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REGISTERED NUMBER: 11771620 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ICOMAT LIMITED

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ICOMAT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: E Zympeloudis
B Olivier





REGISTERED OFFICE: Unit 2
Gateway 12 Business Park Davy Way
Hardwicke
Gloucester
GL2 2BY





REGISTERED NUMBER: 11771620 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 601,293 112,005

CURRENT ASSETS
Debtors 6 1,037,149 500,862
Cash at bank and in hand 3,715,122 252,745
4,752,271 753,607
CREDITORS
Amounts falling due within one year 7 (468,062 ) (58,594 )
NET CURRENT ASSETS 4,284,209 695,013
TOTAL ASSETS LESS CURRENT LIABILITIES 4,885,502 807,018

CREDITORS
Amounts falling due after more than one
year

8

(4,312,063

)

-

PROVISIONS FOR LIABILITIES 9 (139,601 ) (14,063 )
NET ASSETS 433,838 792,955

CAPITAL AND RESERVES
Called up share capital 10 19 22
Share premium - 653,756
Capital redemption reserve 3 -
Other reserves 679,689 -
Retained earnings (245,873 ) 139,177
SHAREHOLDERS' FUNDS 433,838 792,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

BALANCE SHEET - continued
31 JANUARY 2024


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 30 October 2024 and were signed on its behalf by:





E Zympeloudis - Director


ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

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

1. STATUTORY INFORMATION

ICOMAT 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 (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is representative of sales of manufactured machine components.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc: 20% on cost, 33% on cost, 50% on cost.

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments:
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Compound financial instruments:
At the date of issue, convertible loan notes are considered a compound financial instrument and are split into two separate components:

Liability component: The liability component is measured at the present value of the contractual future cash flows (interest and principal payments), discounted at the market interest rate for a similar debt instrument without the conversion option.

Equity component: The equity component represents the residual value of the instrument after deducting the liability component from the proceeds of the loan note.

Both components are recorded separately in the financial statements:

The debt component is recognised as a financial liability.

The equity component is recognised in "Equity" under the other reserve heading.

Subsequent Measurement:
Debt component: The liability is subsequently measured at amortised cost using the effective interest method, with interest expense recognised in the income statement over the term of the loan.

Equity component: The equity component remains unchanged unless the terms of the instrument are modified, or the instrument is converted into shares or repaid. Changes in the fair value of the equity component are not recognised in subsequent periods.

Interest Expense:
Interest expense is calculated using the effective interest rate method. The effective interest rate is the rate that exactly discounts the expected future cash flows to the carrying amount of the liability at initial recognition.

No interest is charged in the year of recognition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.


ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

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

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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

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.

Grant income
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model.

The grant will therefore be recognised in other income when the grant proceeds are received or receivable provided the terms of the grant do not impose future performance related conditions.

If the terms of the grant do impose future performance related conditions, the grant is only recognised in income when the performance related conditions are met.

Any grants that are received before the recognition criteria is met are recognised in the entity's financial statements as a liability.

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.

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

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

3. ACCOUNTING POLICIES - continued

Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party or factors which are within the control of one or other of the parties.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the profit and loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 17 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 244,926
Additions 536,210
At 31 January 2024 781,136
DEPRECIATION
At 1 February 2023 132,921
Charge for year 46,922
At 31 January 2024 179,843
NET BOOK VALUE
At 31 January 2024 601,293
At 31 January 2023 112,005

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 198,756 157,980
Other debtors 838,393 342,882
1,037,149 500,862

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 169,167 27,140
Taxation and social security 27,785 19,574
Other creditors 271,110 11,880
468,062 58,594

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 4,312,063 -

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 139,601 14,063

Deferred
tax
£   
Balance at 1 February 2023 14,063
Provided during year 125,538
Balance at 31 January 2024 139,601

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,471 Preferred .001 3 3
15,882 Ordinary .001 16 19
19 22

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had commitments under operating leases amounting to £54,315 (2023: £88,324).

12. SHARE CAPITAL BUY BACK

During the year the company purchased and cancelled shares reducing share capital by £3.41 and share premium by £653,756.

13. DEFERRED TAX ASSET

The company has not recognised a deferred tax asset.

ICOMAT LIMITED (REGISTERED NUMBER: 11771620)

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

14. SHARE-BASED PAYMENTS

The company issues share options to directors and employees and others. The movements are as follows:




Weighted
average
excise price (£
2024



)



Number 2024

Weighted
average excise
price (£ 2023



)



Number 2023
Outstanding at the beginning of the year 6.55 1854 6.55 1534
Granted during the year 0 320
Expired or cancelled during the year 553 0
Outstanding at the end of the year 6.55 1301 6.55 1854