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Registration number: 05390247

Iconservatories Limited
Annual Report and
Unaudited Financial Statements

31 October 2023

 

Iconservatories Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Iconservatories Limited

Balance Sheet
31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

809,412

750,142

Current assets

 

Stocks

5

492,904

420,569

Debtors

6

334,918

300,411

Cash at bank and in hand

 

1,143,123

988,316

 

1,970,945

1,709,296

Creditors: Amounts falling due within one year

7

(1,006,805)

(926,033)

Net current assets

 

964,140

783,263

Total assets less current liabilities

 

1,773,552

1,533,405

Creditors: Amounts falling due after more than one year

7

(451,175)

(482,781)

Net assets

 

1,322,377

1,050,624

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,322,277

1,050,524

Shareholders' funds

 

1,322,377

1,050,624

 

Iconservatories Limited

Balance Sheet
31 October 2023

For the financial year ending 31 October 2023 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2024 and signed on its behalf by:
 

.........................................
Mrs J Jackson
Director

Company Registration Number: 05390247

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Units 8 & 9 Hurstwood Court
Mercer Way
Shadsworth Business Park
Blackburn
Lancashire
BB1 2QU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Computer equipment

33.33% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 41 (2022 - 26).

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Cost or valuation

At 1 November 2022

621,195

19,834

53,767

258,954

Additions

-

3,904

142,494

4,277

At 31 October 2023

621,195

23,738

196,261

263,231

Depreciation

At 1 November 2022

49,696

14,526

20,195

119,191

Charge for the year

12,424

1,856

27,665

49,460

At 31 October 2023

62,120

16,382

47,860

168,651

Carrying amount

At 31 October 2023

559,075

7,356

148,401

94,580

At 31 October 2022

571,499

5,308

33,572

139,763

Total
£

Cost or valuation

At 1 November 2022

953,750

Additions

150,675

At 31 October 2023

1,104,425

Depreciation

At 1 November 2022

203,608

Charge for the year

91,405

At 31 October 2023

295,013

Carrying amount

At 31 October 2023

809,412

At 31 October 2022

750,142

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Included within the net book value of land and buildings above is £559,075 (2022 - £571,499) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

492,904

420,569

6

Debtors

Current

2023
£

2022
£

Trade debtors

192,209

199,051

Prepayments

42,332

40,852

Other debtors

100,377

60,508

 

334,918

300,411

 

Iconservatories Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,802

73,682

Trade creditors

 

686,026

621,757

Taxation and social security

 

279,850

188,779

Accruals and deferred income

 

6,772

21,376

Other creditors

 

30,355

20,439

 

1,006,805

926,033

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

451,175

482,781

8

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of this remuneration package.