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Registration number: 07369266

Icon Printing Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Icon Printing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Icon Printing Limited

Company Information

Director

Mr A T Economopoulos

Registered office

Unit 2
55A Dalston Lane
Dalston
London
E8 2NG

Accountants

Meredith Accountancy Services Limited
Chartered Certified Accountants
Suite 3
12 Princess Street
Knutsford
Cheshire
WA16 6DD

 

Icon Printing Limited

(Registration number: 07369266)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,264

2,522

Current assets

 

Debtors

6

124,110

65,879

Cash at bank and in hand

 

266,423

313,965

 

390,533

379,844

Creditors: Amounts falling due within one year

7

(166,222)

(202,529)

Net current assets

 

224,311

177,315

Total assets less current liabilities

 

226,575

179,837

Creditors: Amounts falling due after more than one year

7

(12,586)

(74,547)

Provisions for liabilities

(566)

(668)

Net assets

 

213,423

104,622

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

213,323

104,522

Shareholders' funds

 

213,423

104,622

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Icon Printing Limited

(Registration number: 07369266)
Balance Sheet as at 29 February 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 November 2024
 

.........................................
Mr A T Economopoulos
Director

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit 2
55A Dalston Lane
Dalston
London
E8 2NG

These financial statements were authorised for issue by the director on 25 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.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, taking into account support from the director. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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

Plant & machinery

25% straight line

Computer equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

10% straight line

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.

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 March 2023

11,902

11,902

At 29 February 2024

11,902

11,902

Amortisation

At 1 March 2023

11,902

11,902

At 29 February 2024

11,902

11,902

Carrying amount

At 29 February 2024

-

-

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

10,306

10,306

Additions

669

669

At 29 February 2024

10,975

10,975

Depreciation

At 1 March 2023

7,784

7,784

Charge for the year

927

927

At 29 February 2024

8,711

8,711

Carrying amount

At 29 February 2024

2,264

2,264

At 28 February 2023

2,522

2,522

6

Debtors

Current

2024
£

2023
£

Trade debtors

114,429

49,506

Prepayments

181

11,164

Other debtors

9,500

5,209

 

124,110

65,879

7

Creditors

Creditors: amounts falling due within one year

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,092

29,363

Trade creditors

 

104,073

125,549

Taxation and social security

 

49,835

39,128

Accruals and deferred income

 

1,309

7,638

Other creditors

 

913

851

 

166,222

202,529

 

Icon Printing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,586

74,547

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £100 each

1

100

1

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,586

74,547

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,092

29,363