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REGISTERED NUMBER: 10458500 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ICON SOLUTIONS (IPF) LIMITED

ICON SOLUTIONS (IPF) LIMITED (REGISTERED NUMBER: 10458500)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ICON SOLUTIONS (IPF) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: B Hallifax
T P Kelleher
D Capehorn





REGISTERED OFFICE: 4th Floor, Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU





REGISTERED NUMBER: 10458500 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

ICON SOLUTIONS (IPF) LIMITED (REGISTERED NUMBER: 10458500)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 11,438,790 9,507,418

CURRENT ASSETS
Debtors 6 1,965,434 1,226,906
Cash at bank 21 51
1,965,455 1,226,957
CREDITORS
Amounts falling due within one year 7 6,800 8,500,100
NET CURRENT ASSETS/(LIABILITIES) 1,958,655 (7,273,143 )
TOTAL ASSETS LESS CURRENT LIABILITIES 13,397,445 2,234,275

PROVISIONS FOR LIABILITIES 9 2,652,079 2,100,030
NET ASSETS 10,745,366 134,245

CAPITAL AND RESERVES
Called up share capital 10 100 100
Capital contribution reserve 11 22,667,714 9,365,551
Retained earnings 11 (11,922,448 ) (9,231,406 )
SHAREHOLDERS' FUNDS 10,745,366 134,245

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:





B Hallifax - Director


ICON SOLUTIONS (IPF) LIMITED (REGISTERED NUMBER: 10458500)

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


1. STATUTORY INFORMATION

Icon Solutions (IPF) 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company has put in place agreements which give rise to future contracted revenue and has built a pipeline of future opportunities. The related company, Icon Solutions (UK) Limited has supported the company with cash flow funding as required.

Based on the achievement of management's forecasts for the business, the directors are of the opinion that the company has adequate working capital to cover its foreseeable requirements and is a going concern. Accordingly these financial statements are prepared on a going concern basis.

Reclassifications
Certain expenditure comparatives amounts for 2023 have been reclassified from administrative expenses to cost of sales. There has been no impact on the 2023 results or net assets as a result of this reclassification.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The Directors have made a number of estimates and assumptions regarding the future, and made some significant judgements in applying the company’s accounting policies. These are discussed below:

a. Accrued/deferred income
Revenue from services is recognised when the service is provided and the right to consideration earned. To the extent that a service is provided to third parties but no billing made, the amount is recognised as revenue and recorded as accrued income. Billings made in advance of services being provided are recognised as deferred income.

b. Amortisation of intangible fixed assets
Intangible fixed assets are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable.

ICON SOLUTIONS (IPF) LIMITED (REGISTERED NUMBER: 10458500)

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


3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents amounts chargeable for services provided to third parties in the normal course of business. Revenue from services is recognised when the service is provided and the right to consideration earned. To the extent that a service is provided to third parties but no billing made, the amount is recognised as revenue and recorded as accrued income. Billings made in advance of services being provided are recognised as deferred income.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of ten years.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Research expenditure is written off to the income statement in the year in which it is incurred.

Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of the individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

The amortisation charge is estimated by the directors according to the estimated useful life of 10 years. The amortisation calculation is reviewed by the directors each year to ensure its suitability.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

ICON SOLUTIONS (IPF) LIMITED (REGISTERED NUMBER: 10458500)

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


3. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

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

5. INTANGIBLE FIXED ASSETS
Development Computer
costs software Totals
£    £    £   
COST
At 1 April 2023 12,656,897 2,000,000 14,656,897
Additions 3,588,635 - 3,588,635
At 31 March 2024 16,245,532 2,000,000 18,245,532
AMORTISATION
At 1 April 2023 3,949,479 1,200,000 5,149,479
Amortisation for year 1,457,263 200,000 1,657,263
At 31 March 2024 5,406,742 1,400,000 6,806,742
NET BOOK VALUE
At 31 March 2024 10,838,790 600,000 11,438,790
At 31 March 2023 8,707,418 800,000 9,507,418

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 1,536,774 1,226,906
Deferred tax asset 428,660 -
1,965,434 1,226,906

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings - 8,494,800
Other creditors 6,800 5,300
6,800 8,500,100

8. SECURED DEBTS

Lloyds Bank Commercial Finance Limited have an all assets debenture dated 26/09/2023 incorporating a fixed and floating charge. Borrowings drawn under the Receivables Finance Agreement (invoice discounting) are secured against the Parent Company's trade debtors.

ICON SOLUTIONS (IPF) LIMITED (REGISTERED NUMBER: 10458500)

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


9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
intangible assets 2,652,079 2,100,030

Deferred
tax
£   
Balance at 1 April 2023 2,100,030
Provided during year 552,049
Balance at 31 March 2024 2,652,079

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 April 2023 (9,231,406 ) 9,365,551 134,145
Deficit for the year (2,691,042 ) (2,691,042 )
Capital contribution - 13,302,163 13,302,163
At 31 March 2024 (11,922,448 ) 22,667,714 10,745,266

The following describes the nature and purpose of each reserve within equity:

Reserve
Retained earningsAll other net gains and losses and transactions with owners not recognised elsewhere
Capital contributionRepresents contributions of capital from the parent company.

During the year the parent company, Icon Solutions (UK) Limited, made a capital contribution of £13,302,163 to the company.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julien Upson (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Icon Solutions (UK) Limited, a company incorporated in England and Wales. The consolidated accounts are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.