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ICB (Projects) Limited

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 06658582

 

ICB (Projects) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

ICB (Projects) Limited

Company Information

Directors

Mr R W Jackson

Mrs A A Jackson

Registered office

Unit 9-11 Fleets Industrial Estate
Willis Way
Poole
Dorset
BH15 3SU

Auditors

PKF Francis Clark
Chartered Accountants & Statutory AuditorsTowngate House
2-8 Parkstone Road
Dorset
Poole
Dorset
BH15 2PW

 

ICB (Projects) Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,547

10,651

Current assets

 

Stocks

5

32,162

31,262

Debtors

6

229,958

190,073

Cash at bank and in hand

 

3,272

23,646

 

265,392

244,981

Creditors: Amounts falling due within one year

7

(700,376)

(524,651)

Net current liabilities

 

(434,984)

(279,670)

Net liabilities

 

(427,437)

(269,019)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(428,437)

(270,019)

Shareholders' deficit

 

(427,437)

(269,019)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
Mr R W Jackson
Director

Company Registration Number: 06658582

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 9-11 Fleets Industrial Estate
Willis Way
Poole
Dorset
BH15 3SU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared in British Pounds sterling and rounded to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have assessed the financial needs of the company and consider it to be a going concern as it has the financial support of its fellow group members.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and assumptions over the value of assets and liabilities that are not readily apparent from other sources.

A key accounting estimate made by the directors is with regards to the valuation of stock at the lower of cost and net realisable value, and determining a stock provision estimate. The directors review all stock lines with regards to the last date of sale, the value of these sales and the likelihood of future sales proceeds to determine an overall stock provision figure.

The directors concluded that no stock provision was required in either period.

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Revenue recognition

Turnover represents the fair valuation of the consideration received or receivable on the sale and installation of goods. This income is recognised based on the progress of stage completion and is shown net of VAT and other sales related taxes.

Tax

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10-25% straight line

Plant and machinery

15% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2024

17,421

11,573

28,994

Additions

1,900

-

1,900

At 31 December 2024

19,321

11,573

30,894

Depreciation

At 1 January 2024

13,968

4,375

18,343

Charge for the year

3,277

1,727

5,004

At 31 December 2024

17,245

6,102

23,347

Carrying amount

At 31 December 2024

2,076

5,471

7,547

At 31 December 2023

3,453

7,198

10,651

5

Stocks

2024
£

2023
£

Raw materials and consumables

32,162

31,262

6

Debtors

2024
£

2023
£

Trade debtors

197,181

162,058

Prepayments

13,984

9,550

Other debtors

18,793

18,465

229,958

190,073

 

ICB (Projects) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

30,230

68,415

Amounts owed to group undertakings

524,712

419,167

Taxation and social security

6,144

3,397

Accruals and deferred income

124,898

32,700

Other creditors

14,392

972

700,376

524,651

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £5,905).

9

Parent and ultimate parent undertaking

The company's immediate parent is ICB (Waterproofing) Limited, incorporated in the United Kingdom. Its registered office is: Units 9-11 Fleets Industrial Estate, Willis Way, Poole, Dorset, BH15 3SU.

 The ultimate parent is ICB (Trading) Limited, incorporated in the United Kingdom.

 The most senior parent entity producing publicly available financial statements is ICB (Trading) Limited. These financial statements are available upon request from Companies House.

 

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Adrian Way FCA FCCA, who signed for and on behalf of PKF Francis Clark on 1 August 2025.