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Company No: 10340670 (England and Wales)

MOTION ICON UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MOTION ICON UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MOTION ICON UK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MOTION ICON UK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 527,600 593,550
Tangible assets 4 27,577 7,196
555,177 600,746
Current assets
Debtors 5 45,884 12,153
Cash at bank and in hand 3,825 5,950
49,709 18,103
Creditors: amounts falling due within one year 6 ( 234,224) ( 104,271)
Net current liabilities (184,515) (86,168)
Total assets less current liabilities 370,662 514,578
Creditors: amounts falling due after more than one year 7 ( 945,008) ( 1,181,402)
Net liabilities ( 574,346) ( 666,824)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 574,446 ) ( 666,924 )
Total shareholder's deficit ( 574,346) ( 666,824)

For the financial 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.

Director's responsibilities:

The financial statements of Motion Icon UK Limited (registered number: 10340670) were approved and authorised for issue by the Director on 13 August 2024. They were signed on its behalf by:

Christopher Harmon
Director
MOTION ICON UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MOTION ICON UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Motion Icon UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 28 Mills Close, Broadway, WR12 7RB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £591,707.
The Company is supported through loans from its connected parties. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the connected parties will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 4 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 659,500 659,500
At 31 March 2024 659,500 659,500
Accumulated amortisation
At 01 April 2023 65,950 65,950
Charge for the financial year 65,950 65,950
At 31 March 2024 131,900 131,900
Net book value
At 31 March 2024 527,600 527,600
At 31 March 2023 593,550 593,550

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 15,026 0 734 15,760
Additions 0 28,995 159 29,154
At 31 March 2024 15,026 28,995 893 44,914
Accumulated depreciation
At 01 April 2023 7,940 0 624 8,564
Charge for the financial year 1,417 7,248 108 8,773
At 31 March 2024 9,357 7,248 732 17,337
Net book value
At 31 March 2024 5,669 21,747 161 27,577
At 31 March 2023 7,086 0 110 7,196

5. Debtors

2024 2023
£ £
Trade debtors 30,094 6,969
Amounts owed by related parties 11,150 0
Other debtors 4,640 5,184
45,884 12,153

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,667 6,667
Trade creditors 40,473 45,220
Other taxation and social security 4,336 4,410
Obligations under finance leases and hire purchase contracts 5,759 0
Other creditors 176,989 47,974
234,224 104,271

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 19,050 20,000
Obligations under finance leases and hire purchase contracts 21,256 0
Other creditors 904,702 1,161,402
945,008 1,181,402

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to the director 159,939 17,974

Other related party transactions

2024 2023
£ £
Amounts owed to the company from a related party 11,150 0