7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 26,892 2,689 2,689 5,378 21,514 24,203 5,000 5,000 5,000 xbrli:pure xbrli:shares iso4217:GBP 05139849 2023-04-01 2024-03-31 05139849 2024-03-31 05139849 2023-03-31 05139849 2022-04-01 2023-03-31 05139849 2023-03-31 05139849 2022-03-31 05139849 core:LandBuildings 2023-04-01 2024-03-31 05139849 core:PlantMachinery 2023-04-01 2024-03-31 05139849 core:FurnitureFittings 2023-04-01 2024-03-31 05139849 core:MotorVehicles 2023-04-01 2024-03-31 05139849 bus:Director1 2023-04-01 2024-03-31 05139849 core:LandBuildings 2023-03-31 05139849 core:PlantMachinery 2023-03-31 05139849 core:FurnitureFittings 2023-03-31 05139849 core:MotorVehicles 2023-03-31 05139849 core:LandBuildings 2024-03-31 05139849 core:PlantMachinery 2024-03-31 05139849 core:FurnitureFittings 2024-03-31 05139849 core:MotorVehicles 2024-03-31 05139849 core:WithinOneYear 2024-03-31 05139849 core:WithinOneYear 2023-03-31 05139849 core:AfterOneYear 2024-03-31 05139849 core:AfterOneYear 2023-03-31 05139849 core:ShareCapital 2024-03-31 05139849 core:ShareCapital 2023-03-31 05139849 core:RetainedEarningsAccumulatedLosses 2024-03-31 05139849 core:RetainedEarningsAccumulatedLosses 2023-03-31 05139849 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 05139849 core:Non-currentFinancialInstruments 2024-03-31 05139849 core:Non-currentFinancialInstruments 2023-03-31 05139849 core:LandBuildings 2023-03-31 05139849 core:PlantMachinery 2023-03-31 05139849 core:FurnitureFittings 2023-03-31 05139849 core:MotorVehicles 2023-03-31 05139849 bus:SmallEntities 2023-04-01 2024-03-31 05139849 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05139849 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05139849 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05139849 bus:FullAccounts 2023-04-01 2024-03-31 05139849 core:OfficeEquipment 2023-04-01 2024-03-31 05139849 core:Goodwill 2024-03-31 05139849 core:Goodwill 2023-03-31 05139849 core:Goodwill 2023-04-01 2024-03-31 05139849 core:OfficeEquipment 2023-03-31 05139849 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 05139849
I C Innovations Limited
Filleted Unaudited Financial Statements
31 March 2024
I C Innovations Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
21,514
24,203
Tangible assets
6
709,980
844,333
Investments
7
5,000
5,000
---------
---------
736,494
873,536
Current assets
Stocks
418,431
329,997
Debtors
8
795,472
459,471
Cash at bank and in hand
609,527
630,322
------------
------------
1,823,430
1,419,790
Creditors: amounts falling due within one year
9
878,118
599,254
------------
------------
Net current assets
945,312
820,536
------------
------------
Total assets less current liabilities
1,681,806
1,694,072
Creditors: amounts falling due after more than one year
10
325,117
335,797
Provisions
Taxation including deferred tax
70,457
100,001
------------
------------
Net assets
1,286,232
1,258,274
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,286,132
1,258,174
------------
------------
Shareholders funds
1,286,232
1,258,274
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
I C Innovations Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 December 2024 , and are signed on behalf of the board by:
Mr T D Cowell
Director
Company registration number: 05139849
I C Innovations Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Albion Works, 10 Attercliffe Road, Sheffield, South Yorkshire, S4 7WW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
33% reducing balance
Motor vehicles
-
33% reducing balance
Equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
26,892
--------
Amortisation
At 1 April 2023
2,689
Charge for the year
2,689
--------
At 31 March 2024
5,378
--------
Carrying amount
At 31 March 2024
21,514
--------
At 31 March 2023
24,203
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
740,000
24,479
97,027
119,313
23,199
1,004,018
Additions
550
1,330
1,880
Disposals
( 115,605)
( 115,605)
---------
--------
--------
---------
--------
------------
At 31 Mar 2024
740,000
24,479
97,577
3,708
24,529
890,293
---------
--------
--------
---------
--------
------------
Depreciation
At 1 Apr 2023
44,400
9,945
80,524
8,770
16,046
159,685
Charge for the year
14,800
3,633
5,536
15,449
2,589
42,007
Disposals
( 21,379)
( 21,379)
---------
--------
--------
---------
--------
------------
At 31 Mar 2024
59,200
13,578
86,060
2,840
18,635
180,313
---------
--------
--------
---------
--------
------------
Carrying amount
At 31 Mar 2024
680,800
10,901
11,517
868
5,894
709,980
---------
--------
--------
---------
--------
------------
At 31 Mar 2023
695,600
14,534
16,503
110,543
7,153
844,333
---------
--------
--------
---------
--------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
5,000
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
5,000
-------
At 31 March 2023
5,000
-------
8. Debtors
2024
2023
£
£
Trade debtors
529,052
352,704
Other debtors
266,420
106,767
---------
---------
795,472
459,471
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
31,531
31,656
Trade creditors
529,702
218,914
Corporation tax
47,049
60,898
Social security and other taxes
103,896
74,746
Other creditors
165,940
213,040
---------
---------
878,118
599,254
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loans and overdrafts - £23,902 (2023 - £21,704) The balances are secured on the assets to which they relate by way of a fixed and floating charge.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
325,117
335,797
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company: Bank loans and overdrafts - £310,307 (2023 - £313,360) The balances are secured on the assets to which they relate by way of a fixed and floating charge.
11. Director's advances, credits and guarantees
During the year the director received advances of £58,018 and repaid £42,227 to the company.
12. Related party transactions
The company was under the control of Mr T D Cowell throughout the current and previous year. Mr T D Cowell is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.