses
(2,384,266)
(2,223,626)
Operating profit
4
1,571,563
2,190,286
Interest receivable and similar income
9
22,050
69
Interest payable and similar expenses
8
(18,698)
(13,763)
Profit before taxation
1,574,915
2,176,592
Tax on profit
10
(389,166)
(396,755)
Profit for the financial year
1,185,749
1,779,837
Retained earnings brought forward
3,960,873
3,041,036
Dividends
(2,000,000)
(860,000)
Retained earnings carried forward
3,146,622
3,960,873
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

IC 107 LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
(372,517)
(458,482)
Tangible assets
12
1,688,451
1,700,840
1,315,934
1,242,358
Current assets
Stocks
17
358,876
474,476
Debtors
18
2,678,828
4,269,376
Cash at bank and in hand
1,376,140
986,138
4,413,844
5,729,990
Creditors: amounts falling due within one year
19
(2,220,068)
(2,603,589)
Net current assets
2,193,776
3,126,401
Total assets less current liabilities
3,509,710
4,368,759
Creditors: amounts falling due after more than one year
20
(217,886)
(288,084)
Provisions for liabilities
Deferred tax liability
23
145,200
119,800
(145,200)
(119,800)
Net assets
3,146,624
3,960,875
Capital and reserves
Called up share capital
25
2
2
Profit and loss reserves
3,146,622
3,960,873
Total equity
3,146,624
3,960,875
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
15 July 2024
A J Thorpe
Director
Company registration number 09556619 (England and Wales)
IC 107 LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
3,495,338
3,495,338
Current assets
-
-
Creditors: amounts falling due within one year
19
(2,138,588)
(2,138,588)
Net current liabilities
(2,138,588)
(2,138,588)
Net assets
1,356,750
1,356,750
Capital and reserves
Called up share capital
25
2
2
Profit and loss reserves
1,356,748
1,356,748
Total equity
1,356,750
1,356,750

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,000,000 (2022 - £859,918 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
15 July 2024
A J Thorpe
Director
Company registration number 09556619 (England and Wales)
IC 107 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
3,104,274
1,935,252
Interest paid
(18,698)
(13,763)
Income taxes paid
(406,112)
(408,198)
Net cash inflow from operating activities
2,679,464
1,513,291
Investing activities
Purchase of tangible fixed assets
(217,626)
(287,856)
Proceeds from disposal of tangible fixed assets
38,817
22,105
Interest received
22,050
69
Net cash used in investing activities
(156,759)
(265,682)
Financing activities
Repayment of bank loans
(33,754)
(246,306)
Payment of finance leases obligations
(98,949)
(75,087)
Dividends paid to equity shareholders
(2,000,000)
(860,000)
Net cash used in financing activities
(2,132,703)
(1,181,393)
Net increase in cash and cash equivalents
390,002
66,216
Cash and cash equivalents at beginning of year
986,138
919,922
Cash and cash equivalents at end of year
1,376,140
986,138
IC 107 LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
-
0
(82)
Investing activities
Dividends received
2,000,000
860,000
Net cash generated from investing activities
2,000,000
860,000
Financing activities
Dividends paid to equity shareholders
(2,000,000)
(860,000)
Net cash used in financing activities
(2,000,000)
(860,000)
Net increase/(decrease) in cash and cash equivalents
-
(82)
Cash and cash equivalents at beginning of year
-
0
82
Cash and cash equivalents at end of year
-
0
-
0
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

IC 107 Limited (“the company”) is a private limited company, domiciled and incorporated in England and Wales. The registered office is 80 Catley Road, Darnall, Sheffield, South Yorkshire, S9 5JF.

 

The group consists of IC 107 Limited and both of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of IC 107 Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on completion of the installation), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Leasehold improvements
2% straight line
Plant and machinery
20% reducing balance
Fixtures and equipment
20-33% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.10
Cash at bank and in hand

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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 period. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value measurements and valuation processes

The group and company's assets and liabilities, including goodwill, are measured at fair value for financial reporting purposes. The directors carry out detailed analyses and are confident that the carrying amount of assets will be recovered in full. This situation will be closely monitored and adjustments made in future periods if future market activity indicate that such adjustments are appropriate for fair value measurement.

Impairment of investments in subsidiaries

Determining whether the group and company investments in subsidiaries have been impaired requires estimations of the investments’ values in use. The value in use calculations require the entity to estimate the future cash lows expected to arise from the investments and suitable discount rates in order to calculate present values. The carrying amount of investments in subsidiaries at the balance sheet date was considered appropriate.

