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REGISTERED NUMBER: 07082833 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Icon Scientific Limited

Icon Scientific Limited (Registered number: 07082833)






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 Scientific Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J R Petkovich
W D Wright
N Leverett III
P E Morris





REGISTERED OFFICE: Squire Patton Boggs (UK) LLP
Rutland House
148 Edmund Street
Birmingham
B3 2JR





REGISTERED NUMBER: 07082833 (England and Wales)





AUDITORS: Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

Icon Scientific Limited (Registered number: 07082833)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,882,128 3,749,396
Tangible assets 5 63,034 64,933
3,945,162 3,814,329

CURRENT ASSETS
Stocks 6 680,089 431,227
Debtors 7 570,788 467,952
Cash at bank 2,441,593 1,963,040
3,692,470 2,862,219
CREDITORS
Amounts falling due within one year 8 1,148,201 632,095
NET CURRENT ASSETS 2,544,269 2,230,124
TOTAL ASSETS LESS CURRENT LIABILITIES 6,489,431 6,044,453

CREDITORS
Amounts falling due after more than one
year

9

-

(351,433

)

PROVISIONS FOR LIABILITIES (15,450 ) (2,192 )
NET ASSETS 6,473,981 5,690,828

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,473,881 5,690,728
SHAREHOLDERS' FUNDS 6,473,981 5,690,828

Icon Scientific Limited (Registered number: 07082833)

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 27 June 2024 and were signed on its behalf by:





P E Morris - Director


Icon Scientific Limited (Registered number: 07082833)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Icon Scientific 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 presentation and functional currency of the financial statements is sterling (£) and the financial statements are rounded to the nearest £1.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

(i) Capitalisation of Development Costs
Expenditure on the development of major new product projects, where the outcome of those projects is assessed as being reasonably certain as regards viability and technical feasibility, is capitalised and amortised over its expected economic useful life, commencing in the first full year sales of the product are made.

If an indication of impairment exists, the entity shall estimate the recoverable amount of the asset and if necessary, provide for impairment losses. Amortisation for development costs is provided over the expected useful economic life of 20 years.

(ii) Depreciation Method and Asset useful lives:
Tangible assets are depreciated over their useful lives taking into account any residual values where appropriate.

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

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and can be reliably measured.

Revenue from the sale of products is recognised when the company has transferred the risks and rewards of ownership to the buyer (usually on despatch of goods).

Revenue from services is recognised in the period in which the services are rendered.

Icon Scientific Limited (Registered number: 07082833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Intellectual Property are being amortised evenly over their estimated useful life of twenty years.

Development costs are being amortised evenly over their estimated useful life of twenty years.

Website costs is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over remaining life of the lease
Plant and machinery - 25% on cost
Computer equipment - 25% on cost

The company has a policy of capitalising items over £5,000.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 Scientific Limited (Registered number: 07082833)

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments
Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Going concern
The directors believe that the company is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 13 ) .

Icon Scientific Limited (Registered number: 07082833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Intellectual Development Website
Property costs costs Totals
£    £    £    £   
COST
At 1 January 2023 327,648 4,509,493 20,800 4,857,941
Additions 9,115 343,842 600 353,557
At 31 December 2023 336,763 4,853,335 21,400 5,211,498
AMORTISATION
At 1 January 2023 106,147 994,686 7,712 1,108,545
Amortisation for year 16,383 203,403 1,039 220,825
At 31 December 2023 122,530 1,198,089 8,751 1,329,370
NET BOOK VALUE
At 31 December 2023 214,233 3,655,246 12,649 3,882,128
At 31 December 2022 221,501 3,514,807 13,088 3,749,396

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 43,307 188,729 191,491 423,527
Additions - 6,980 36,173 43,153
Disposals - (25,000 ) - (25,000 )
At 31 December 2023 43,307 170,709 227,664 441,680
DEPRECIATION
At 1 January 2023 43,307 147,854 167,433 358,594
Charge for year - 19,956 17,096 37,052
Eliminated on disposal - (17,000 ) - (17,000 )
At 31 December 2023 43,307 150,810 184,529 378,646
NET BOOK VALUE
At 31 December 2023 - 19,899 43,135 63,034
At 31 December 2022 - 40,875 24,058 64,933

Icon Scientific Limited (Registered number: 07082833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. STOCKS
2023 2022
£    £   
Stocks 506,780 291,434
Work-in-progress 173,309 139,793
680,089 431,227

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 421,363 335,510
Other debtors 2,593 2,593
Tax - 59,304
VAT 127,122 59,741
Prepayments 19,710 10,804
570,788 467,952

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 512,254 198,099
Tax 80,016 33
Social security and other taxes 153 153
Pension control 1,478 179
Customer Deposits 477,409 365,668
Directors' current accounts 1,120 1,120
Accrued expenses 75,771 66,843
1,148,201 632,095

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans - 351,433

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul King FCCA (Senior Statutory Auditor)
for and on behalf of Morley & Co (UK) Ltd

Icon Scientific Limited (Registered number: 07082833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. ULTIMATE CONTROLLING PARTY

The controlling party is Advanced Sensors Ltd which is incorporated in Northern Ireland and holds 100% of the issued share capital of this company.

The ultimate controlling party is Indicor Equity LLC, a company incorporated in the United States of America. The consolidated financial statements of Indicor Equity LLC can be obtained from 6901 Professional Parkway East, Suite 200, Sarasota, Florida, 34240.