Year Ended
Registration number:
ICB (Waterproofing) Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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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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Share premium reserve |
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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
......................................... |
Company Registration Number: 01900160
ICB (Waterproofing) 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 England & Wales.
The address of its registered office is:
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
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
• 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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
ICB (Waterproofing) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible assets |
Leasehold Improvements |
Furniture, fittings and equipment |
Motor vehicles |
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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- |
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Disposals |
- |
( |
- |
- |
( |
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 |
- |
( |
- |
- |
( |
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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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Units 9-11, Fleets Industrial Estate, Poole, BH15 3SU England & Wales |
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Units 9-11, Fleets Industrial Estate, Poole, BH15 3SU England & Wales |
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Subsidiary undertakings |
ICB (Projects) Limited The principal activity of ICB (Projects) Limited is |
ICB (Fabrications) Limited The principal activity of ICB (Fabrications) Limited is |
Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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ICB (Waterproofing) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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- |
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Corporation tax |
134,040 |
- |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
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Accrued expenses |
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Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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10,060 |
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10,060 |
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4,000 |
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4,000 |
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2,250 |
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2,250 |
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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 £
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.
Audit report |
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.