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REGISTERED NUMBER: 14266916 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 April 2024

for

Iconiqem Properties Limited

Iconiqem Properties Limited (Registered number: 14266916)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Iconiqem Properties Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: P Higginbottom
K E Nineham
D N Walker





REGISTERED OFFICE: Network House Stubs Beck Lane
West 26 Industrial Estate
Cleckheaton
West Yorkshire
BD19 4TT





REGISTERED NUMBER: 14266916 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Iconiqem Properties Limited (Registered number: 14266916)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property investment company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

P Higginbottom
K E Nineham
D N Walker

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D N Walker - Director


13 December 2024

Report of the Independent Auditors to the Members of
Iconiqem Properties Limited

Opinion
We have audited the financial statements of Iconiqem Properties Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matters
In line with ISA (UK) 710 Paragraph 14, we state the fact that the corresponding figures are unaudited. We have performed audit procedures to obtain sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period's financial statements.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Iconiqem Properties Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

While planning our audit, we have enquired of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that require additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Iconiqem Properties Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

13 December 2024

Iconiqem Properties Limited (Registered number: 14266916)

Income Statement
for the Year Ended 30 April 2024

Period
1.8.22
Year Ended to
30.4.24 30.4.23
Notes £    £   

TURNOVER 208,542 -

Administrative expenses 17,148 3,954
191,394 (3,954 )

Other operating income 315,000 -
OPERATING PROFIT/(LOSS) 4 506,394 (3,954 )

Interest receivable and similar income 118 7
506,512 (3,947 )

Interest payable and similar expenses 35,942 -
PROFIT/(LOSS) BEFORE TAXATION 470,570 (3,947 )

Tax on profit/(loss) 5 118,393 (750 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

352,177

(3,197

)

Iconiqem Properties Limited (Registered number: 14266916)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 6 2,785,198 490,198

CURRENT ASSETS
Debtors 7 1,583 47,486
Cash at bank 65,542 15,949
67,125 63,435
CREDITORS
Amounts falling due within one year 8 1,408,302 556,730
NET CURRENT LIABILITIES (1,341,177 ) (493,295 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,444,021

(3,097

)

CREDITORS
Amounts falling due after more than one
year

9

(1,016,191

)

-

PROVISIONS FOR LIABILITIES (78,750 ) -
NET ASSETS/(LIABILITIES) 349,080 (3,097 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 236,250 -
Retained earnings 11 112,730 (3,197 )
SHAREHOLDERS' FUNDS 349,080 (3,097 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2024 and were signed on its behalf by:





D N Walker - Director


Iconiqem Properties Limited (Registered number: 14266916)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Issue of share capital 100 - - 100
Total comprehensive income - (3,197 ) - (3,197 )
Balance at 30 April 2023 100 (3,197 ) - (3,097 )

Changes in equity
Total comprehensive income - 115,927 236,250 352,177
Balance at 30 April 2024 100 112,730 236,250 349,080

Iconiqem Properties Limited (Registered number: 14266916)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Iconiqem Properties 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. 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

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

Iconiqem Properties Limited (Registered number: 14266916)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

Period
1.8.22
Year Ended to
30.4.24 30.4.23
£    £   
Auditors' remuneration 2,500 -

5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.8.22
Year Ended to
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 39,643 (750 )

Deferred tax 78,750 -
Tax on profit/(loss) 118,393 (750 )

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.8.22
Year Ended to
30.4.24 30.4.23
£    £   
Profit/(loss) before tax 470,570 (3,947 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

117,643

(750

)

Effects of:
Expenses not deductible for tax purposes 750 -

Total tax charge/(credit) 118,393 (750 )

Iconiqem Properties Limited (Registered number: 14266916)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 May 2023 490,198
Additions 1,980,000
Revaluations 315,000
At 30 April 2024 2,785,198
NET BOOK VALUE
At 30 April 2024 2,785,198
At 30 April 2023 490,198

During the year, properties were transferred from a fellow group company. On transfer the properties were revalued to reflect the market value registered with HM Land Registry. The directors believe this value also represents the fair value as at 30 April 2024.

Cost or valuation at 30 April 2024 is represented by:
£   
Valuation in 2024 315,000
Cost 2,470,198
2,785,198

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 523
Other debtors 1,583 46,963
1,583 47,486

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 81,464 -
Trade creditors 36 180
Amounts owed to group undertakings 1,253,350 554,800
Taxation and social security 50,445 -
Other creditors 23,007 1,750
1,408,302 556,730

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,016,191 -

Iconiqem Properties Limited (Registered number: 14266916)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,097,655 -

The bank loans shown above are secured against the properties known as Units 1-4 Plumtree Farm Industrial Estate, Bircotes and Unit 7a Centre Park, Tockwith.

The bank loans are repayable within 2 years of the balance sheet date.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 (3,197 ) - (3,197 )
Profit for the year 352,177 352,177
Transfer to fair value (236,250 ) 236,250 -
At 30 April 2024 112,730 236,250 348,980

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Iconiqem Group Limited.

The ultimate controlling party is D N Walker.