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ICB (Projects) Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 06658582

 

ICB (Projects) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

ICB (Projects) Limited

Company Information

Directors

Mr R W Jackson

Mrs A A Jackson

Registered office

Unit 9-11 Fleets Industrial Estate
Willis Way
Poole
Dorset
BH15 3SU

Auditors

PKF Francis Clark
Chartered Accountants & Statutory Auditors
Towngate House
2-8 Parkstone Road
Dorset
Poole
Dorset
BH15 2PW

 

ICB (Projects) Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,651

10,316

Current assets

 

Stocks

5

31,262

12,415

Debtors

6

190,073

167,579

Cash at bank and in hand

 

23,646

17,095

 

244,981

197,089

Creditors: Amounts falling due within one year

7

(524,651)

(396,531)

Net current liabilities

 

(279,670)

(199,442)

Net liabilities

 

(269,019)

(189,126)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(270,019)

(190,126)

Shareholders' deficit

 

(269,019)

(189,126)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
Mr R W Jackson
Director

Company Registration Number: 06658582

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 9-11 Fleets Industrial Estate
Willis Way
Poole
Dorset
BH15 3SU

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements have been prepared in British Pounds sterling and rounded to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have assessed the financial needs of the company and consider it to be a going concern as it has the financial support of its fellow group members.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and assumptions over the value of assets and liabilities that are not readily apparent from other sources.

A key accounting estimate made by the directors is with regards to the valuation of stock at the lower of cost and net realisable value, and determining a stock provision estimate. The directors review all stock lines with regards to the last date of sale, the value of these sales and the likelihood of future sales proceeds to determine an overall stock provision figure. The carrying amount is £Nil (2022 -£15,670).

Revenue recognition

Turnover represents the fair valuation of the consideration received or receivable on the sale and installation of goods. This income is recognised based on the progress of stage completion and is shown net of VAT and other sales related taxes.

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Tax

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Office Equipment

25% straight line

Furniture and Fittings

10% straight line

Plant and Machinery

15% straight line

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 stocks 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2023

16,691

7,670

24,361

Additions

730

3,903

4,633

At 31 December 2023

17,421

11,573

28,994

Depreciation

At 1 January 2023

10,942

3,103

14,045

Charge for the year

3,026

1,272

4,298

At 31 December 2023

13,968

4,375

18,343

Carrying amount

At 31 December 2023

3,453

7,198

10,651

At 31 December 2022

5,749

4,567

10,316

5

Stocks

2023
£

2022
£

Raw materials and consumables

31,262

12,415

6

Debtors

2023
 £

2022
 £

Trade debtors

162,058

130,445

Other debtors

18,465

28,888

Prepayments

9,550

8,246

190,073

167,579

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

68,415

2,546

Amounts owed to group undertakings

419,167

380,680

Taxation and social security

3,397

3,292

Other creditors

972

-

Accruals and deferred income

32,700

10,013

524,651

396,531

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,905 (2022 - £11,408).

9

Ultimate parent company

The company's ultimate parent company is ICB (Trading) Ltd, incorporated in United Kingdom. Its registered office is: Units 9-11 Fleets Industrial Estate, Willis Way, Poole, Dorset, BH15 3SU.

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Adrian Way FCA, who signed for and on behalf of PKF Francis Clark on 19 August 2024.