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REGISTERED NUMBER: 02106514 (England and Wales)



































Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Independent Control Systems Limited

Independent Control Systems Limited (Registered number: 02106514)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Independent Control Systems Limited

Company Information
for the Year Ended 31 March 2025







DIRECTORS: N Darrall
T D Darrall
Mrs J A Darrall
A M Bunce





SECRETARY: Mrs J A Darrall





REGISTERED OFFICE: Technology Hub
Stafford Park 16
Telford
TF3 3BS





REGISTERED NUMBER: 02106514 (England and Wales)





AUDITORS: Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

Independent Control Systems Limited (Registered number: 02106514)

Strategic Report
for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF THE BUSINESS
Throughout 2024/25, we've stayed focused on what matters most - our people. We've continued to invest in our culture and team experience, and we've seen fantastic growth in our talent across the business, especially in engineering, sales, service, and project management including welcoming three new Directors to the senior leadership team.

As always, our organisational behaviours - Safety, Teamwork, Agility, Excellence, Responsibility, and Transparency - have guided everything we do, along with our core values of People, Quality, Innovation, and Partnership. These remain at the heart of how we work and grow.

In respect of the result for the 2024/25 year, we have maintained a strong trading performance. While the metals industry - one of our key markets - has faced a downturn due to decarbonisation, impacting our turnover and profitability, we've seen growth in other areas, especially marine, which continues to be a key focus for growth. Despite the economic headwinds, we're entering the new financial year with a positive stance, a clear focus on our strengths, and a continued investment in our people and their development for our future.

Strong Trading Position and Financial Performance:

Overall, the company's strategic focus on project sales and effective cost management has resulted in a solid financial performance. The positive retained profit, despite higher overheads, indicates strong operational efficiency and financial health. The company's ability to generate significant interest income and secure grants further underscores its robust financial strategy. Moving forward, the company is well-positioned to continue its growth trajectory and enhance profitability through sustained focus on high-revenue projects and prudent financial management.

Strategic Investments and Expansion:


- Team: New Heads of Sales roles have been created to support our expansion into vertical, diversified,
markets as organic growth remains an objective.

PRINCIPAL RISKS AND UNCERTAINTIES
Key risks include:

- Foreign Exchange Rate Exposure: Resulting from an international supply chain.

- Potential Bad Debt Exposure: Due to market uncertainties.


DEVELOPMENT AND PERFORMANCE
Looking ahead, our strategic priorities include:



- Service Department Growth: Expand our service offerings to include consultancy services covering the
areas of Safety, Cyber, Energy and Digital as well as regulatory compliance offerings and learning services
to enhance customer value and support long-term relationships.



- Focus on Strategic Vertical Markets: Target key industry sectors such as Metals, Energy Transition, Marine
& Ports, Transport Infrastructure, Construction Materials, Pulp & Paper and Consumer Goods to increase
market share and revenue streams.



- Investment in Training and Mentoring: Continue to invest in the Iconsys Training Academy which
provides training and mentoring programs to develop the next generation of engineers, ensuring
high-quality project delivery and innovation.



- Sustainability Initiatives: Continue to enhance the sustainability of our operations through responsible
practices and eco-friendly solutions, aligning with evolving market and regulatory trends. This includes the
responsible development of our woodland at our head office location.



Independent Control Systems Limited (Registered number: 02106514)

Strategic Report
for the Year Ended 31 March 2025

FINANCIAL KEY PERFORMANCE INDICATORS
Turnover for the year ended 31 March 2025 was £14,560,989 (2024: £14,545,372).

Gross profit was 35.6% compared to 35.2% in the prior year.

Overall the company achieved a profit before tax of £1,267,360 (2024: £1,885,255).

Dividends paid totalled £198,195 (2024: £123,630).

CORPORATE SOCIAL RESPONSIBILITY
In 2024/25, our employees, aided by the Company's Culture Committee, selected the British Heart Foundation and the Midlands Air Ambulance as their chosen charities, raising £1,111 for the British Heart Foundation and £550 for the Midlands Air Ambulance respectively through various fundraising activities. Additionally, we proudly supported men's health initiatives by taking part in the national event for Movember, collectively raising £1,275 through the efforts of both our employees and the company.

