ICP Credit Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 11406272 (England and Wales)
ICP Credit Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ICP Credit Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
327,157
729,219
Investments
5
30,027
30,027
Current assets
Debtors
7
409,687
484,873
Cash at bank and in hand
516,375
554,866
926,062
1,039,739
Creditors: amounts falling due within one year
8
(927,359)
(840,515)
Net current (liabilities)/assets
(1,297)
199,224
Total assets less current liabilities
355,887
958,470
Creditors: amounts falling due after more than one year
9
(357,292)
(919,792)
Net (liabilities)/assets
(1,405)
38,678
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(1,505)
38,578
Total equity
(1,405)
38,678
ICP Credit Limited
Balance Sheet (Continued)
As at 30 June 2024
Page 2

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
J Guy
Director
Company Registration No. 11406272
ICP Credit Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 3
1
Accounting policies
Company information

ICP Credit Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, EC1V 2NX.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the balance sheet date the company has net liabilities of £1,405 (2023: £36,878 net assets). The directors have a reasonable expectation that the company will continue in existence for the foreseeable future and for a period of at least twelve months following the approval of these financial statements. trueThus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. It is recognised at the point of which the service is provided to the customer. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

ICP Credit Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Database License
20% straight line
Development costs
20% straight line
Website costs
20% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line
1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only has basic financial instruments measured at amortised cost.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ICP Credit Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (including directors) employed by the company during the period was 7 (2023: 8).

3
Intangible fixed assets
Goodwill
Other
Website costs
Total
£
£
£
£
Cost
At 1 July 2023
25,003
3,283,497
8,091
3,316,591
Additions
-
0
10,504
-
0
10,504
At 30 June 2024
25,003
3,294,001
8,091
3,327,095
Amortisation and impairment
At 1 July 2023
25,003
2,554,278
8,091
2,587,372
Amortisation charged for the year
-
0
412,566
-
0
412,566
At 30 June 2024
25,003
2,966,844
8,091
2,999,938
Carrying amount
At 30 June 2024
-
0
327,157
-
0
327,157
At 30 June 2023
-
0
729,219
-
0
729,219
ICP Credit Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
18,706
Depreciation and impairment
At 1 July 2023 and 30 June 2024
18,706
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
5
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
30,027
30,027
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
International Company Profile FZ-LLC
Dubai
Provision of credit status reports
Ordinary
100
ICP Research Services LLC
Egypt
Provision of credit status reports
Ordinary
99
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
277,371
437,669
Other debtors
129,081
43,887
Prepayments and accrued income
3,235
3,317
409,687
484,873
ICP Credit Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 7
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
263,098
257,138
Corporation tax
3,125
22,786
Other taxation and social security
9,135
9,560
Other creditors
652,001
551,031
927,359
840,515

 

 

HSBC UK Bank PLC holds a fixed and floating charge with a negative pledge over all the assets of the company.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
357,292
919,792
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,000
1,000
100
100
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
28,398
22,400
ICP Credit Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 8
12
Related party transactions

The company has elected to take advantage of the exemption from the requirements of Section 1A of FRS102 to disclose transactions with it's wholly owned subsidiary.

 

During the year, the company made purchases of £21,194 (2023: £45,066) from Cert Business Solutions Limited, a company related by virtue of common directorship. Included in creditors at the balance sheet date is £5,259 (2023: £10,101) owed to Cert Business Solutions Limited.

 

During the year, the company made purchases of £55,000 (2023: £nil) from ICP Research Services LLC, a subsidiary company. Included in debtors at the balance sheet date is £61,223 (2023: £6,138) owed from ICP Research Services LLC.

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