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REGISTERED NUMBER: 03147046 (England and Wales)















ICB DESIGN & ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






ICB DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03147046)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


ICB DESIGN & ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: I C Bedford
L P Potter



REGISTERED OFFICE: Hassall Road
Hassall Road Business Park
Skegness
Lincolnshire
PE25 3TB



REGISTERED NUMBER: 03147046 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: Barclays Bank PLC
65 Lumley Road
Skegness
Lincolnshire
PE25 3LU

ICB DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03147046)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 226,429 240,583

CURRENT ASSETS
Stocks 15,000 10,000
Debtors 5 28,791 2,287
43,791 12,287
CREDITORS
Amounts falling due within one year 6 130,258 116,753
NET CURRENT LIABILITIES (86,467 ) (104,466 )
TOTAL ASSETS LESS CURRENT LIABILITIES 139,962 136,117

CREDITORS
Amounts falling due after more than one year 7 (128,849 ) (123,991 )

PROVISIONS FOR LIABILITIES (3,956 ) (6,580 )
NET ASSETS 7,157 5,546

CAPITAL AND RESERVES
Called up share capital 8 101 101
Retained earnings 7,056 5,445
SHAREHOLDERS' FUNDS 7,157 5,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

ICB DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03147046)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024



The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





I C Bedford - Director


ICB DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03147046)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

ICB Design & Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared in accordance with applicable accounting standards. The particular accounting policies adopted are described below.


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 - 25% on cost and 15% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Uncompleted client work at the balance sheet date has been reflected in the financial statements as work in progress.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


ICB DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03147046)

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 statement of financial position 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
Rental costs under operating leases are charged to the profit and loss account as they are incurred.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 200,190 218,153 418,343
Disposals - (103,538 ) (103,538 )
At 31 March 2024 200,190 114,615 314,805
DEPRECIATION
At 1 April 2023 - 177,760 177,760
Charge for year - 11,154 11,154
Eliminated on disposal - (100,538 ) (100,538 )
At 31 March 2024 - 88,376 88,376
NET BOOK VALUE
At 31 March 2024 200,190 26,239 226,429
At 31 March 2023 200,190 40,393 240,583

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 1,884
Other debtors 28,791 403
28,791 2,287

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 61,839 48,520
Trade creditors 58,700 29,510
Taxation and social security 2,923 12,576
Other creditors 6,796 26,147
130,258 116,753

ICB DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03147046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 105,671 123,991
Other creditors 23,178 -
128,849 123,991

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100
1 'B' Ordinary £1 1 1
101 101

9. ULTIMATE CONTROLLING PARTY

The controlling party is I C Bedford.