Registered number
09827208
IC & T Projects Limited
Unaudited Filleted Accounts
30 September 2024
IC & T Projects Limited
Registered number: 09827208
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,963 32,055
Current assets
Stocks 158,048 471,937
Debtors 4 281,362 552,734
Cash at bank and in hand 455,967 221,390
895,377 1,246,061
Creditors: amounts falling due within one year 5 (624,757) (998,414)
Net current assets 270,620 247,647
Total assets less current liabilities 291,583 279,702
Creditors: amounts falling due after more than one year 6 (16,988) (32,886)
Net assets 274,595 246,816
Capital and reserves
Called up share capital 100 100
Profit and loss account 274,495 246,716
Shareholders' funds 274,595 246,816
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…....................................
S L Agostinho
Director
Approved by the board on 9 June 2025
IC & T Projects Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Stocks
Development works in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of development works sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Income certified at a point not coterminous with the year-end is accrued on the basis of the amount of work completed over the certified period as estimated by the directors. This is therefore an estimate and is re-evaluated at each reporting date.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Income certified at a point not coterminous with the year-end is deferred on the basis of the amount of work completed over the certified period as estimated by the directors. This is therefore an estimate and is re-evaluated at each reporting date.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 October 2023 44,370
Disposals (13,877)
At 30 September 2024 30,493
Depreciation
At 1 October 2023 12,315
Charge for the year 7,623
On disposals (10,408)
At 30 September 2024 9,530
Net book value
At 30 September 2024 20,963
At 30 September 2023 32,055
4 Debtors 2024 2023
£ £
Trade debtors 39,500 293,303
Accrued income 241,862 259,431
281,362 552,734
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 5,898 5,898
Trade creditors 279,295 119,876
Taxation and social security costs 279,654 155,475
Other creditors 49,910 707,165
624,757 998,414
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,667 16,667
Obligations under finance lease and hire purchase contracts 10,321 16,219
16,988 32,886
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 16,667 26,667
The company applied and received funding in the form of a Bounce Back Loan, a government backed scheme introduced in order to combat the adverse impact of the coronavirus (COVID-19) on businesses. The scheme is 100% guaranteed by the government who also cover the first 12 months of interest payments.
8 Other information
IC & T Projects Limited is a private company limited by shares and incorporated in England. Its registered office is:
71 Goldhawk Road
Shepherds Bush
London
W12 8EG
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