Our company's chosen charity for the year was Enginuity, part of the Ironbridge Trust, where our team volunteered a total of 367 hours to help repair key interactive exhibits that had been out of use for some time. We are proud to continue our strong partnerships with these valued charities, which play a vital role in delivering our corporate social responsibility agenda.

ON BEHALF OF THE BOARD:





T D Darrall - Director


5 June 2025

Independent Control Systems Limited (Registered number: 02106514)

Report of the Directors
for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of electrical, electronic and software engineering services.

DIVIDENDS
The total distribution of dividends for the year ending 31 March 2025 will be £198,195 (2024: £123,630).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

N Darrall
T D Darrall
Mrs J A Darrall
A M Bunce

Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk
The company's principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Control Systems Limited (Registered number: 02106514)

Report of the Directors
for the Year Ended 31 March 2025


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thorne Widgery Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T D Darrall - Director


5 June 2025

Report of the Independent Auditors to the Members of
Independent Control Systems Limited

Opinion
We have audited the financial statements of Independent Control Systems Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Independent Control Systems Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Independent Control Systems Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website to detect material misstatements in respect of irregularities, including fraud.

We obtained and update our understanding of the entity, its activities, its control environment and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, designing and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims
as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect
on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Independent Control Systems Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Daniel Crowther FCCA ACA MAAT (Senior Statutory Auditor)
for and on behalf of Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

5 June 2025

Independent Control Systems Limited (Registered number: 02106514)

Income Statement
for the Year Ended 31 March 2025

31.3.25 31.3.24
Notes £    £   

TURNOVER 14,560,989 14,545,372

Cost of sales (9,376,087 ) (9,431,118 )
GROSS PROFIT 5,184,902 5,114,254

Distribution costs (1,303,523 ) (876,091 )
Administrative expenses (2,667,598 ) (2,372,087 )
1,213,781 1,866,076

Other operating income - 21,520
OPERATING PROFIT 4 1,213,781 1,887,596

Interest receivable and similar income 72,327 25,008
1,286,108 1,912,604

Interest payable and similar expenses 5 (18,748 ) (27,349 )
PROFIT BEFORE TAXATION 1,267,360 1,885,255

Tax on profit 6 52,836 4,131
PROFIT FOR THE FINANCIAL YEAR 1,320,196 1,889,386

Independent Control Systems Limited (Registered number: 02106514)

Other Comprehensive Income
for the Year Ended 31 March 2025

31.3.25 31.3.24
Notes £    £   

PROFIT FOR THE YEAR 1,320,196 1,889,386


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,320,196

1,889,386

Independent Control Systems Limited (Registered number: 02106514)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £   
FIXED ASSETS
Tangible assets 8 1,190,168 1,410,228

CURRENT ASSETS
Stocks 9 165,769 138,648
Debtors 10 3,042,759 5,252,593
Cash at bank and in hand 4,541,140 2,066,383
7,749,668 7,457,624
CREDITORS
Amounts falling due within one year 11 (2,672,116 ) (3,582,513 )
NET CURRENT ASSETS 5,077,552 3,875,111
TOTAL ASSETS LESS CURRENT LIABILITIES 6,267,720 5,285,339

CREDITORS
Amounts falling due after more than one
year

12

(91,964

)

(192,080

)

PROVISIONS FOR LIABILITIES 15 (185,644 ) (225,148 )
NET ASSETS 5,990,112 4,868,111

CAPITAL AND RESERVES
Called up share capital 16 2 2
Retained earnings 17 5,990,110 4,868,109
SHAREHOLDERS' FUNDS 5,990,112 4,868,111

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by:




T D Darrall - Director



N Darrall - Director


Independent Control Systems Limited (Registered number: 02106514)

Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2023 2 3,102,353 3,102,355

Changes in equity
Dividends - (123,630 ) (123,630 )
Total comprehensive income - 1,889,386 1,889,386
Balance at 31 March 2024 2 4,868,109 4,868,111

Changes in equity
Dividends - (198,195 ) (198,195 )
Total comprehensive income - 1,320,196 1,320,196
Balance at 31 March 2025 2 5,990,110 5,990,112

Independent Control Systems Limited (Registered number: 02106514)

