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Registration number: 11625583

ICF Central Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

ICF Central Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

ICF Central Limited

Company Information

Directors

Mr D J James

Mrs K J James

Registered office

Unit 6 Bromsberrow Heath Business Park
Bromsberrow Heath
Ledbury
Herefordshire
HR8 1PG

Accountants

Young & Co
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

ICF Central Limited

(Registration number: 11625583)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

90,289

50,503

Current assets

 

Stocks

5

42,000

30,000

Debtors

6

27,065

14,107

Cash at bank and in hand

 

5,732

3,971

 

74,797

48,078

Creditors: Amounts falling due within one year

7

(94,389)

(65,975)

Net current liabilities

 

(19,592)

(17,897)

Total assets less current liabilities

 

70,697

32,606

Creditors: Amounts falling due after more than one year

7

(41,510)

(11,581)

Provisions for liabilities

(5,171)

(2,628)

Net assets

 

24,016

18,397

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

24,012

18,393

Shareholders' funds

 

24,016

18,397

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

ICF Central Limited

(Registration number: 11625583)
Balance Sheet as at 31 March 2024
(continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr D J James
Director

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Bromsberrow Heath Business Park
Bromsberrow Heath
Ledbury
Herefordshire
HR8 1PG

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% of written down value per annum

Plant and machinery

15% of cost per annum

Computer equipment

33% of cost per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

54,417

28,179

82,596

Additions

40,203

17,806

58,009

Disposals

(558)

-

(558)

At 31 March 2024

94,062

45,985

140,047

Depreciation

At 1 April 2023

17,287

14,806

32,093

Charge for the year

11,507

6,312

17,819

Eliminated on disposal

(154)

-

(154)

At 31 March 2024

28,640

21,118

49,758

Carrying amount

At 31 March 2024

65,422

24,867

90,289

At 31 March 2023

37,130

13,373

50,503

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

5

stocks

2024
£

2023
£

Other inventories

42,000

30,000

6

Debtors

2024
£

2023
£

Trade debtors

16,692

5,650

Prepayments

7,353

2,479

Other debtors

3,020

5,978

27,065

14,107

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

41,704

8,691

Trade creditors

 

12,541

43,134

Taxation and social security

 

50

2,764

Accruals and deferred income

 

1,682

1,671

Other creditors

 

38,412

9,715

 

94,389

65,975

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £11,174 (2023 - £4,481).

 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

41,510

11,581

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £33,973 (2023 - £1,933).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

       
 

ICF Central Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,537

9,648

Hire purchase contracts

33,973

1,933

41,510

11,581

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,260

4,208

Bank overdrafts

26,270

-

Hire purchase contracts

11,174

4,483

41,704

8,691

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,754 (2023 - £15,029).