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ICON BRANDS (GLOBAL) LTD

Registered Number
SC774719
(Scotland)

Unaudited Financial Statements for the Period ended
31 December 2024

ICON BRANDS (GLOBAL) LTD
Company Information
for the period from 4 July 2023 to 31 December 2024

Director

ATWAL, Harjinder Singh

Registered Address

First Floor
108 George Street
Edinburgh
EH2 4LH

Registered Number

SC774719 (Scotland)
ICON BRANDS (GLOBAL) LTD
Balance Sheet as at
31 December 2024

Notes

2024

£

£

Fixed assets
Investments3502
502
Current assets
Debtors4196,600
Cash at bank and on hand1,500
198,100
Creditors amounts falling due within one year5(1,922)
Net current assets (liabilities)196,178
Total assets less current liabilities196,680
Net assets196,680
Capital and reserves
Called up share capital197,100
Profit and loss account(420)
Shareholders' funds196,680
The financial statements were approved and authorised for issue by the Director on 4 April 2025, and are signed on its behalf by:
ATWAL, Harjinder Singh
Director
Registered Company No. SC774719
ICON BRANDS (GLOBAL) LTD
Notes to the Financial Statements
for the period ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 amortized cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

2024
Average number of employees during the year1
3.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
Additions502502
At 31 December 24502502
Net book value
At 31 December 24502502

Notes

1Investments in group undertakings and participating interests
4.Debtors: amounts due within one year

2024

£
Other debtors196,600
Total196,600
5.Creditors: amounts due within one year

2024

£
Amounts owed to related parties100
Other creditors1,402
Accrued liabilities and deferred income420
Total1,922
6.Change in reporting period and impact on comparability
Reporting period This is the first time the company has presented its financial statements since its incorporation. Hence, the financial statements presented are for the period of more than twelve months with no comparatives.