Cash Flow Statement
for the Year Ended 31 March 2025

31.3.25 31.3.24
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,884,036 2,293,791
Interest paid (18,748 ) (27,349 )
Tax paid 12,904 165,434
Net cash from operating activities 2,878,192 2,431,876

Cash flows from investing activities
Purchase of tangible fixed assets (62,701 ) (129,832 )
Sale of tangible fixed assets 1,250 -
Interest received 72,327 25,008
Net cash from investing activities 10,876 (104,824 )

Cash flows from financing activities
Loan repayments in year (100,116 ) (99,489 )
Amount introduced by directors 12,076 220,000
Amount withdrawn by directors (128,076 ) (830,000 )
Government grants - 21,520
Equity dividends paid (198,195 ) (123,630 )
Net cash from financing activities (414,311 ) (811,599 )

Increase in cash and cash equivalents 2,474,757 1,515,453
Cash and cash equivalents at beginning of
year

2

2,066,383

550,930

Cash and cash equivalents at end of year 2 4,541,140 2,066,383

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25 31.3.24
£    £   
Profit before taxation 1,267,360 1,885,255
Depreciation charges 280,197 254,724
Loss on disposal of fixed assets 1,314 4,176
Government grants - (21,520 )
Finance costs 18,748 27,349
Finance income (72,327 ) (25,008 )
1,495,292 2,124,976
(Increase)/decrease in stocks (27,121 ) 14,178
Decrease/(increase) in trade and other debtors 2,325,834 (15,043 )
(Decrease)/increase in trade and other creditors (909,969 ) 169,680
Cash generated from operations 2,884,036 2,293,791

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 4,541,140 2,066,383
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,066,383 730,980
Bank overdrafts - (180,050 )
2,066,383 550,930


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank and in hand 2,066,383 2,474,757 4,541,140
2,066,383 2,474,757 4,541,140
Debt
Debts falling due within 1 year (100,000 ) - (100,000 )
Debts falling due after 1 year (192,080 ) 100,116 (91,964 )
(292,080 ) 100,116 (191,964 )
Total 1,774,303 2,574,873 4,349,176

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Independent Control Systems 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into accounts trade discounts, settlement, discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probably will be recovered.

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold10% per annum
Plant and machinery25% and 33% per annum
Fixtures and fittings10%, 12.5% and 33% per annum
Motor vehicles20% per annum
Computer equipment12.5% and 33% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

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.

Basis 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 amortised cost using the effective interest method

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.

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives
Derivatives are initially recognised at fair value at the date of derivative contract entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
31.3.25 31.3.24
£    £   
Wages and salaries 4,727,404 4,118,410
Social security costs 547,296 476,487
Other pension costs 835,410 597,741
6,110,110 5,192,638

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.25 31.3.24

Directors 4 4
Admin 9 8
Procurement 3 3
Sales 14 11
Engineering 38 31
Workshop 12 10
Services 4 8
84 75

Total benefits relating to key management personnel of the company for the year ended 31 March 2025 were £1,102,257 (2024: £951,556).

31.3.25 31.3.24
£    £   
Directors' remuneration 153,087 218,987
Directors' pension contributions to money purchase schemes 185,190 164,896

Information regarding the highest paid director is as follows;

31.3.25 31.03.24
£    £   
Emoluments etc 126,172 119,602
Pension contributions to money purchase schemes 5,190 4,896

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25 31.3.24
£    £   
Hire of plant and machinery 71,830 28,136
Other operating leases 215,664 120,000
Depreciation - owned assets 280,197 254,724
Loss on disposal of fixed assets 1,314 4,176
Foreign exchange differences (7,410 ) (10,759 )
Auditors remuneration 14,190 14,765

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.25 31.3.24
£    £   
Loan 18,707 27,330
Interest payable 41 19
18,748 27,349

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.3.25 31.3.24
£    £   
Current tax:
UK corporation tax (13,332 ) 11,514

Deferred tax (39,504 ) (15,645 )
Tax on profit (52,836 ) (4,131 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25 31.3.24
£    £   
Profit before tax 1,267,360 1,885,255
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

