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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: P Higginbottom
K E Nineham
D N Walker





REGISTERED OFFICE: Network House
Stubs Beck Lane
Cleckheaton
United Kingdom
BD19 4TT





REGISTERED NUMBER: 13275330 (England and Wales)





INDEPENDENT AUDITORS: KJA Kilner Johnson Ltd (Statutory 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:





D N Walker - Director


13 December 2024

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.

P Higginbottom
K E Nineham
D N Walker

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:





D N Walker - Director


13 December 2024

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.




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 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 1,820,207 1,656,809

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 7,537,700 7,537,700
Investment property 13 - -
7,537,700 7,537,700

CURRENT ASSETS
Debtors 15 1,224,134 934,177
Cash at bank 61,852 68,592
1,285,986 1,002,769
CREDITORS
Amounts falling due within one year 16 1,140,516 844,333
NET CURRENT ASSETS 145,470 158,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,683,170

7,696,136

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Share premium 23 7,499,100 7,499,100
Retained earnings 23 183,070 196,036
SHAREHOLDERS' FUNDS 7,683,170 7,696,136

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 13 December 2024 and were signed on its behalf by:





D N Walker - Director


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 1,000 14,458 7,499,100 7,514,558

Changes in equity
Dividends - (35,500 ) - (35,500 )
Total comprehensive income - 217,078 - 217,078
Balance at 30 April 2023 1,000 196,036 7,499,100 7,696,136

Changes in equity
Dividends - (300,000 ) - (300,000 )
Total comprehensive income - 287,034 - 287,034
Balance at 30 April 2024 1,000 183,070 7,499,100 7,683,170

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% straight line
Plant and machinery - 20% reducing balance
Motor vehicles - 25% reducing balance

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
79 77

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 7,537,700
NET BOOK VALUE
At 30 April 2024 7,537,700
At 30 April 2023 7,537,700

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Leading Solvent Supplies Limited
Registered office: Marston Business Park, Rudgate, Tockwith, North Yorkshire, YO26 7QF
Nature of business: Solvent supplies
%
Class of shares: holding
Ordinary 75.00
2024 2023
£    £   
Aggregate capital and reserves 8,100,263 5,860,319
Profit for the year 2,417,544 1,939,068

Iconiqem Limited
Registered office: Network House, Stubs Beck Lane, Cleckheaton, BD19 4TT
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Iconiqem Properties Limited
Registered office: Unit 16 Marston Moor Business Park, Tockwith, York, England, YO26 7QF
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 171,431 (3,097 )
Profit/(loss) for the year 174,528 (3,197 )


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 - 100 262,900 554,800
Amounts owed by participating interests 1,200 1,200 1,200 1,200
Other debtors 384,765 273,357 233,420 86,605
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 1,189,134 899,177

Amounts falling due after more than one year:
Other debtors 35,000 35,000 35,000 35,000

Aggregate amounts 7,597,925 6,789,896 1,224,134 934,177

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 3,919 -
Amounts owed to group undertakings - 100 888,840 698,866
Tax 904,480 578,946 199,522 115,686
Social security and other taxes 55,301 54,322 5,609 7,067
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 3,500 3,500
Accrued expenses 4,000 - - -
4,584,045 6,539,647 1,140,516 844,333

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: £    £   
1,000 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 196,036 7,499,100 7,695,136
Profit for the year 287,034 287,034
Dividends (300,000 ) (300,000 )
At 30 April 2024 183,070 7,499,100 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.