REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Iconicrf Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
Iconicrf Limited (Registered number: NI649947) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Iconicrf Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
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 |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |