| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| ICON SOLUTIONS (IPF) LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Capital contribution reserve | 11 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| 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 |
| Additions |
| At 31 March 2024 |
| AMORTISATION |
| At 1 April 2023 |
| Amortisation for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Corporation tax |
| Deferred tax asset | 428,660 | - |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |
| 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 |
| Provided during year |
| Balance at 31 March 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 11. | RESERVES |
| Capital |
| Retained | contribution |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2023 | ( |
) | 134,145 |
| Deficit for the year | ( |
) | ( |
) |
| Capital contribution | - | 13,302,163 | 13,302,163 |
| At 31 March 2024 | ( |
) | 10,745,266 |
| The following describes the nature and purpose of each reserve within equity: |
| Reserve |
| Retained earnings | All other net gains and losses and transactions with owners not recognised elsewhere |
| Capital contribution | Represents 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. |
| for and on behalf of |
| 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. |