Useful life of goodwill

Goodwill arising under a business combination (acquired intangibles) are capitalised at fair value as determined at the date of exchange and are stated at fair value less accumulated amortisation and impairment losses. Amortisation of acquired intangibles is charged to the profit and loss account on a straight-line basis over the estimated useful life of 10 years.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
17,909,955
19,648,515

The total turnover of the group for the year has been derived from its principal activities wholly undertaken in the United Kingdom.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
202,688
194,685
Depreciation of tangible fixed assets held under finance leases
69,399
32,020
Loss/(profit) on disposal of tangible fixed assets
3,902
(107)
Amortisation of intangible assets
(85,965)
(85,965)
Operating lease charges
50,400
49,974
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,000
1,000
Audit of the financial statements of the company's subsidiaries
8,000
7,600
9,000
8,600
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period or year respectively was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
36
37
2
2
Production
112
119
-
-
Total
148
156
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,106,445
4,150,138
-
0
-
0
Social security costs
391,632
403,896
-
-
Pension costs
91,956
89,630
-
0
-
0
4,590,033
4,643,664
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
59,287
72,329
Company pension contributions to defined contribution schemes
9,253
9,253
68,540
81,582

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 -1).

 

It is considered that the directors are the key management personnel of the company.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,156
9,976
Other finance costs:
Interest on finance leases and hire purchase contracts
11,542
3,787
Total finance costs
18,698
13,763
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
22,004
-
0
Other interest income
46
69
Total income
22,050
69
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
363,766
347,135
Adjustments in respect of prior periods
-
0
20
Total current tax
363,766
347,155
Deferred tax
Origination and reversal of timing differences
25,400
49,600
Total tax charge
389,166
396,755
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 22 -

The actual charge for the period can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,574,915
2,176,592
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
393,729
413,552
Tax effect of expenses that are not deductible in determining taxable profit
(289)
212
Effect of change in corporation tax rate
(23,316)
-
Permanent capital allowances in excess of depreciation
11,647
(52,072)
Depreciation on assets not qualifying for tax allowances
2,197
1,776
Amortisation on assets not qualifying for tax allowances
(20,202)
(16,333)
Under/(over) provided in prior years
-
0
20
Deferred tax movement
25,400
49,600
Taxation charge
389,166
396,755
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
2,000,000
860,000
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
946,080
98,662
1,337,416
235,276
933,699
3,551,133
Additions
-
0
-
0
29,400
17,400
255,617
302,417
Disposals
-
0
-
0
(13,280)
-
0
(170,400)
(183,680)
At 31 December 2023
946,080
98,662
1,353,536
252,676
1,018,916
3,669,870
Depreciation and impairment
At 1 January 2023
253,341
16,500
957,482
187,802
435,168
1,850,293
Depreciation charged in the year
18,922
1,972
80,111
14,408
156,674
272,087
Eliminated in respect of disposals
-
0
-
0
(11,854)
-
0
(129,107)
(140,961)
At 31 December 2023
272,263
18,472
1,025,739
202,210
462,735
1,981,419
Carrying amount
At 31 December 2023
673,817
80,190
327,797
50,466
556,181
1,688,451
At 31 December 2022
692,739
82,162
379,934
47,474
498,531
1,700,840
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
225,408
151,713
-
0
-
0
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,495,338
3,495,338
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
3,495,338
Carrying amount
At 31 December 2023
3,495,338
At 31 December 2022
3,495,338
14
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 January 2023 and 31 December 2023
(859,652)
Amortisation and impairment
At 1 January 2023
(401,170)
Amortisation charged for the year
(85,965)
At 31 December 2023
(487,135)
Carrying amount
At 31 December 2023
(372,517)
At 31 December 2022
(458,482)
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Ford Windows Limited
England and Wales
UPVC window manufacturing and the supply of glass and double glazing.
Ordinary
-
100.00
Griffingold Limited
England and Wales
Intermediate holding company
Ordinary
100.00
-
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,415,584
3,655,431
-
-
Carrying amount of financial liabilities
Measured at amortised cost
2,410,922
2,949,523
-
-
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
299,452
392,344
-
-
Work in progress
9,616
70,221
-
-
Finished goods and goods for resale
49,808
11,911
-
0
-
0
358,876
474,476
-
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,415,584
3,655,431
-
0
-
0
Other debtors
86,717
89,294
-
0
-
0
Prepayments and accrued income
176,527
524,651
-
0
-
0
2,678,828
4,269,376
-
-
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
35,008
33,852
-
0
-
0
Obligations under finance leases
22
99,759
78,629
-
0
-
0
Trade creditors
1,625,812
1,971,741
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,138,588
2,138,588
Corporation tax payable
134,719
177,065
-
0
-
0
Other taxation and social security
132,404
113,747
-
-
Other creditors
95,191
12,121
-
0
-
0
Accruals and deferred income
97,175
216,434
-
0
-
0
2,220,068
2,603,589
2,138,588
2,138,588
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
156,803
191,713
-
0
-
0
Obligations under finance leases
22
61,083
96,371
-
0
-
0
217,886
288,084
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
4,206
44,242
-
-
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
191,811
225,565
-
0
-
0
Payable within one year
35,008
33,852
-
0
-
0
Payable after one year
156,803
191,713
-
0
-
0

