Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31Construction and development of care homestruetruetrue2022-09-01false22truetrue 08014271 2022-09-01 2023-08-31 08014271 2021-09-01 2022-08-31 08014271 2023-08-31 08014271 2022-08-31 08014271 c:Director1 2022-09-01 2023-08-31 08014271 d:OfficeEquipment 2022-09-01 2023-08-31 08014271 d:OfficeEquipment 2023-08-31 08014271 d:OfficeEquipment 2022-08-31 08014271 d:CurrentFinancialInstruments 2023-08-31 08014271 d:CurrentFinancialInstruments 2022-08-31 08014271 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08014271 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08014271 d:ShareCapital 2023-08-31 08014271 d:ShareCapital 2022-08-31 08014271 d:RetainedEarningsAccumulatedLosses 2023-08-31 08014271 d:RetainedEarningsAccumulatedLosses 2022-08-31 08014271 c:FRS102 2022-09-01 2023-08-31 08014271 c:Audited 2022-09-01 2023-08-31 08014271 c:FullAccounts 2022-09-01 2023-08-31 08014271 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08014271 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 08014271










I-CON DESIGN AND BUILD LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
I-CON DESIGN AND BUILD LIMITED
REGISTERED NUMBER: 08014271

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 5 
451,532
451,532

Debtors: amounts falling due within one year
 6 
168,331
150,000

Cash at bank and in hand
 7 
2,321
105,265

  
622,184
706,797

Creditors: amounts falling due within one year
 8 
(3,851,964)
(3,891,113)

Net current liabilities
  
 
 
(3,229,780)
 
 
(3,184,316)

Total assets less current liabilities
  
(3,229,780)
(3,184,316)

  

Net liabilities
  
(3,229,780)
(3,184,316)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(3,229,782)
(3,184,318)

  
(3,229,780)
(3,184,316)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N S Sidhu Brar
Director

Date: 1 October 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

I-Con Design And Build Limited is a private company limited by shares, incorporated in England and Wales, registered number 08014271. The registered office is at Boughton House Broomhill, Holdenby Road, Spratton, Northampton, NN6 8LD.
The funtional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest £.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Seebeck 123 Limited as at 31 August 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. In assessing the company’s ability to continue as a going concern, the Director has considered all relevant factors, including the company’s financial position, expected cash flows, the annual budget and the potential impact of subsequent events.
The Director notes that the company incurred a loss during the year and has net liabilities position as at the balance sheet date. The ability of the company to meet its obligations as they fall due is dependent on the successful sale of its land holdings and future trade. These factors give rise to a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.
However, after reviewing all available information, the Director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Page 2

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
25% - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
2
2

Page 5

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 September 2022
1,448



At 31 August 2023

1,448



Depreciation


At 1 September 2022
1,448



At 31 August 2023

1,448



Net book value



At 31 August 2023
-



At 31 August 2022
-


5.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
451,532
451,532


An overage deed is in place and held against the land held in WIP until October 2040. 


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
27,438
-

Amounts owed by joint ventures and associated undertakings
140,000
150,000

Other debtors
893
-

168,331
150,000


Page 6

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,321
105,265



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
36,203

Amounts owed to group undertakings
776,779
756,779

Amounts owed to associates
3,056,561
3,024,123

Other taxation and social security
-
17,458

Accruals and deferred income
18,624
56,550

3,851,964
3,891,113



9.


Contingent liabilities

The Company forms part of a cross guarantee securing the bank borrowings of its fellow companies: St Matthews Group (UK) Limited, St Matthews (Dunsmore) Limited, St Matthews (Moreton Centre) Limited and St Matthews (Broad Lane) Limited. At 31 August 2023 these borrowings amounted to £10,220,222 (2022 - £10,923,377).


10.


Related party transactions

The Company has taken advantage of the provisions available under FRS102 section 33.1A not to report transactions with fellow group members wholly owned by the ultimate parent undertaking.


11.


Controlling party

The immediate and ultimate parent undertaking is Seebeck 123 Limited, a limited liability company registered in England and Wales. This ultimate parent company heads both the smallest and largest group for which consolidated financial statements can be obtained from Seebeck 123 Limited's registered office at Boughton House, Holdenby Road, Spratton, Northampton, NN6 8LD.
In the opinion of the director there is no ultimate controlling party of I-Con Design And Build Limited.

Page 7

 
I-CON DESIGN AND BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.3 in the financial statements, which indicates that the company incurred a net loss of £45,464 during the year ended 31 August 2023 and, as of that date, the company’s current liabilities exceeded its total assets by £3,229,782. As stated in Note 2.3, these events or conditions, along with other matters as set forth in Note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 3 October 2024 by Rebecca Hughes BSc (Hons) FCCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 8