Year Ended
Registration number:
ICB (Fabrications) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
ICB (Fabrications) Limited
Company Information
Directors |
Mr R Jackson Mrs A Jackson |
Registered office |
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Auditors |
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ICB (Fabrications) Limited
Balance Sheet
31 December 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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
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Company Registration Number: 06469260
ICB (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including section 1A 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 company continues to be profitable and has the support of its fellow group members. Furthermore, the Directors have reviewed the available budgets and following this review are satisfied that it is appropriate for the company to adopt a going concern basis of presentation.
ICB (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
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 directors concluded that no stock provision was required in either period.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable on the manufacture and sale of goods. Sales are recognised upon despatch and shown net of VAT and other sales related taxes.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
ICB (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
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 |
Furniture and Fittings |
10% Straight line basis |
Office Equipment |
25% Straight line basis |
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. 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 (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
ICB (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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Disposals |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Stocks |
2023 |
2022 |
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Raw materials and consumables |
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ICB (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
- |
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Prepayments |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Corporation tax |
73,547 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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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 £
Audit report |
ICB (Fabrications) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Ultimate parent company |
The company's immediate parent is
The company's ultimate parent company is ICB (Trading) Ltd, which is incorporated in the United Kingdom. Its registered office is: Unit 9-11, Fleets Industrial Estate, Willis Way, Poole, Dorset, BH15 3SU.