Bank borrowings are secured by fixed charges over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets dated 9 November 1994.

 

There is an unlimited multilateral guarantee dated 13 December 1999 given by Ford Windows Limited and Griffingold Limited.

There is an unlimited multilateral guarantee dated 19 April 2018 given by IC 107 Limited, Ford Windows Limited and Griffingold Limited.

 

A £345,000 mortgage loan was taken out by the group on 12 February 2019. This is at an interest rate of 2.25% per annum over the base rate. The loan is repayable within 10 years with monthly repayments of £3,409. The loan is secured by a first legal mortgage over the freehold property at Unit 1, First Road, Blantyre, Glasgow, G72 0ND.

The company does not have any loans at 31 December 2023 or at 31 December 2022.

IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
99,759
78,629
-
0
-
0
In two to five years
61,083
96,371
-
0
-
0
160,842
175,000
-
-

All finances leases were taken out over 36 month periods; the interest rate on those finances leases is between 9% and 15% per annum. Obligations under finance leases and hire purchase contracts are secured by related assets.

The company does not have any finance leases at 31 December 2023 or at 31 December 2022.

23
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
149,300
120,900
Short term timing differences
(4,100)
(1,100)
145,200
119,800
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
119,800
-
Charge to profit or loss
25,400
-
Liability at 31 December 2023
145,200
-
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
91,956
89,630

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

25
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
26
Contingent liabilities

During the year an employee had an accident while operating machinery which was reported, as required, to the Health and Safety Executive (HSE). The HSE has since carried out an investigation and the matter has been reviewed by the company's insurers.

 

The HSE has notified its intention to prosecute the company's subsidiary, Ford Windows Limited, under the provisions of the Health and Safety at Work etc. Act 1974. Ford Windows Limited has yet to enter a plea. However, in setting the level of any fine, the court will determine the category of the risk of harm created by the offence and whether the offence was a significant cause of actual harm, among other factors.

 

In response, the health and safety compliance manager has worked with external health and safety compliance consultants to restructure and enhance the group's health and safety procedures.

 

Given the variability of the factors that the court will examine in setting an appropriate level of fine, the directors are unable to reliably estimate the amount of the obligation. Therefore, they have not recognised a liability or expense in respect of this in the group's financial statements.

27
Related party transactions
Transactions with related parties

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

Rent
2023
2022
£
£
Group
Other related parties
50,400
50,400
IC 107 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
28
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
2,000,000
859,918
Adjustments for:
Investment income
(2,000,000)
(860,000)
Cash absorbed by operations
-
(82)
29
Cash generated from operations - group
2023
2022
£
£
Profit for the year after tax
1,185,749
1,779,837
Adjustments for:
Taxation charged
389,166
396,755
Finance costs
18,698
13,763
Investment income
(22,050)
(69)
Loss/(gain) on disposal of tangible fixed assets
3,902
(107)
Amortisation and impairment of intangible assets
(85,965)
(85,965)
Depreciation and impairment of tangible fixed assets
272,087
226,705
Movements in working capital:
Decrease in stocks
115,600
61,397
Decrease/(increase) in debtors
1,590,548
(597,562)
(Decrease)/increase in creditors
(363,461)
140,498
Cash generated from operations
3,104,274
1,935,252
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
986,138
390,002
-
1,376,140
Borrowings excluding overdrafts
(225,565)
33,754
-
(191,811)
Obligations under finance leases
(175,000)
98,949
(84,791)
(160,842)
585,573
522,705
(84,791)
1,023,487
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