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REGISTERED NUMBER: 08080884 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ICONIC PLASTICS LTD

ICONIC PLASTICS LTD (REGISTERED NUMBER: 08080884)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


ICONIC PLASTICS LTD (REGISTERED NUMBER: 08080884)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 392,270 424,502

CURRENT ASSETS
Inventories 93,818 28,588
Debtors 5 145,407 201,336
Cash at bank 22,146 16,993
261,371 246,917
CREDITORS
Amounts falling due within one year 6 63,844 73,197
NET CURRENT ASSETS 197,527 173,720
TOTAL ASSETS LESS CURRENT
LIABILITIES

589,797

598,222

CREDITORS
Amounts falling due after more than one
year

7

(14,946

)

(24,505

)

PROVISIONS FOR LIABILITIES 8 (98,067 ) (78,518 )
NET ASSETS 476,784 495,199

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 315,187 334,736
Retained earnings 161,497 160,363
476,784 495,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 February 2025 and were signed by:





Mrs S Suleyman - Director


ICONIC PLASTICS LTD (REGISTERED NUMBER: 08080884)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Iconic Plastics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08080884

Registered office: 1 Kings Avenue
Winchmore Hill
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

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

Revenue is recognised when services are rendered to the customers.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and Machinery - 10 % on reducing balance method
Vehicles - 20 % on reducing balance method

The company has adopted a policy of not depreciating the assets in the year of purchase. However, full depreciation is provided in the year of disposal.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


ICONIC PLASTICS LTD (REGISTERED NUMBER: 08080884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023 671,761 5,375 27,250 704,386
Additions 12,687 - - 12,687
Disposals - - (7,250 ) (7,250 )
At 31 May 2024 684,448 5,375 20,000 709,823
DEPRECIATION
At 1 June 2023 268,645 694 10,545 279,884
Charge for year 40,312 702 3,341 44,355
Eliminated on disposal - - (6,686 ) (6,686 )
At 31 May 2024 308,957 1,396 7,200 317,553
NET BOOK VALUE
At 31 May 2024 375,491 3,979 12,800 392,270
At 31 May 2023 403,116 4,681 16,705 424,502

ICONIC PLASTICS LTD (REGISTERED NUMBER: 08080884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Cost or valuation at 31 May 2024 is represented by:

£
Valuation in 2018413,255
Cost271,193
684,448


If plant and machinery had not been revalued it would have been included at the following historical cost:


2024 2023
£ £
Cost271,193 258,506

The directors consider that the market value of plant and machinery as at the year-end to be as stated in the financial statements

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 117,773 170,356
Other debtors 27,634 30,980
145,407 201,336

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 2,199 4,602
Taxation and social security 43,214 35,862
Other creditors 8,431 22,733
63,844 73,197

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 14,946 24,505

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 98,067 78,518

Deferred
tax
£   
Balance at 1 June 2023 78,518
Provided during year 19,549
Balance at 31 May 2024 98,067

ICONIC PLASTICS LTD (REGISTERED NUMBER: 08080884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. RESERVES
Revaluation
reserve
£   
At 1 June 2023 334,736
Revaluation movement (19,549 )

At 31 May 2024 315,187

10. RELATED PARTY DISCLOSURES

Included in other creditors less than one year is an amount of £Nil (2023: £17,551) due to the director of the company. Interest at the rate of 2.5% has been charged on the overdrawn balance accordingly.