Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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1 | 1 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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1,846,716 | 1,867,952 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 544,605 | 550,981 | ||
Total assets less current liabilities | 544,606 | 550,982 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Other reserves |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of ICC (One) Limited (registered number:
R J Underhill
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
ICC (One) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is The Old Rectory, 38 Broad Street, Ludlow, SY8 1NL.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £141,231. The Company is supported through loans from connected companies. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and connected companies will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 May 2023 |
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At 30 April 2024 |
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Carrying value at 30 April 2024 |
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Carrying value at 30 April 2023 |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Amounts owed by own subsidiaries |
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Amounts owed by connected companies |
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Corporation tax |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by connected companies |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to connected companies |
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Amounts owed to related parties |
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Amounts owed to directors |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
Other loans |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts owed to director | 0 | 11,780 |
There is no interest charged on this loan and it is repayable on demand.
Other related party transactions
The Underhill 1983 Settlement Trust is deemed to be a related party of ICC (One) Limited as the directors are the beneficiaries of the Trust. At the balance sheet date there is an amount owing to the P J Underhill IIP Trust for £369,395 (2023: £369,395) and is included in creditors due within one year. There is also £685,837 (2023: £685,837) included within creditors due in more than one year due to the 1983 Underhill Settlement, main fund and Children's fund . Interest has not been charged on these loans during the year.
The loans are secured by charges dated 8 October 2012 over the assets of the company.