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ICB (Waterproofing) Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 01900160

 

ICB (Waterproofing) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

ICB (Waterproofing) Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

263,040

238,000

Investments

5

34,000

34,000

 

297,040

272,000

Current assets

 

Stocks

6

674,878

703,309

Debtors

7

2,580,499

2,887,592

Cash at bank and in hand

 

564,630

478,428

 

3,820,007

4,069,329

Creditors: Amounts falling due within one year

8

(1,462,147)

(1,941,894)

Net current assets

 

2,357,860

2,127,435

Total assets less current liabilities

 

2,654,900

2,399,435

Creditors: Amounts falling due after more than one year

8

(240,000)

(420,000)

Provisions for liabilities

(31,921)

(34,727)

Net assets

 

2,382,979

1,944,708

Capital and reserves

 

Called up share capital

10

16,310

16,310

Share premium reserve

4,500

4,500

Profit and loss account

2,362,169

1,923,898

Shareholders' funds

 

2,382,979

1,944,708

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:
 

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

Company Registration Number: 01900160

 

ICB (Waterproofing) 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 England & Wales.

The address of its registered office is:
Units 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 are presented in Sterling (£) and are rounded to the nearest whole pound.

Going concern

The directors have reviewed budgets and forecasts to determine if there will be sufficient working capital to meet the needs of the company for at least twelve months from the date of approval of these financial statements. Following this review the directors are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis.

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 -£22,460).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable on the sale of goods. Sales are recognised upon despatch and shown net of VAT and other sales related taxes.

 

ICB (Waterproofing) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Foreign currency transactions and balances

It is company policy to revalue all foreign currency transactions that occur on a monthly basis using the exchange rates recommended by HM Revenue & Customs. Any gains or losses experienced are shown within the profit and loss account.

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 corporation 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.

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

Plant and machinery

15% straight line basis

Fixtures and fittings

10% straight line basis

Computer equipment

25% straight line basis

Leasehold improvements

Over period of lease

Motor vehicles

25% reducing balance basis

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

ICB (Waterproofing) Limited

Notes to the Financial Statements

Year Ended 31 December 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 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 (Waterproofing) 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;
• Bank loans;
• Cash and bank balances; and
• Forward rate contracts.

Forward rate contracts are recognised as non basic instruments and all of the remaining 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 de-recognised 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.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the un-discounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Derivatives
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date, only to the extent that they are material. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2022 - 42).

 

ICB (Waterproofing) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2023

210,287

306,260

11,350

113,748

641,645

Additions

-

39,382

41,272

-

80,654

Disposals

-

(15,033)

-

-

(15,033)

At 31 December 2023

210,287

330,609

52,622

113,748

707,266

Depreciation

At 1 January 2023

154,626

161,548

8,283

79,188

403,645

Charge for the year

11,559

32,247

3,156

8,652

55,614

Eliminated on disposal

-

(15,033)

-

-

(15,033)

At 31 December 2023

166,185

178,762

11,439

87,840

444,226

Carrying amount

At 31 December 2023

44,102

151,847

41,183

25,908

263,040

At 31 December 2022

55,661

144,712

3,067

34,560

238,000

5

Investments

2023
£

2022
£

Investments in subsidiaries

34,000

34,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

ICB (Waterproofing) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

ICB (Projects) Limited

Units 9-11, Fleets Industrial Estate, Poole, BH15 3SU

England & Wales

Ordinary

100%

100%

ICB (Fabrications) Limited

Units 9-11, Fleets Industrial Estate, Poole, BH15 3SU

England & Wales

Ordinary

100%

100%

Subsidiary undertakings

ICB (Projects) Limited

The principal activity of ICB (Projects) Limited is the supply and installation of specialist ancillary products for flat roofs.

ICB (Fabrications) Limited

The principal activity of ICB (Fabrications) Limited is the manufacturing of flat roofing ancillary products.

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

674,878

703,309

7

Debtors

2023
 £

2022
 £

Trade debtors

1,329,081

1,514,562

Amounts due from group undertakings

952,672

1,168,961

Other debtors

112,914

45,483

Prepayments

185,832

158,586

2,580,499

2,887,592

 

ICB (Waterproofing) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

180,000

220,808

Trade creditors

 

697,932

1,085,419

Amounts due to group undertakings

23,448

-

Corporation tax

134,040

-

Social security and other taxes

 

381,467

624,856

Outstanding defined contribution pension costs

 

23,731

-

Accrued expenses

 

21,529

10,811

 

1,462,147

1,941,894

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

240,000

420,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

180,000

220,808

Bank borrowings

Bank borrowings are denominated in £. The carrying amount at the year end is £420,000 (2022 - £640,808). All of the assets of the company are secured by way of fixed and floating charges.

 

ICB (Waterproofing) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,060

10,060

10,060

10,060

Ordinary A shares of £1 each

4,000

4,000

4,000

4,000

Ordinary B shares of £1 each

2,250

2,250

2,250

2,250

 

16,310

16,310

16,310

16,310

11

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 £714,654 (2022 - £950,947).

Other Financial Commitments

The company holds €450,000 of foreign exchange forward contracts in order to provide a hedge against future foreign currency fluctuations. No profit or loss has been recognised in these accounts in respect of this hedge as any movement is deemed to be immaterial by the directors.

12

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.

13

Parent company

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