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REGISTERED NUMBER: 02721051 (England and Wales)




















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S J Weston
J Xu
Dr J Y Luo





REGISTERED OFFICE: Harben House
Harben Parade
Finchley Road
London
NW3 6LH





REGISTERED NUMBER: 02721051 (England and Wales)





AUDITORS: KBSP Partners LLP
Chartered Accountants
Statutory Auditors
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,136,890 1,883,817
Tangible assets 5 141,921 195,070
Investments 6 70,898 70,898
2,349,709 2,149,785

CURRENT ASSETS
Debtors 7 1,172,332 1,285,352
Cash at bank 34,193 141,057
1,206,525 1,426,409
CREDITORS
Amounts falling due within one year 8 1,282,371 1,250,508
NET CURRENT (LIABILITIES)/ASSETS (75,846 ) 175,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,273,863

2,325,686

CREDITORS
Amounts falling due after more than one
year

9

(428,883

)

(681,099

)

PROVISIONS FOR LIABILITIES (34,169 ) (47,168 )
NET ASSETS 1,810,811 1,597,419

CAPITAL AND RESERVES
Called up share capital 2,128 2,128
Share premium 108,615 108,615
Retained earnings 1,700,068 1,486,676
SHAREHOLDERS' FUNDS 1,810,811 1,597,419

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





S J Weston - Director


ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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


1. STATUTORY INFORMATION

Icon Technology & Process Consulting 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 (£).


The functional currency of the company is the Pound Sterling (£).

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.

Preparation of consolidated financial statements
The financial statements contain information about Icon Technology & Process Consulting Ltd as an individual company and do not contain consolidated financial information as the parent of a small group. The company has taken the option under Section 399 of the Companies Act 2006 not to prepare consolidated financial statements.

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value, net of value added tax and discounts, for work carried out in respect of software and services provided to customers.

Sale of software:
The company provides CFD software to its customers. 70% of the revenue is immediately recognised once it has been invoiced, with the remaining 30% being deferred over the period of the software licence.

Rendering of services:
The company provides support and consulting services to its customers. Revenue from these services are recognised in the accounting period in which the services are rendered and when the outcome of the contract can be measured reliably. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is recognised based upon the stage of completion on a contract by contract basis at the balance sheet date.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:-

Development costs - 3 years

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Research and Development

Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the company are recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the software so that it will be available for use;
- management intends to complete the software and use or sell it;
- there is an ability to use or sell the software;
- it can be demonstrated how the software will generate probable future economic benefits;
- adequate technical, financial and other resources to complete the development and to use or sell;
- the software is available and
- the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period, in line with Paragraph 18.17 of FRS 102.

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation and accumulated impairment losses. Costs include the original purchase priced, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided on their cost less their residual value over their estimated useful lives, using either the straight line or reducing balance method.

Depreciation is provided on the following basis:

Short leasehold - Straight line over the lease period.
Improvements to property - Straight line over 5 years.
Fixtures and fittings - Straight line over 7 years.
Computer equipment - Straight line over 5 years.

The assets residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised directly in equity.

Current 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.

Taxation in the Profit and Loss Account includes amounts recoverable from HMRC by the surrender of losses through the Research and Development Tax Credit scheme. Research and Development is recognised in the Accounts and Tax Computation on an arising basis.

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 results.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged to the profit an loss account on a straight line basis over the lease term.

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.

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, intercompany balances and cash and bank balances, are initially recognised at transactions price, unless the arrangement constitutes a financing transaction, where transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit and loss account.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, intercompany balances and loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 5,914,126
Additions 1,554,609
At 31 December 2023 7,468,735
AMORTISATION
At 1 January 2023 4,030,309
Charge for year 1,301,536
At 31 December 2023 5,331,845
NET BOOK VALUE
At 31 December 2023 2,136,890
At 31 December 2022 1,883,817

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 6,643 292,520 299,163
Additions - 4,921 4,921
At 31 December 2023 6,643 297,441 304,084
DEPRECIATION
At 1 January 2023 5,700 98,393 104,093
Charge for year 827 57,243 58,070
At 31 December 2023 6,527 155,636 162,163
NET BOOK VALUE
At 31 December 2023 116 141,805 141,921
At 31 December 2022 943 194,127 195,070

The net book value of tangible fixed assets includes £ 113,354 (2022 - £ 152,218 ) in respect of assets held under finance leases.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 70,898
NET BOOK VALUE
At 31 December 2023 70,898
At 31 December 2022 70,898

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 558,413 548,134
Amounts owed by group undertakings 236,371 342,437
Other debtors 4,563 5,664
Directors' current accounts 364 -
UK Tax recoverable 273,447 337,684
VAT 16,504 14,770
Prepayments and accrued income 82,670 36,663
1,172,332 1,285,352

The closing UK Tax recoverable represents R&D tax credits claimable from HMRC but not received by the balance sheet date.

ICON TECHNOLOGY & PROCESS CONSULTING
LIMITED (REGISTERED NUMBER: 02721051)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 110,102 9,687
Finance leases (see note 10) 36,083 36,080
Trade creditors 100,949 58,821
Amounts owed to group undertakings 128,461 106,110
Social security and other taxes 20,051 21,929
Other creditors 3,255 3,081
Accruals - 94,149
Deferred income 883,470 920,651
1,282,371 1,250,508

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,183 9,932
Bank loans - 2-5 years 13,219 22,882
Finance leases (see note 10) 33,070 69,153
Amounts owed to group undertakings 372,411 579,132
428,883 681,099

10. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 36,083 36,080
Between one and five years 33,070 69,153
69,153 105,233

Fixed term operating lease commitments not included in the balance sheet amount to £37,458 (2022: £59,922 ). Open term, operating lease commitments not included in the balance sheet amount to £26,208 (2022: £26,208).

11. SECURED DEBTS

Bank overdraft facilities provided to the company are secured by a fixed and floating charge over the company's assets.

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

The Report of the Auditors was unqualified.

Anthony Cowan (Senior Statutory Auditor)
for and on behalf of KBSP Partners LLP

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.