Company registration number SC473975 (Scotland)
ICM PROPERTY (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ICM PROPERTY (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ICM PROPERTY (SCOTLAND) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
595,000
595,000
Current assets
Debtors
4
-
0
5,752
Cash at bank and in hand
4,757
8,568
4,757
14,320
Creditors: amounts falling due within one year
5
(422,178)
(456,375)
Net current liabilities
(417,421)
(442,055)
Total assets less current liabilities
177,579
152,945
Creditors: amounts falling due after more than one year
6
(2,749)
(4,949)
Net assets
174,830
147,996
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
174,828
147,994
Total equity
174,830
147,996

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
Mr I C McCarthy
Director
Company Registration No. SC473975
ICM PROPERTY (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

ICM Property (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 905 Shettleston Road, Glasgow, United Kingdom, G32 7NU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Fixtures and fittings
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

ICM PROPERTY (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
595,000
1,030
596,030
Depreciation and impairment
At 1 May 2023 and 30 April 2024
-
0
1,030
1,030
Carrying amount
At 30 April 2024
595,000
-
0
595,000
At 30 April 2023
595,000
-
0
595,000

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
5,752
ICM PROPERTY (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,201
2,201
Taxation and social security
7,259
12,327
Other creditors
412,718
441,847
422,178
456,375
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,749
4,949
7
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
407,005
430,565
2024-04-302023-05-01false31 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr I C McCarthyfalsefalseSC4739752023-05-012024-04-30SC4739752024-04-30SC4739752023-04-30SC473975core:LandBuildings2024-04-30SC473975core:OtherPropertyPlantEquipment2024-04-30SC473975core:LandBuildings2023-04-30SC473975core:OtherPropertyPlantEquipment2023-04-30SC473975core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-30SC473975core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-30SC473975core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-30SC473975core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-30SC473975core:CurrentFinancialInstruments2024-04-30SC473975core:CurrentFinancialInstruments2023-04-30SC473975core:ShareCapital2024-04-30SC473975core:ShareCapital2023-04-30SC473975core:RetainedEarningsAccumulatedLosses2024-04-30SC473975core:RetainedEarningsAccumulatedLosses2023-04-30SC473975bus:Director12023-05-012024-04-30SC473975core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-30SC473975core:FurnitureFittings2023-05-012024-04-30SC4739752022-05-012023-04-30SC473975core:LandBuildings2023-04-30SC473975core:OtherPropertyPlantEquipment2023-04-30SC4739752023-04-30SC473975core:WithinOneYear2024-04-30SC473975core:WithinOneYear2023-04-30SC473975core:Non-currentFinancialInstruments2024-04-30SC473975core:Non-currentFinancialInstruments2023-04-30SC473975bus:PrivateLimitedCompanyLtd2023-05-012024-04-30SC473975bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-30SC473975bus:FRS1022023-05-012024-04-30SC473975bus:AuditExemptWithAccountantsReport2023-05-012024-04-30SC473975bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP