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REGISTERED NUMBER: 07497606 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 January 2024

for

I C Oils Limited

I C Oils Limited (Registered number: 07497606)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


I C Oils Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: I Richardson



REGISTERED OFFICE: 88 Briar
Amington
Tamworth
Staffordshire
B77 4DZ



REGISTERED NUMBER: 07497606 (England and Wales)



ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB



BANKERS: Lloyds TSB
Tamworth
Staffordshire

I C Oils Limited (Registered number: 07497606)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 986,533 909,473
986,533 909,473

CURRENT ASSETS
Debtors 6 129,703 111,872
Cash at bank 445,072 534,427
574,775 646,299
CREDITORS
Amounts falling due within one year 7 99,734 185,904
NET CURRENT ASSETS 475,041 460,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,461,574

1,369,868

PROVISIONS FOR LIABILITIES 116,947 74,238
NET ASSETS 1,344,627 1,295,630

CAPITAL AND RESERVES
Called up share capital 8 500 500
Retained earnings 1,344,127 1,295,130
SHAREHOLDERS' FUNDS 1,344,627 1,295,630

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

I C Oils Limited (Registered number: 07497606)

Statement of Financial Position - continued
31 January 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





I Richardson - Director


I C Oils Limited (Registered number: 07497606)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

I C Oils 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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.

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 - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

I C Oils Limited (Registered number: 07497606)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Loans from directors
Any loans from the Director's to the company are interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 50,000
AMORTISATION
At 1 February 2023
and 31 January 2024 50,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

I C Oils Limited (Registered number: 07497606)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 518,745 108,153 136,419 579,978 1,343,295
Additions - - 2,403 224,085 226,488
Disposals - - - (26,955 ) (26,955 )
At 31 January 2024 518,745 108,153 138,822 777,108 1,542,828
DEPRECIATION
At 1 February 2023 - 43,759 58,274 331,789 433,822
Charge for year - 12,878 12,083 118,071 143,032
Eliminated on disposal - - - (20,559 ) (20,559 )
At 31 January 2024 - 56,637 70,357 429,301 556,295
NET BOOK VALUE
At 31 January 2024 518,745 51,516 68,465 347,807 986,533
At 31 January 2023 518,745 64,394 78,145 248,189 909,473

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 86,614 67,000
Other debtors - 3,750
VAT 16,459 -
Prepayments 26,630 41,122
129,703 111,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 59,000 120,798
Social security and other taxes (3,998 ) 3,714
VAT - 12,782
Other creditors 306 1,799
Directors' current accounts 36,751 37,428
Accrued expenses 7,675 9,383
99,734 185,904

I C Oils Limited (Registered number: 07497606)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
400 Ordinary A - D Shares £1 400 400