Iconic Sign Systems Ltd NI053807 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the design, manufacture and installation of complete sign systems and the supply of LED lighting. Digita Accounts Production Advanced 6.30.9574.0 true true NI053807 2023-05-01 2024-04-30 NI053807 2024-04-30 NI053807 bus:OrdinaryShareClass1 2024-04-30 NI053807 core:RetainedEarningsAccumulatedLosses 2024-04-30 NI053807 core:ShareCapital 2024-04-30 NI053807 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 NI053807 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 NI053807 core:CurrentFinancialInstruments 2024-04-30 NI053807 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 NI053807 core:Non-currentFinancialInstruments 2024-04-30 NI053807 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 NI053807 core:FurnitureFittingsToolsEquipment 2024-04-30 NI053807 core:LandBuildings 2024-04-30 NI053807 core:MotorVehicles 2024-04-30 NI053807 core:OtherPropertyPlantEquipment 2024-04-30 NI053807 bus:SmallEntities 2023-05-01 2024-04-30 NI053807 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI053807 bus:FilletedAccounts 2023-05-01 2024-04-30 NI053807 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI053807 bus:RegisteredOffice 2023-05-01 2024-04-30 NI053807 bus:Director1 2023-05-01 2024-04-30 NI053807 bus:Director2 2023-05-01 2024-04-30 NI053807 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 NI053807 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI053807 bus:Agent1 2023-05-01 2024-04-30 NI053807 bus:Agent2 2023-05-01 2024-04-30 NI053807 core:CommercialMotorVehicles 2023-05-01 2024-04-30 NI053807 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI053807 core:LandBuildings 2023-05-01 2024-04-30 NI053807 core:MotorVehicles 2023-05-01 2024-04-30 NI053807 core:OfficeEquipment 2023-05-01 2024-04-30 NI053807 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 NI053807 core:PlantMachinery 2023-05-01 2024-04-30 NI053807 countries:AllCountries 2023-05-01 2024-04-30 NI053807 2023-04-30 NI053807 core:FurnitureFittingsToolsEquipment 2023-04-30 NI053807 core:LandBuildings 2023-04-30 NI053807 core:MotorVehicles 2023-04-30 NI053807 core:OtherPropertyPlantEquipment 2023-04-30 NI053807 2022-05-01 2023-04-30 NI053807 2023-04-30 NI053807 bus:OrdinaryShareClass1 2023-04-30 NI053807 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI053807 core:ShareCapital 2023-04-30 NI053807 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 NI053807 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 NI053807 core:CurrentFinancialInstruments 2023-04-30 NI053807 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 NI053807 core:Non-currentFinancialInstruments 2023-04-30 NI053807 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 NI053807 core:FurnitureFittingsToolsEquipment 2023-04-30 NI053807 core:LandBuildings 2023-04-30 NI053807 core:MotorVehicles 2023-04-30 NI053807 core:OtherPropertyPlantEquipment 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI053807

Iconic Sign Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Iconic Sign Systems Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Iconic Sign Systems Ltd

Company Information

Directors

K Parkes

G Parkes

Registered office

Unit 1, Marshes Trade centre
Greenbank Industrial Estate
Rampart Road
NEWRY
BT34 2QU

Bankers

Bank of Ireland
Newry Branch
12 Trevor Hill
Newry
Co. Down
BT34 1DT

Dankse Bank
Newry Branch
58 Hill Street
Newry
BT34 1BD

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Iconic Sign Systems Ltd

(Registration number: NI053807)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

390,669

279,617

Current assets

 

Stocks

6

139,797

142,963

Debtors

7

49,198

137,403

Cash at bank and in hand

 

164,327

16,645

 

353,322

297,011

Creditors: Amounts falling due within one year

8

(286,982)

(243,402)

Net current assets

 

66,340

53,609

Total assets less current liabilities

 

457,009

333,226

Creditors: Amounts falling due after more than one year

8

(176,099)

(136,090)

Provisions for liabilities

(39,514)

(20,393)

Net assets

 

241,396

176,743

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

241,394

176,741

Total equity

 

241,396

176,743

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:

.........................................

G Parkes

Director

 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Unit 1, Marshes Trade centre
Greenbank Industrial Estate
Rampart Road
NEWRY
BT34 2QU

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Plant and machinery

20% straight line

Office equipment

25% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

51,626

36,640

 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

236,723

130,962

113,269

236,216

717,170

Additions

33,591

-

125,073

4,014

162,678

At 30 April 2024

270,314

130,962

238,342

240,230

879,848

Depreciation

At 1 May 2023

32,595

125,049

96,729

183,180

437,553

Charge for the year

5,103

3,279

24,109

19,135

51,626

At 30 April 2024

37,698

128,328

120,838

202,315

489,179

Carrying amount

At 30 April 2024

232,616

2,634

117,504

37,915

390,669

At 30 April 2023

204,128

5,913

16,540

53,036

279,617

6

Stocks

2024
£

2023
£

Other inventories

139,797

142,963

7

Debtors

2024
£

2023
£

Trade debtors

26,262

97,139

Prepayments

3,499

3,100

Other debtors

19,437

37,164

49,198

137,403

 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

36,174

36,173

HP and finance lease liabilities

 

41,199

21,052

Trade creditors

 

107,302

127,187

Corporation tax liability

 

537

8,239

Taxation and social security

 

22,491

3,025

Other creditors

 

42,453

4,308

Accruals and deferred income

 

36,826

43,418

 

286,982

243,402

Due after one year

 

Loans and borrowings

10

77,271

109,290

Obligations under finance leases

 

88,970

26,800

Other non-current financial liabilities

 

9,858

-

 

176,099

136,090

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Iconic Sign Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,174

36,173

Hire purchase contracts

41,199

21,052

Other borrowings

4,550

-

81,923

57,225

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

77,271

109,290

Hire purchase contracts

88,970

26,800

Other borrowings

9,858

-

176,099

136,090