Company registration number 11323997 (England and Wales)
ICEYE INFORMATION SOLUTIONS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ICEYE INFORMATION SOLUTIONS UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ICEYE INFORMATION SOLUTIONS UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
126,629
567,900
Cash at bank and in hand
745,285
145,140
871,914
713,040
Creditors: amounts falling due within one year
5
(444,426)
(453,770)
Net current assets
427,488
259,270
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
427,487
259,269
Total equity
427,488
259,270

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Ms M J Karjalainen
Director
Company registration number 11323997 (England and Wales)
ICEYE INFORMATION SOLUTIONS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Iceye Information Solutions UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, EC4A 1JP.

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
Going concern

The directors have received confirmation from the group directors that the group will continue to provide the necessary financial support to assist the company in meeting its liabilities as they fall due. This support has been provided for a period of at least 12 months following the date of approval of these financial statements. true

The directors are confident that the group has adequate cash resources to provide continued support to Iceye Information Solutions UK Ltd. The directors are therefore satisfied that the company will be able to meet its liabilities as they fall due for the 12 month period following approval of the accounts, and therefore the financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Turnover is recognised to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computer equipment
33.33% 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.

ICEYE INFORMATION SOLUTIONS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

ICEYE INFORMATION SOLUTIONS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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.

1.10
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
21
20
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
787
Disposals
(787)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
787
Eliminated in respect of disposals
(787)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
ICEYE INFORMATION SOLUTIONS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
76,655
497,954
Other debtors
49,974
69,946
126,629
567,900
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,586
1,419
Taxation and social security
174,235
139,718
Other creditors
254,605
312,633
444,426
453,770
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lee Van Houplines FCA
Statutory Auditor:
MHA
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
11,280
40,440
ICEYE INFORMATION SOLUTIONS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Parent company

The company's ultimate parent company is Iceye OY, a company registered in Finland. The address of Iceye OY is Maarintie 6, 02150 Espoo, Finland.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Iceye OY.

2023-12-312023-01-01false26 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr B K WagenladerMs M J KarjalainenMr J M PitkanenBird & Bird Company Secretaries Limitedfalsefalse113239972023-01-012023-12-31113239972023-12-31113239972022-12-3111323997core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111323997core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111323997core:CurrentFinancialInstruments2023-12-3111323997core:CurrentFinancialInstruments2022-12-3111323997core:ShareCapital2023-12-3111323997core:ShareCapital2022-12-3111323997core:RetainedEarningsAccumulatedLosses2023-12-3111323997core:RetainedEarningsAccumulatedLosses2022-12-3111323997bus:Director22023-01-012023-12-3111323997core:ComputerEquipment2023-01-012023-12-31113239972022-01-012022-12-3111323997core:OtherPropertyPlantEquipment2022-12-3111323997core:OtherPropertyPlantEquipment2023-12-3111323997core:OtherPropertyPlantEquipment2023-01-012023-12-3111323997core:OtherPropertyPlantEquipment2022-12-3111323997core:WithinOneYear2023-12-3111323997core:WithinOneYear2022-12-3111323997bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111323997bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111323997bus:FRS1022023-01-012023-12-3111323997bus:Audited2023-01-012023-12-3111323997bus:Director12023-01-012023-12-3111323997bus:Director32023-01-012023-12-3111323997bus:CompanySecretary12023-01-012023-12-3111323997bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP