REGISTERED NUMBER: 13275330 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Iconiqem Group Limited |
REGISTERED NUMBER: 13275330 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Iconiqem Group Limited |
Iconiqem Group Limited (Registered number: 13275330) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
Iconiqem Group Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Network House |
Stubs Beck Lane |
Cleckheaton |
BD19 4TT |
Iconiqem Group Limited (Registered number: 13275330) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The group's principal activity during the year continued to be that of the supply of industrial solvents and other chemicals. |
The group has continued to achieve record results, with the current financial year the best on record with turnover increasing to over £29.1 million (2023: £28.5 million) and gross profit exceeding £8.4 million (2023: £7.8 million). The group is well positioned within the market as the premier supplier of packaged solvents in the UK, and continues to seek opportunities for growth and acquisitions to enhance its product offerings and improve its market share. This is reflected through the post financial year end acquisition of an automotive vehicle care products manufacturer. |
2024 | 2023 |
£ | £ |
Group turnover | 29,147,634 | 28,539,118 |
Gross profit | 8,424,009 | 7,793,384 |
Gross profit margin | 28.90% | 27.31% |
Profit before tax | 2,629,994 | 2,221,222 |
The directors believe the results are a clear indication the group business strategy is succeeding, and profit margins are meeting expectations. The directors believe the business can further enhance its operational and production capacity through consolidating its recent acquisitions and streamlining its operations by removing cost inefficiencies. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Financial, credit,liquidity and cashflow risk are considered low as the group shows strong profitability and cash generation. |
Economic |
The level of Inflation in the UK has now reverted to historic levels, with inflation now around 2.2%. Interest rates remain higher at 4.75%. The business has countered this through retaining a strong cash position, and by working with a small group of suppliers who provide consistent pricing. The directors believe uncertainty is now a key centrepiece of the economy and considers its robust cash reserves as sufficient to reduce the impact of economic risk. |
Operational |
The processing and distribution of solvents has many associated risks. The company manages this with a strong focus on health and safety. Procedures within the business are robust and mitigate the risk involved in operating from multiple sites. During the year the business retained its ISO 14001 which will assist it in reducing the environmental impact and improve sustainability. The business is seeking further certifications in future years to ensure it continues to comply with changing regulations. |
The business continues to invest in training for employees to ensure it has the optimal skills to support all stakeholders. |
Iconiqem Group Limited (Registered number: 13275330) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
KEY PERFORMANCE INDICATORS |
The Board monitors the progress of the company by a combination of financial and non-financial KPIs. |
Financial |
2024 | 2023 |
Turnover | £29,147,634 | £28,539,118 |
Gross profit percentage | 28.90% | 27.31% |
Operating profit percentage | 9.36% | 7.77% |
Non-financial |
Health and safety takes the highest priority in the business and performance is continually monitored with monthly reporting to the Board by a dedicated Health and Safety Manager. |
Customer satisfaction and delivery performance are constantly measured and reported within the business to ensure a high level of client retention. |
FUTURE PLANS |
The group is seeking to grow further during the next financial year with the introduction of additional products and services as a result of its acquisitions. Work is due to conclude on the project to enhance the operational systems and IT infrastructure through the introduction of a new full suite Enterprise Resource Planning System in early 2025. |
The group is seeking to enhance the property portfolio with additional facilities for operational use. |
