Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-302023-10-01falseNo description of principal activity2929truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02145825 2023-10-01 2024-09-30 02145825 2022-10-01 2023-09-30 02145825 2024-09-30 02145825 2023-09-30 02145825 c:Director1 2023-10-01 2024-09-30 02145825 c:Director2 2023-10-01 2024-09-30 02145825 c:RegisteredOffice 2023-10-01 2024-09-30 02145825 d:PlantMachinery 2023-10-01 2024-09-30 02145825 d:PlantMachinery 2024-09-30 02145825 d:PlantMachinery 2023-09-30 02145825 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02145825 d:CurrentFinancialInstruments 2024-09-30 02145825 d:CurrentFinancialInstruments 2023-09-30 02145825 d:Non-currentFinancialInstruments 2024-09-30 02145825 d:Non-currentFinancialInstruments 2023-09-30 02145825 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 02145825 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02145825 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 02145825 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 02145825 d:ShareCapital 2024-09-30 02145825 d:ShareCapital 2023-09-30 02145825 d:SharePremium 2024-09-30 02145825 d:SharePremium 2023-09-30 02145825 d:RetainedEarningsAccumulatedLosses 2024-09-30 02145825 d:RetainedEarningsAccumulatedLosses 2023-09-30 02145825 c:FRS102 2023-10-01 2024-09-30 02145825 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 02145825 c:FullAccounts 2023-10-01 2024-09-30 02145825 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02145825 d:WithinOneYear 2024-09-30 02145825 d:WithinOneYear 2023-09-30 02145825 d:BetweenOneFiveYears 2024-09-30 02145825 d:BetweenOneFiveYears 2023-09-30 02145825 d:MoreThanFiveYears 2024-09-30 02145825 d:MoreThanFiveYears 2023-09-30 02145825 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 02145825 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 02145825 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 02145825 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 02145825 9 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Company registration number: 02145825







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024


ICON CONNECT LIMITED






































img334b.png                        

 


ICON CONNECT LIMITED
 


 
COMPANY INFORMATION


Directors
P S Rose 
R Harding 




Registered number
02145825



Registered office
9 Focal Point
Lacerta Court

Letchworth Garden City

Hertfordshire

SG6 1FJ




Accountants
Menzies LLP
Chartered Accountants

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


ICON CONNECT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


ICON CONNECT LIMITED
REGISTERED NUMBER:02145825



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
77,719
58,765

  
77,719
58,765

Current assets
  

Stocks
  
449,683
462,939

Debtors: amounts falling due within one year
 4 
1,954,315
1,804,178

Cash at bank and in hand
  
3,993
56,331

  
2,407,991
2,323,448

Creditors: amounts falling due within one year
 5 
(1,868,632)
(1,812,311)

Net current assets
  
 
 
539,359
 
 
511,137

Total assets less current liabilities
  
617,078
569,902

Creditors: amounts falling due after more than one year
 6 
(71,780)
(122,452)

Provisions for liabilities
  

Deferred tax
  
(12,410)
-

  
 
 
(12,410)
 
 
-

Net assets
  
532,888
447,450


Capital and reserves
  

Called up share capital 
  
224,446
224,446

Share premium account
  
107,556
107,556

Profit and loss account
  
200,886
115,448

  
532,888
447,450


Page 1

 


ICON CONNECT LIMITED
REGISTERED NUMBER:02145825


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P S Rose
Director

Date: 24 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)


1.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.9

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

 
1.10

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its trade using foreign currency. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

 
1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 29).

Page 5

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 October 2023
659,895


Additions
36,646


Disposals
(21,814)



At 30 September 2024

674,727



Depreciation


At 1 October 2023
601,130


Charge for the year on owned assets
17,692


Disposals
(21,814)



At 30 September 2024

597,008



Net book value



At 30 September 2024
77,719



At 30 September 2023
58,765


4.


Debtors

2024
2023
£
£


Trade debtors
658,131
375,960

Amounts owed by connected companies
1,056,428
1,208,202

Other debtors
71,943
104,421

Prepayments and accrued income
167,813
115,595

1,954,315
1,804,178


Page 6

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
98,771
-

Bank loans
60,000
60,000

Trade creditors
445,772
677,325

Corporation tax
25,242
18,358

Other taxation and social security
49,896
152,042

Obligations under finance lease and hire purchase contracts
14,403
9,788

Other creditors
70,212
61,100

Accruals and deferred income
1,104,336
833,698

1,868,632
1,812,311


The bank loan and other facilities are secured by a fixed and floating charge over the company's assets.


6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
40,000
100,000

Net obligations under finance leases and hire purchase contracts
31,780
22,452

71,780
122,452


The bank loan and other facilities are secured by a fixed and floating charge over the company's assets.


7.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
14,403
9,788

Between 1-5 years
31,780
22,452

46,183
32,240

Page 7

 


ICON CONNECT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
64,900
64,900

Later than 1 year and not later than 5 years
212,203
236,303

Later than 5 years
108,687
149,487

385,790
450,690


9.


Related party transactions

At the reporting date the company was owed £1,056,428 (2023: £1,208,202) from companies under common control. The balance can be found within debtors due within one year and no interest is being charged on this.
At the reporting date the company owed £12,724 (2023: £5,000 owed from) to the directors. The balance can be found within creditors due within one year and no interest is being charged on this.

 
Page 8