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REGISTERED NUMBER: 11896039 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ICAD HOLDING LTD

ICAD HOLDING LTD (REGISTERED NUMBER: 11896039)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ICAD HOLDING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G Sayegh
Z Sayegh





REGISTERED OFFICE: 2nd Floor, Berkeley Square House
Berkeley Square
Mayfair
London
W1J 6BD





REGISTERED NUMBER: 11896039 (England and Wales)





ACCOUNTANTS: Platt Rushton LLP
Chartered Accountants
Sutherland House
1759 London Road
Leigh on Sea
Essex
SS9 2RZ

ICAD HOLDING LTD (REGISTERED NUMBER: 11896039)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 296,322 4,520
Investments 5 1,481 1,481
297,803 6,001

CURRENT ASSETS
Debtors 6 2,764,783 2,482,153
Cash at bank and in hand 481,281 532,722
3,246,064 3,014,875
CREDITORS
Amounts falling due within one year 7 3,031,773 3,169,534
NET CURRENT ASSETS/(LIABILITIES) 214,291 (154,659 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

512,094

(148,658

)

PROVISIONS FOR LIABILITIES 245 859
NET ASSETS/(LIABILITIES) 511,849 (149,517 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Head office current account 67,500 67,500
Retained earnings 434,349 (227,017 )
SHAREHOLDERS' FUNDS 511,849 (149,517 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ICAD HOLDING LTD (REGISTERED NUMBER: 11896039)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Board of Directors and authorised for issue on 28 February 2025 and were signed on its behalf by:





G Sayegh - Director


ICAD HOLDING LTD (REGISTERED NUMBER: 11896039)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

ICAD Holding Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page. The financial statements also include the results of branches established in Abu Dhabi and Dubai with respective licence numbers CN-3770547 and 1128600.

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.

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment - 25% and 15% reducing balance method and 33% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ICAD HOLDING LTD (REGISTERED NUMBER: 11896039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 7,543
Additions 359,379
At 31 December 2023 366,922
DEPRECIATION
At 1 January 2023 3,023
Charge for year 67,577
At 31 December 2023 70,600
NET BOOK VALUE
At 31 December 2023 296,322
At 31 December 2022 4,520

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,481
NET BOOK VALUE
At 31 December 2023 1,481
At 31 December 2022 1,481

At 31st December 2022 the company's subsidiary undertakings were as follows:

IWATT Limited a company incorporated in England and Wales (100% owned)
ISETT Limited a company incorporated in England and Wales (100% owned)
ICAD Airports Private Limited a company incorporated in India (100% owned)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,368,200 1,537,963
Amounts owed by group undertakings 169,498 -
Other debtors 1,227,085 944,190
2,764,783 2,482,153

ICAD HOLDING LTD (REGISTERED NUMBER: 11896039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,401,376 428,434
Amounts owed to group undertakings - 200
Taxation and social security 121,524 84,334
Other creditors 1,508,873 2,656,566
3,031,773 3,169,534

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 3,490 3,139

9. RELATED PARTY DISCLOSURES

Included within other debtors due within one year are loans totalling £159,607 (2022: £172,245), due from a company under the common control of a director, G Sayegh. The loan is interest free and repayable on demand.

As at 31st December 2023 other creditors due within one year included loans from companies under the control of a director, G Sayegh. The loans totalled £525,021 (2022: £1,559,837), of which Nil (2022: £788,736) accrued interest at a rate of 3.5% per annum. The remainder of the loans were interest free and repayable on demand.

Included within other creditors is a loan from a director totalling £170,124 (2022: £110,441). At the balance sheet date, the loan was interest free and repayable on demand. Effective 8th February 2023 the loan remains unsecured however, the terms of the loan were varied to include a repayment date of 8th February 2025 and state the loan is subordinated in favour of third party creditors.

The company paid management fees to directors of the company totalling £403,932 (2022: Nil).