ON BEHALF OF THE BOARD: |
Iconiqem Group Limited (Registered number: 13275330) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the supply of industrial solvents and other chemicals. |
DIVIDENDS |
The company paid out a dividend of £300,000 (2023: £35,500) during the year. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Political donations during the year were £nil (2023:£nil) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
Iconiqem Group Limited (Registered number: 13275330) |
Report of the Directors |
for the Year Ended 30 April 2024 |
AUDITORS |
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Iconiqem Group Limited |
Opinion |
We have audited the financial statements of Iconiqem Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 group's and the parent 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 information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Iconiqem Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent 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 Group 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. |
for and on behalf of |
Network House |
Stubs Beck Lane |
Cleckheaton |
BD19 4TT |
Iconiqem Group Limited (Registered number: 13275330) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 29,147,634 | 28,539,118 |
Cost of sales | 20,723,625 | 20,745,734 |
GROSS PROFIT | 8,424,009 | 7,793,384 |
Administrative expenses | 6,047,022 | 5,648,992 |
2,376,987 | 2,144,392 |
Other operating income | 350,274 | 72,554 |
OPERATING PROFIT | 5 | 2,727,261 | 2,216,946 |
Interest receivable and similar income | 618 | 4,472 |
2,727,879 | 2,221,418 |
Interest payable and similar expenses | 6 | 97,885 | 196 |
PROFIT BEFORE TAXATION | 2,629,994 | 2,221,222 |
Tax on profit | 7 | 809,787 | 564,413 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Depreciation write back on reclassifying | 39,600 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
39,600 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,859,807 |
1,656,809 |
Profit attributable to: |
Owners of the parent | 1,394,731 | 1,172,042 |
Non-controlling interests | 425,476 | 484,767 |
1,820,207 | 1,656,809 |
Total comprehensive income attributable to: |
Owners of the parent | 1,434,331 | 1,172,042 |
Non-controlling interests | 425,476 | 484,767 |
1,859,807 | 1,656,809 |
Iconiqem Group Limited (Registered number: 13275330) |
Consolidated Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 4,187,913 | 4,681,832 |
Tangible assets | 11 | 535,632 | 2,643,090 |
Investments | 12 | - | - |
Investment property | 13 | 2,785,198 | 490,198 |
7,508,743 | 7,815,120 |
CURRENT ASSETS |
Stocks | 14 | 2,016,470 | 1,976,716 |
Debtors | 15 | 7,597,925 | 6,789,896 |
Cash at bank and in hand | 331,614 | 250,369 |
9,946,009 | 9,016,981 |
CREDITORS |
Amounts falling due within one year | 16 | 4,584,045 | 6,539,647 |
NET CURRENT ASSETS | 5,361,964 | 2,477,334 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,870,707 |
10,292,454 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(1,016,191 |
) |
- |
PROVISIONS FOR LIABILITIES | 21 | (203,569 | ) | (156,914 | ) |
NET ASSETS | 11,650,947 | 10,135,540 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 1,000 | 1,000 |
Share premium | 23 | 7,499,100 | 7,499,100 |
Fair value reserve | 23 | 236,250 | - |
Retained earnings | 23 | 2,022,729 | 1,169,048 |
SHAREHOLDERS' FUNDS | 9,759,079 | 8,669,148 |
NON-CONTROLLING INTERESTS | 24 | 1,891,868 | 1,466,392 |
TOTAL EQUITY | 11,650,947 | 10,135,540 |
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 Group Limited (Registered number: 13275330) |
Company Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 287,034 | 217,078 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Iconiqem Group Limited (Registered number: 13275330) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2022 | 1,000 | 32,506 | 7,499,100 |
Changes in equity |
Dividends | - | (35,500 | ) | - |
Total comprehensive income | - | 1,172,042 | - |
Balance at 30 April 2023 | 1,000 | 1,169,048 | 7,499,100 |
Changes in equity |
Dividends | - | (344,400 | ) | - |
Total comprehensive income | - | 1,198,081 | - |
Balance at 30 April 2024 | 1,000 | 2,022,729 | 7,499,100 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | - | 7,532,606 | 1,020,025 | 8,552,631 |
Changes in equity |
Dividends | - | (35,500 | ) | (38,400 | ) | (73,900 | ) |
Total comprehensive income | - | 1,172,042 | 484,767 | 1,656,809 |
Balance at 30 April 2023 | - | 8,669,148 | 1,466,392 | 10,135,540 |
Changes in equity |
Dividends | - | (344,400 | ) | (38,400 | ) | (382,800 | ) |
Total comprehensive income | 236,250 | 1,434,331 | 425,476 | 1,859,807 |
Balance at 30 April 2024 | 236,250 | 9,759,079 | 1,853,468 | 11,612,547 |
Iconiqem Group Limited (Registered number: 13275330) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
Iconiqem Group Limited (Registered number: 13275330) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,964,721 | 1,621,572 |
Interest paid | (97,885 | ) | (196 | ) |
Tax paid | (671,017 | ) | (299,855 | ) |
Net cash from operating activities | 1,195,819 | 1,321,521 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (85,556 | ) | (15,000 | ) |
Purchase of tangible fixed assets | (85,590 | ) | (364,682 | ) |
Purchase of investment property | - | (490,198 | ) |
Interest received | (21,337 | ) | 4,472 |
Net cash from investing activities | (192,483 | ) | (865,408 | ) |
Cash flows from financing activities |
Loan repayments in year | (158,592 | ) | - |
Capital repayments in year | (26,056 | ) | (198,614 | ) |
Amount introduced by directors | 83,338 | 95,750 |
Amount withdrawn by directors | (484,620 | ) | (487,918 | ) |
Equity dividends paid | (344,400 | ) | (35,500 | ) |
Net cash from financing activities | (930,330 | ) | (626,282 | ) |
Increase/(decrease) in cash and cash equivalents | 73,006 | (170,169 | ) |
Cash and cash equivalents at beginning of year |
2 |
250,369 |
420,538 |
Cash and cash equivalents at end of year | 2 | 323,375 | 250,369 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,629,994 | 2,221,222 |
Depreciation charges | 732,211 | 713,106 |
Loss on disposal of fixed assets | 99,912 | - |
Gain on revaluation of fixed assets | (315,000 | ) | - |
Other group reconciling items | 21,955 | 6,888 |
Finance costs | 97,885 | 196 |
Finance income | (618 | ) | (4,472 | ) |
3,266,339 | 2,936,940 |
Increase in stocks | (39,754 | ) | (267,047 | ) |
Increase in trade and other debtors | (173,378 | ) | (740,242 | ) |
Decrease in trade and other creditors | (1,088,486 | ) | (308,079 | ) |
Cash generated from operations | 1,964,721 | 1,621,572 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 331,614 | 250,369 |
Bank overdrafts | (8,239 | ) | - |
323,375 | 250,369 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 250,369 | 420,538 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 250,369 | 81,245 | 331,614 |
Bank overdrafts | - | (8,239 | ) | (8,239 | ) |
250,369 | 73,006 | 323,375 |
Debt |
Finance leases | (26,056 | ) | 26,056 | - |
Debts falling due within 1 year | (1,256,247 | ) | 1,174,783 | (81,464 | ) |
Debts falling due after 1 year | - | (1,016,191 | ) | (1,016,191 | ) |
(1,282,303 | ) | 184,648 | (1,097,655 | ) |
Total | (1,031,934 | ) | 257,654 | (774,280 | ) |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Iconiqem Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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 id the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the accounts requires management to make judgements, estimates and assumptions that affects the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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. |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 28,646,164 | 28,112,964 |
Europe | 501,470 | 426,154 |
29,147,634 | 28,539,118 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,784,883 | 2,564,905 |
Social security costs | 267,469 | 259,107 |
Other pension costs | 56,304 | 53,253 |
3,108,656 | 2,877,265 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Employees | 76 | 74 |
Directors | 3 | 3 |
The average number of employees by undertakings that were proportionately consolidated during the year was 76 (2023 - 74 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 241,538 | 154,001 |
Directors' pension contributions to money purchase schemes | 2,571 | - |
Information regarding the highest paid director for the year ended 30 April 2024 is as follows: |
2024 |
£ |
Emoluments etc | 117,184 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 244,656 | 100,880 |
Other operating leases | 153,504 | 157,590 |
Depreciation - owned assets | 152,736 | 181,049 |
Loss on disposal of fixed assets | 99,912 | - |
Goodwill amortisation | 559,364 | 529,056 |
Computer software amortisation | 20,111 | 3,000 |
Auditors' remuneration | 2,000 | 15,750 |
Other non- audit services | 13,500 | - |
Foreign exchange differences | 11,170 | 51,833 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 97,691 | - |
Late payment interest | 194 | 196 |
97,885 | 196 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 757,230 | 477,802 |
Underprovision in prior year | 5,901 | 24,374 |
Total current tax | 763,131 | 502,176 |
Deferred tax | 46,656 | 62,237 |
Tax on profit | 809,787 | 564,413 |
Reconciliation of total tax charge 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: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,629,994 | 2,221,222 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.500 %) |
657,499 |
433,138 |
Effects of: |
Expenses not deductible for tax purposes | 45,740 | 1,677 |
Income not taxable for tax purposes | (45,089 | ) | - |
Depreciation in excess of capital allowances | 31,479 | 43,140 |
Adjustments to tax charge in respect of previous periods | 5,901 | 24,374 |
Deferred tax movement | 27,711 | 62,237 |
Other group reconciling items | 86,546 | (153 | ) |
Total tax charge | 809,787 | 564,413 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Depreciation write back on reclassifying | 39,600 | - | 39,600 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares shares of 1000 each |
Final | 300,000 | 35,500 |
Interim | 44,400 | - |
344,400 | 35,500 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 5,290,562 | 15,000 | 5,305,562 |
Additions | - | 85,556 | 85,556 |
At 30 April 2024 | 5,290,562 | 100,556 | 5,391,118 |
AMORTISATION |
At 1 May 2023 | 620,730 | 3,000 | 623,730 |
Amortisation for year | 559,364 | 20,111 | 579,475 |
At 30 April 2024 | 1,180,094 | 23,111 | 1,203,205 |
NET BOOK VALUE |
At 30 April 2024 | 4,110,468 | 77,445 | 4,187,913 |
At 30 April 2023 | 4,669,832 | 12,000 | 4,681,832 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 | 1,980,000 | 126 | 766,995 | 97,550 | 2,844,671 |
Additions | - | - | 85,590 | - | 85,590 |
Disposals | - | - | (595,249 | ) | - | (595,249 | ) |
Reclassification/transfer | (1,980,000 | ) | - | - | - | (1,980,000 | ) |
At 30 April 2024 | - | 126 | 257,336 | 97,550 | 355,012 |
DEPRECIATION |
At 1 May 2023 | 39,600 | 126 | 138,473 | 23,382 | 201,581 |
Charge for year | - | - | 134,194 | 18,542 | 152,736 |
Eliminated on disposal | - | - | (495,337 | ) | - | (495,337 | ) |
Charge written back | (39,600 | ) | - | - | - | (39,600 | ) |
At 30 April 2024 | - | 126 | (222,670 | ) | 41,924 | (180,620 | ) |
NET BOOK VALUE |
At 30 April 2024 | - | - | 480,006 | 55,626 | 535,632 |
At 30 April 2023 | 1,940,400 | - | 628,522 | 74,168 | 2,643,090 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 | 104,224 |
Transfer to ownership | (104,224 | ) |
At 30 April 2024 | - |
DEPRECIATION |
At 1 May 2023 | 59,385 |
Transfer to ownership | (59,385 | ) |
At 30 April 2024 | - |
NET BOOK VALUE |
At 30 April 2024 | - |
At 30 April 2023 | 44,839 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Marston Business Park, Rudgate, Tockwith, North Yorkshire, YO26 7QF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Network House, Stubs Beck Lane, Cleckheaton, BD19 4TT |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Unit 16 Marston Moor Business Park, Tockwith, York, England, YO26 7QF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit/(loss) for the year | ( |
) |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2023 | 490,198 |
Revaluations | 315,000 |
Reclassification/transfer | 1,980,000 |
At 30 April 2024 | 2,785,198 |
NET BOOK VALUE |
At 30 April 2024 | 2,785,198 |
At 30 April 2023 | 490,198 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | 315,000 |
Cost | 2,470,198 |
2,785,198 |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Finished goods | 2,016,470 | 1,976,716 |
15. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 5,803,264 | 6,145,870 |
Bad debt provision | - | (25,337 | ) | - | - |
Amounts owed by group undertakings | - | 100 |
Amounts owed by participating interests | 1,200 | 1,200 | 1,200 | 1,200 |
