Company registration number 13546809 (England and Wales)
ICMS SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 SEPTEMBER 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ICMS SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ICMS SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
110,840
119,558
Tangible assets
5
5,118
5,991
115,958
125,549
Current assets
Debtors
6
112,086
70,968
Cash at bank and in hand
3,156
32,092
115,242
103,060
Creditors: amounts falling due within one year
7
(128,039)
(120,848)
Net current liabilities
(12,797)
(17,788)
Total assets less current liabilities
103,161
107,761
Creditors: amounts falling due after more than one year
8
(15,727)
(22,974)
Provisions for liabilities
9
(1,280)
(1,138)
Net assets
86,154
83,649
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
86,054
83,549
Total equity
86,154
83,649
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ICMS SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 December 2024 and are signed on its behalf by:
J Manners
Director
Company registration number 13546809 (England and Wales)
ICMS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
ICMS Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 195a Kenton Road, Kenton, Middlesex, HA3 0HD.
1.1
Reporting period
The company has changed its accounting reference date from 31 August to 31 March. This change has been made to better align the company's financial reporting period with its operational cycle and management reporting. As a result, the current financial period is shortened to seven months, ending on 31 March 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for pipe fitting services provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
- 25% per annum on written down value
Computers
- 25% per annum on written down value
Motor vehicles
- 25% per annum on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ICMS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
ICMS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
3
3
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 March 2024
149,448
Amortisation and impairment
At 1 September 2023
29,890
Amortisation charged for the Period
8,718
At 31 March 2024
38,608
Carrying amount
At 31 March 2024
110,840
At 31 August 2023
119,558
ICMS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 and 31 March 2024
9,933
Depreciation and impairment
At 1 September 2023
3,942
Depreciation charged in the Period
873
At 31 March 2024
4,815
Carrying amount
At 31 March 2024
5,118
At 31 August 2023
5,991
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,931
48,980
Other debtors
51,968
21,750
Prepayments and accrued income
187
238
112,086
70,968
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
24,324
14,534
Taxation and social security
84,793
39,206
Other creditors
8,922
57,108
128,039
120,848
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,727
22,466
Other creditors
508
15,727
22,974
ICMS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Bounce back loan of £25,727 (2023 : £32,466) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
1,280
1,138
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,280
1,138
2024
Movements in the Period:
£
Liability at 1 September 2023
1,138
Charge to profit or loss
142
Liability at 31 March 2024
1,280
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
80
80
100
100
Ordinary Shares 'A' of £1 each
20
20
-
-
12
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £3,640 (2023 - Nil).