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REGISTERED NUMBER: OC317782 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ICON ART LLP

ICON ART LLP (REGISTERED NUMBER: OC317782)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ICON ART LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: M I Beardsley Limited
N R Beardsley Limited





REGISTERED OFFICE: Malvern View Business Park
Stella Way Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ





REGISTERED NUMBER: OC317782 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

ICON ART LLP (REGISTERED NUMBER: OC317782)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
FIXED ASSETS
Property, plant and equipment 4 1,803 5,444

CURRENT ASSETS
Inventories 60,356 140,591
Debtors 5 84,977 84,212
Cash at bank 76,158 40,403
221,491 265,206
CREDITORS
Amounts falling due within one year 6 (47,577 ) (36,972 )
NET CURRENT ASSETS 173,914 228,234
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

175,717

233,678

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

175,717

233,678

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 175,717 233,678

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10 October 2024 and were signed by:





M I Beardsley Limited - Designated member

ICON ART LLP (REGISTERED NUMBER: OC317782)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Icon Art LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 4% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the statement of comprehensive income.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2023 - 5 ) .

ICON ART LLP (REGISTERED NUMBER: OC317782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Improvements Plant and and Computer
to property machinery fittings equipment Totals
£ £ £ £ £
COST
At 1 April 2023 4,483 8,935 4,375 38,479 56,272
Disposals - - - (4,329 ) (4,329 )
At 31 March 2024 4,483 8,935 4,375 34,150 51,943
DEPRECIATION
At 1 April 2023 4,483 6,050 4,375 35,920 50,828
Charge for year - 1,082 - 1,884 2,966
Eliminated on disposal - - - (3,654 ) (3,654 )
At 31 March 2024 4,483 7,132 4,375 34,150 50,140
NET BOOK VALUE
At 31 March 2024 - 1,803 - - 1,803
At 31 March 2023 - 2,885 - 2,559 5,444

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 74,450 72,561
Other debtors 10,527 11,651
84,977 84,212

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 31,231 22,894
Taxation and social security 7,590 3,266
Other creditors 8,756 10,812
47,577 36,972

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.