Other debtors | 384,765 | 273,357 |
Invoice discounting facility | 535,847 | - | - | - |
Directors' current accounts | 737,653 | 336,322 | 691,614 | 256,572 |
Prepayments and accrued income | 100,196 | 23,384 |
7,562,925 | 6,754,896 |
Amounts falling due after more than one | year: |
Other debtors | 35,000 | 35,000 |
Aggregate amounts | 7,597,925 | 6,789,896 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 89,703 | 1,191,031 |
Other loans (see note 18) | - | 65,216 |
Hire purchase contracts (see note 19) | - | 26,056 |
Trade creditors | 2,763,667 | 2,221,144 |
Amounts owed to group undertakings | - | 100 |
Tax | 904,480 | 578,946 |
Social security and other taxes | 55,301 | 54,322 |
VAT | 322,267 | 442,164 | 39,126 | 19,214 |
Other creditors | 202,521 | 232,124 |
Invoice discount facility | - | 1,607,472 | - | - |
Directors' current accounts | 49 | - | - | - |
Accruals and deferred income | 242,057 | 121,072 |
Accrued expenses | 4,000 | - |
4,584,045 | 6,539,647 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) | 1,016,191 | - |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 8,239 | - |
Bank loans | 81,464 | - |
Bank loans | - | 1,191,031 |
Other loans | - | 65,216 |
89,703 | 1,256,247 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 1,016,191 | - |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | - | 26,056 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 264,572 | 183,900 |
Between one and five years | 454,687 | 353,997 |
In more than five years | 179,667 | - |
898,926 | 537,897 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 1,097,655 | 1,191,031 |
Invoice discounting facility | - | 1,607,472 |
1,097,655 | 2,798,503 |
The mortgages are secured against the properties known as Units 1-3 Plimtree Farm Industrial Estate, Plumtree Road, Doncaster and Unit 8-9 Marston Business Park, Tockwith, York. |
The invoice discounting facility is secured against the group's trade debtors. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 124,819 | 156,914 |
Deferred tax | 78,750 | - |
203,569 | 156,914 |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 156,914 |
Provided during year | 76,225 |
Movement on deferred tax | (29,570 | ) |
Balance at 30 April 2024 | 203,569 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | 1000 | 1,000 | 1,000 |
23. | RESERVES |
Group |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2023 | 1,169,048 | 7,499,100 | - | 8,668,148 |
Profit for the year | 1,394,731 | 1,394,731 |
Dividends | (344,400 | ) | (344,400 | ) |
Transfer to fair value | (236,250 | ) | - | 236,250 | - |
Property reclassification | 39,600 | - | - | 39,600 |
At 30 April 2024 | 2,022,729 | 7,499,100 | 236,250 | 9,758,079 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 7,695,136 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 7,682,170 |
24. | NON-CONTROLLING INTERESTS |
The minority interest relates to the 25% shareholding not acquired by Iconiqem Group Limited in Leading Solvent Supplies Limited. |
Iconiqem Group Limited (Registered number: 13275330) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
P Higginbottom |
Balance outstanding at start of year | 80,000 | - |
Amounts advanced | - | 80,000 |
Amounts repaid | (35,000 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 45,000 | 80,000 |
D N Walker |
Balance outstanding at start of year | 256,572 | - |
Amounts advanced | 735,042 | 316,572 |
Amounts repaid | (300,000 | ) | (60,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 691,614 | 256,572 |
K E Nineham |
Balance outstanding at start of year | - | - |
Amounts advanced | 3,177 | - |
Amounts repaid | (2,138 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,039 | - |
The directors loans are interest free and repayable on demand. |
26. | RELATED PARTY DISCLOSURES |
Entities that provide key management personnel services to the entity |
2024 | 2023 |
£ | £ |
Consultancy | 50,443 | 58,772 |
27. | POST BALANCE SHEET EVENTS |
The group has acquired 100% of the shareholding of Carchem Limited and Valet-chem Limited for an undisclosed consideration since the year end. |
The group has acquired the 25% minority interest in Leading Solvent Supplies Limited at market value since the year end. |
28. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is D N Walker. |