316,840

471,314

Effects of:
Expenses not deductible for tax purposes 1,612 3,629
Depreciation in excess of capital allowances 51,989 28,267
Utilisation of tax losses (359,740 ) (492,104 )
Deferred tax charge (39,504 ) (15,645 )
R&D adjustment (18,275 ) 6,142
Structure and Building allowance (4,859 ) (4,859 )
generated in the year
Marginal relief (899 ) (875 )

Total tax credit (52,836 ) (4,131 )

7. DIVIDENDS
31.3.25 31.3.24
£    £   
Ordinary shares of 1 each
Interim 198,195 123,630

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2024 647,877 162,033 798,699
Additions 3,058 30,207 10,087
Disposals - (8,917 ) (9,500 )
At 31 March 2025 650,935 183,323 799,286
DEPRECIATION
At 1 April 2024 138,249 82,005 190,402
Charge for year 65,094 17,904 90,318
Eliminated on disposal - (6,353 ) (9,500 )
At 31 March 2025 203,343 93,556 271,220
NET BOOK VALUE
At 31 March 2025 447,592 89,767 528,066
At 31 March 2024 509,628 80,028 608,297

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2024 285,593 208,770 2,102,972
Additions - 19,349 62,701
Disposals - - (18,417 )
At 31 March 2025 285,593 228,119 2,147,256
DEPRECIATION
At 1 April 2024 157,394 124,694 692,744
Charge for year 49,571 57,310 280,197
Eliminated on disposal - - (15,853 )
At 31 March 2025 206,965 182,004 957,088
NET BOOK VALUE
At 31 March 2025 78,628 46,115 1,190,168
At 31 March 2024 128,199 84,076 1,410,228

9. STOCKS
31.3.25 31.3.24
£    £   
Stocks 165,769 138,648

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors 1,613,168 3,715,759
Other debtors 1,144,107 1,406,544
Directors' current accounts 116,000 -
Prepayments 169,484 130,290
3,042,759 5,252,593

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Bank loans and overdrafts (see note 13) 100,000 100,000
Trade creditors 447,497 770,518
Amounts owed to group undertakings - 10,000
Tax 4,944 5,372
Social security and other taxes 149,805 140,225
Net Wages - 16,010
Pension Control - 37,837
VAT 273,005 471,921
Other creditors 1,317,766 1,626,620
Accruals and deferred income 379,099 404,010
2,672,116 3,582,513

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.25 31.3.24
£    £   
Bank loans (see note 13) 91,964 192,080

Barclays Bank PLC hold a charge over credit balances, a debenture, and a fixed charge over the company's assets.

13. LOANS

An analysis of the maturity of loans is given below:

31.3.25 31.3.24
£    £   
Amounts falling due within one year or on demand:
Bank loans 100,000 100,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 91,964 192,080

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.25 31.3.24
£    £   
Within one year 246,340 186,351
Between one and five years 942,798 1,048,288
1,189,138 1,234,639

15. PROVISIONS FOR LIABILITIES
31.3.25 31.3.24
£    £   
Deferred tax 185,644 225,148

Deferred
tax
£   
Balance at 1 April 2024 225,148
Movement (39,504 )
Balance at 31 March 2025 185,644

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.25 31.3.24
value: £    £   
2 Ordinary 1 2 2

17. RESERVES
Retained
earnings
£   

At 1 April 2024 4,868,109
Profit for the year 1,320,196
Dividends (198,195 )
At 31 March 2025 5,990,110

Independent Control Systems Limited (Registered number: 02106514)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25 31.3.24
£    £   
N Darrall
Balance outstanding at start of year - -
Amounts advanced 116,553 220,000
Amounts repaid (553 ) (220,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 116,000 -

T D Darrall
Balance outstanding at start of year - (600,000 )
Amounts advanced 11,523 600,000
Amounts repaid (11,523 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

19. RELATED PARTY DISCLOSURES

Group Technology Ltd
At the year end the amount owed by the company to Group Technology Ltd, a Company with common directors, was £Nil (2024: £10,000)

During the year, rent of £180,000 (2024: £120,000) was paid to a pension scheme of which the directors are trustees and beneficiaries. All rents are payable at market rates.

20. ULTIMATE CONTROLLING PARTY

As at 31 March 2025 the Parent Company was Group Technology Limited.

The Ultimate Controlling Party was Mr T & Mrs J Darrall due to their shareholding in Group Technology Limited.