IRIS Accounts Production v24.3.2.46 NI649947 Board of Directors 1.4.23 31.3.24 31.3.24 27/3/2025 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6499472023-03-31NI6499472024-03-31NI6499472023-04-012024-03-31NI6499472022-03-31NI6499472022-04-012023-03-31NI6499472023-03-31NI649947ns15:NorthernIreland2023-04-012024-03-31NI649947ns14:PoundSterling2023-04-012024-03-31NI649947ns10:Director12023-04-012024-03-31NI649947ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI649947ns10:SmallEntities2023-04-012024-03-31NI649947ns10:Audited2023-04-012024-03-31NI649947ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI649947ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI649947ns10:FullAccounts2023-04-012024-03-31NI649947ns10:Director22023-04-012024-03-31NI649947ns10:RegisteredOffice2023-04-012024-03-31NI649947ns5:CurrentFinancialInstruments2024-03-31NI649947ns5:CurrentFinancialInstruments2023-03-31NI649947ns5:ShareCapital2024-03-31NI649947ns5:ShareCapital2023-03-31NI649947ns5:RetainedEarningsAccumulatedLosses2024-03-31NI649947ns5:RetainedEarningsAccumulatedLosses2023-03-31NI649947ns5:PlantMachinery2023-04-012024-03-31NI649947ns5:PlantMachinery2023-03-31NI649947ns5:PlantMachinery2024-03-31NI649947ns5:PlantMachinery2023-03-31NI649947ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31NI649947ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31NI649947ns5:Non-currentFinancialInstruments2024-03-31NI649947ns5:Non-currentFinancialInstruments2023-03-31
REGISTERED NUMBER: NI649947 (Northern Ireland)














Audited Financial Statements

for the Year Ended 31 March 2024

for

Iconicrf Limited

Iconicrf Limited (Registered number: NI649947)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Iconicrf Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr J E Bjornholt
Mr M N Sharif



REGISTERED OFFICE: Innovation Factory
Springfield Road
Belfast
BT12 7DG



REGISTERED NUMBER: NI649947 (Northern Ireland)



SENIOR STATUTORY AUDITOR: Mr Conaill McGrady



AUDITORS: M.B.McGrady & Co
Chartered Accountants
Statutory Auditors
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH

Iconicrf Limited (Registered number: NI649947)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 408,718 459,808

CURRENT ASSETS
Debtors 5 2,225,957 2,465,258
Cash at bank 419,080 379,529
2,645,037 2,844,787
CREDITORS
Amounts falling due within one year 6 482,181 949,583
NET CURRENT ASSETS 2,162,856 1,895,204
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,571,574

2,355,012

CAPITAL AND RESERVES
Called up share capital 500,001 500,001
Retained earnings 2,071,573 1,855,011
2,571,574 2,355,012

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 27 March 2025 and were signed on its behalf by:





Mr M N Sharif - Director


Iconicrf Limited (Registered number: NI649947)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Iconicrf Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements:

Going concern
The directors have prepared budgets for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

Impairment of Debtors
The directors have obtained assurance from inter-companies relating to balances owed to Iconicrf Limited as at 31 March 2024. These do not contain any adjustments to the carrying amounts and as such directors consider that no impairment is necessary.

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.
Plant and machinery etc - 10% on 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.


Iconicrf Limited (Registered number: NI649947)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
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
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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 510,899
DEPRECIATION
At 1 April 2023 51,091
Charge for year 51,090
At 31 March 2024 102,181
NET BOOK VALUE
At 31 March 2024 408,718
At 31 March 2023 459,808

5. DEBTORS
31/3/24 31/3/23
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 221,981 -
Other debtors 261,112 660,895
483,093 660,895

Iconicrf Limited (Registered number: NI649947)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. DEBTORS - continued
31/3/24 31/3/23
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 1,742,864 1,804,363

Aggregate amounts 2,225,957 2,465,258

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 45,240 77,516
Amounts owed to group undertakings 344,045 750,550
Taxation and social security 81,787 108,194
Other creditors 11,109 13,323
482,181 949,583

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Conaill McGrady (Senior Statutory Auditor)
for and on behalf of M.B.McGrady & Co

8. RELATED PARTY DISCLOSURES

Microchip Technology Ireland Ltd purchased the share capital of Iconicrf Limited in August 2021. Iconicrf Limited charge Microchip Technology Ireland Ltd on a transfer pricing structure mainly being cost plus a percentage mark up.

Turnover of £2,339,483 (2023- £2,029,680) was received from Microchip Technology Ireland Ltd during the year. As at the 31 March 2024 Microchip Technology Ireland Ltd owed Iconicrf Limited £1,964,845 (2023: £1,804,363). This is included in debtors within the financial statements. There is an amount due to Microchip Technology Ireland Ltd from Iconicrf Limited of £Nil as at 31 March 2024 which is included within creditors (2023: £631,675).

Also, included within creditors as at 31 March 2024 are amounts due from Iconicrf Limited to Microchip Ltd of £30,463 (2023: £23,255), Microchip Technology Incorporated of £208,519 (2023: £95,620), Microchip Technology Thailand of £59,416 (2023: £Nil) and MSCC Corporate Analong of £45,647 (2023: £Nil).

9. ULTIMATE CONTROLLING PARTY

Microchip Technology Incorporated is the ultimate controlling party.

10. GOING CONCERN

The directors have prepared budgets for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.