IRIS Accounts Production v24.1.9.2 03375507 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033755072022-12-31033755072023-12-31033755072023-01-012023-12-31033755072021-12-31033755072022-01-012022-12-31033755072022-12-3103375507ns15:EnglandWales2023-01-012023-12-3103375507ns14:PoundSterling2023-01-012023-12-3103375507ns10:Director12023-01-012023-12-3103375507ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103375507ns10:SmallEntities2023-01-012023-12-3103375507ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103375507ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103375507ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103375507ns10:FullAccounts2023-01-012023-12-310337550712023-01-012023-12-3103375507ns10:Director22023-01-012023-12-3103375507ns10:Director32023-01-012023-12-3103375507ns10:Director42023-01-012023-12-3103375507ns10:CompanySecretary12023-01-012023-12-3103375507ns10:RegisteredOffice2023-01-012023-12-3103375507ns5:CurrentFinancialInstruments2023-12-3103375507ns5:CurrentFinancialInstruments2022-12-3103375507ns5:ShareCapital2023-12-3103375507ns5:ShareCapital2022-12-3103375507ns5:RetainedEarningsAccumulatedLosses2023-12-3103375507ns5:RetainedEarningsAccumulatedLosses2022-12-3103375507ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103375507ns5:ComputerSoftware2023-01-012023-12-3103375507ns5:PlantMachinery2023-01-012023-12-3103375507ns5:FurnitureFittings2023-01-012023-12-3103375507ns5:MotorVehicles2023-01-012023-12-3103375507ns5:ComputerSoftware2022-12-3103375507ns5:ComputerSoftware2023-12-3103375507ns5:ComputerSoftware2022-12-3103375507ns5:PlantMachinery2022-12-3103375507ns5:FurnitureFittings2022-12-3103375507ns5:MotorVehicles2022-12-3103375507ns5:PlantMachinery2023-12-3103375507ns5:FurnitureFittings2023-12-3103375507ns5:MotorVehicles2023-12-3103375507ns5:PlantMachinery2022-12-3103375507ns5:FurnitureFittings2022-12-3103375507ns5:MotorVehicles2022-12-3103375507ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103375507ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31033755071ns10:Director12022-12-31033755071ns10:Director12021-12-31033755071ns10:Director12023-01-012023-12-31033755071ns10:Director12022-01-012022-12-31033755071ns10:Director12023-12-31033755071ns10:Director12022-12-31
REGISTERED NUMBER: 03375507 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ICON ENGINEERING (WISBECH) LIMITED

ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ICON ENGINEERING (WISBECH) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C P Dack
N J Blunt
Mrs C M P Dack
Mrs N Blunt





SECRETARY: Mrs N Blunt





REGISTERED OFFICE: Europa Way
Off Algores Way
Wisbech
Cambridgeshire
PE13 2TZ





REGISTERED NUMBER: 03375507 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,326 582
Tangible assets 5 312,813 291,558
316,139 292,140

CURRENT ASSETS
Stocks 131,008 116,583
Debtors 6 481,860 456,945
Cash at bank and in hand 729,106 599,243
1,341,974 1,172,771
CREDITORS
Amounts falling due within one year 7 1,072,747 1,078,376
NET CURRENT ASSETS 269,227 94,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

585,366

386,535

PROVISIONS FOR LIABILITIES 60,100 52,900
NET ASSETS 525,266 333,635

CAPITAL AND RESERVES
Called up share capital 40 40
Retained earnings 525,226 333,595
SHAREHOLDERS' FUNDS 525,266 333,635

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





C P Dack - Director


ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Icon Engineering (Wisbech) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Going concern
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10 - 33% on cost
Fixtures and fittings - 20 - 50% on cost
Motor vehicles - 25% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 14,556
Additions 4,275
At 31 December 2023 18,831
AMORTISATION
At 1 January 2023 13,974
Amortisation for year 1,531
At 31 December 2023 15,505
NET BOOK VALUE
At 31 December 2023 3,326
At 31 December 2022 582

ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 653,310 21,625 186,569 861,504
Additions 29,870 7,300 85,899 123,069
Disposals (33,950 ) (1,015 ) (41,884 ) (76,849 )
At 31 December 2023 649,230 27,910 230,584 907,724
DEPRECIATION
At 1 January 2023 447,512 20,038 102,396 569,946
Charge for year 49,934 1,767 37,559 89,260
Eliminated on disposal (30,884 ) (1,015 ) (32,396 ) (64,295 )
At 31 December 2023 466,562 20,790 107,559 594,911
NET BOOK VALUE
At 31 December 2023 182,668 7,120 123,025 312,813
At 31 December 2022 205,798 1,587 84,173 291,558

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 450,469 421,697
Other debtors 31,391 35,248
481,860 456,945

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 56,016 78,568
Amounts owed to group undertakings 509,557 533,765
Taxation and social security 351,126 263,859
Other creditors 156,048 202,184
1,072,747 1,078,376

ICON ENGINEERING (WISBECH) LIMITED (REGISTERED NUMBER: 03375507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Amount owed to group companies 509,557 533,765

The amounts owed to group undertakings are secured by a debenture in favour of the parent company that includes fixed and floating charges over the assets of the company.

9. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 43,429 60,421

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
C P Dack
Balance outstanding at start of year - -
Amounts advanced - 6,007
Amounts repaid - (6,007 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest was charged on the overdrawn directors loan account balances at 2% until 5 April 2023 and 2.25% thereafter on balances in excess of £10,000.

Interest was paid on the credit directors loan account balances at 2% until 5 April 2023 and 2.25% thereafter.