Company registration number 12246062 (England and Wales)
ICKONIC MEDIA GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ICKONIC MEDIA GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ICKONIC MEDIA GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
25,073
19,392
Tangible assets
4
91,833
142,226
116,906
161,618
Current assets
Stocks
95,400
95,400
Debtors
5
58,784
113,585
Cash at bank and in hand
87,187
68,585
241,371
277,570
Creditors: amounts falling due within one year
6
(164,148)
(276,757)
Net current assets
77,223
813
Total assets less current liabilities
194,129
162,431
Creditors: amounts falling due after more than one year
7
(29,052)
(9,316)
Provisions for liabilities
86,977
Net assets
252,054
153,115
Capital and reserves
Called up share capital
211
211
Share premium account
499,979
499,979
Profit and loss reserves
(248,136)
(347,075)
Total equity
252,054
153,115
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ICKONIC MEDIA GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 September 2024
Mr J A Icke
Director
Company registration number 12246062 (England and Wales)
ICKONIC MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Ickonic Media Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 1, New Enterprise House, St Helen's Street, Derby, DE1 3GY. The company registration number is 12246062.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 year straight line
Patents & licences
10 year straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ICKONIC MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
17
ICKONIC MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 November 2022
23,908
Additions
8,969
At 31 October 2023
32,877
Amortisation and impairment
At 1 November 2022
4,516
Amortisation charged for the year
3,288
At 31 October 2023
7,804
Carrying amount
At 31 October 2023
25,073
At 31 October 2022
19,392
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
56,142
163,360
219,502
Additions
6,585
6,585
Disposals
(26,129)
(26,129)
At 31 October 2023
56,142
143,816
199,958
Depreciation and impairment
At 1 November 2022
19,649
57,627
77,276
Depreciation charged in the year
11,228
28,766
39,994
Eliminated in respect of disposals
(9,145)
(9,145)
At 31 October 2023
30,877
77,248
108,125
Carrying amount
At 31 October 2023
25,265
66,568
91,833
At 31 October 2022
36,493
105,733
142,226
ICKONIC MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
781
Corporation tax recoverable
25,072
Other debtors
58,784
87,732
58,784
113,585
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,553
2,842
Trade creditors
17,526
17,622
Corporation tax
64
25,074
Other taxation and social security
75,167
100,279
Other creditors
59,838
130,940
164,148
276,757
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,052
9,316
8
Related party transactions
At the balance sheet date there was an amount owed to the company from a related party amounting to £4,711.