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ICON BRANDS ATEAM LTD

Registered Number
SC783290
(Scotland)

Unaudited Financial Statements for the Period ended
31 December 2024

ICON BRANDS ATEAM LTD
Company Information
for the period from 21 September 2023 to 31 December 2024

Director | ATWAL, Harjinder Singh

Registered Address | First Floor
| 108 George Street
| Edinburgh
| EH2 4LH

Registered Number | SC783290 (Scotland)

ICON BRANDS ATEAM LTD
Balance Sheet as at
31 December 2024

| Notes | 2024
--- | --- | ---
|  | £ |  | £
Current assets |  |  |  |
Debtors | 3 | 10,789 |  |
Cash at bank and on hand |  | 990 |  |
|  | 11,779 |  |
Creditors amounts falling due within one year | 4 | (93,728) |  |
Net current assets (liabilities) |  |  |  | (81,949)
Total assets less current liabilities |  |  |  | (81,949)
Net assets |  |  |  | (81,949)
Capital and reserves |  |  |  |
Called up share capital |  |  |  | 100
Profit and loss account |  |  |  | (82,049)
Shareholders' funds |  |  |  | (81,949)

- The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 19 June 2025, and are signed on its behalf by:
ATWAL, Harjinder Singh Director Registered Company No. SC783290

ICON BRANDS ATEAM LTD
Notes to the Financial Statements
for the period ended 31 December 2024

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| Statement of compliance
--- | ---
| The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

| 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).

| Functional and presentation currency
--- | ---
| The financial statements are presented in sterling and this is the functional currency of the company.

| Going concern
--- | ---
| After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

| 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 the company's balance sheet when the company becomes 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. Basic 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 amortized 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 amortized. 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, loans from fellow group companies 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 amortized. 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 amortized cost using the effective interest method.

| Share capital
--- | ---
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2. | Average number of employees
--- | ---

|  | 2024
| Average number of employees during the year | 1

3. | Debtors: amounts due within one year
--- | ---

|  | 2024
--- | --- | ---
|  | £
| Amounts owed by group undertakings | 100
| Other debtors | 10,689
| Total | 10,789

4. | Creditors: amounts due within one year
--- | ---

|  | 2024
--- | --- | ---
|  | £
| Trade creditors / trade payables | 53,846
| Amounts owed to related parties | 14,000
| Other creditors | 25,532
| Accrued liabilities and deferred income | 350
| Total | 93,728

5. | Related party transactions
--- | ---
| Included in other creditors falling due within one year is an amount of £25,531 due to Hadplaid Ltd, a company connected to the director.

6. | Further information regarding the company's financial position
--- | ---
| Parent company: The Ultimate parent company is Icon Brands (Global) Ltd, a company registered in England and Wales. It's registered office address is First Floor, 108 George Street, Edinburgh, Midlothian, EH2 4LH

7. | Change in reporting period and impact on comparability
--- | ---
| Reporting period This is the first time the company has presented its financial statements since its incorporation. Hence, the financial statements presented are for the period of more than twelve months with no comparatives.