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Company registration number: 11119071
Iconic Bespoke Vehicle Operations Ltd
Unaudited filleted financial statements
31 December 2022
Iconic Bespoke Vehicle Operations Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Iconic Bespoke Vehicle Operations Ltd
Directors and other information
Directors Mr M Aarons
Mr N Shah
Company number 11119071
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Iconic Bespoke Vehicle Operations Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Iconic Bespoke Vehicle Operations Ltd
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iconic Bespoke Vehicle Operations Ltd for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Iconic Bespoke Vehicle Operations Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Iconic Bespoke Vehicle Operations Ltd and state those matters that we have agreed to state to the board of directors of Iconic Bespoke Vehicle Operations Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iconic Bespoke Vehicle Operations Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Iconic Bespoke Vehicle Operations Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Iconic Bespoke Vehicle Operations Ltd. You consider that Iconic Bespoke Vehicle Operations Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Iconic Bespoke Vehicle Operations Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
27 March 2025
Iconic Bespoke Vehicle Operations Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 342 235
_______ _______
342 235
Current assets
Debtors 6 13,698 69,048
Cash at bank and in hand - 105
_______ _______
13,698 69,153
Creditors: amounts falling due
within one year 7 ( 548,181) ( 497,988)
_______ _______
Net current liabilities ( 534,483) ( 428,835)
_______ _______
Total assets less current liabilities ( 534,141) ( 428,600)
Creditors: amounts falling due
after more than one year 8 ( 22,310) ( 26,458)
_______ _______
Net liabilities ( 556,451) ( 455,058)
_______ _______
Capital and reserves
Called up share capital 90 90
Profit and loss account ( 556,541) ( 455,148)
_______ _______
Shareholders deficit ( 556,451) ( 455,058)
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr M Aarons
Director
Company registration number: 11119071
Iconic Bespoke Vehicle Operations Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The accounts have been prepared on a going concern basis which assumes the continued support of the directors and shareholders.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Computer equipment - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Computer equipment Total
£ £
Cost
At 1 January 2022 1,700 1,700
Additions 473 473
_______ _______
At 31 December 2022 2,173 2,173
_______ _______
Depreciation
At 1 January 2022 1,465 1,465
Charge for the year 366 366
_______ _______
At 31 December 2022 1,831 1,831
_______ _______
Carrying amount
At 31 December 2022 342 342
_______ _______
At 31 December 2021 235 235
_______ _______
6. Debtors
2022 2021
£ £
Other debtors 13,698 69,048
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 6,712 5,292
Trade creditors 19,463 18,603
Corporation tax 38,085 -
Other creditors 483,921 474,093
_______ _______
548,181 497,988
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 22,310 26,458
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Aarons ( 172,894) ( 8,231) 16,339 ( 164,786)
Mr N Shah ( 65) 109 - 44
_______ _______ _______ _______
( 172,959) ( 8,122) 16,339 ( 164,742)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Aarons ( 171,684) ( 7,880) 6,670 ( 172,894)
Mr N Shah ( 65) - - ( 65)
_______ _______ _______ _______
( 171,749) ( 7,880) 6,670 ( 172,959)
_______ _______ _______ _______