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ICB (Fabrications) Limited

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 06469260

 

ICB (Fabrications) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

ICB (Fabrications) Limited

Company Information

Directors

Mr R Jackson

Mrs A Jackson

Registered office

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

Auditors

PKF Francis Clark
Statutory AuditorChartered Accountants
Townsgate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

ICB (Fabrications) Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

250,720

179,782

Current assets

 

Stocks

5

121,348

128,358

Debtors

6

446,295

221,009

Cash at bank and in hand

 

18,167

143,281

 

585,810

492,648

Creditors: Amounts falling due within one year

7

(400,554)

(255,751)

Net current assets

 

185,256

236,897

Total assets less current liabilities

 

435,976

416,679

Creditors: Amounts falling due after more than one year

7

(53,966)

-

Provisions for liabilities

(58,995)

(38,807)

Net assets

 

323,015

377,872

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

322,015

376,872

Shareholders' funds

 

323,015

377,872

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 Jackson
Director

Company Registration Number: 06469260

 

ICB (Fabrications) 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:
Units 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including section 1A 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 are presented in Sterling (£) and are rounded to the nearest whole pound.

Going concern

The company continues to be profitable and has the support of its fellow group members. Furthermore, the Directors have reviewed the available budgets and following this review are satisfied that it is appropriate for the company to adopt a going concern basis of presentation.

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 (Fabrications) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable on the manufacture and sale of goods. Sales are recognised upon despatch and shown net of VAT and other sales related taxes.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 basis

Plant and machinery

15% Straight line basis

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. 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.

 

ICB (Fabrications) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.


 

 

ICB (Fabrications) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 16).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

94,711

609,016

703,727

Additions

5,516

109,541

115,057

Disposals

-

(28,870)

(28,870)

At 31 December 2024

100,227

689,687

789,914

Depreciation

At 1 January 2024

64,165

459,780

523,945

Charge for the year

6,597

37,522

44,119

Eliminated on disposal

-

(28,870)

(28,870)

At 31 December 2024

70,762

468,432

539,194

Carrying amount

At 31 December 2024

29,465

221,255

250,720

At 31 December 2023

30,546

149,236

179,782

5

Stocks

2024
£

2023
£

Raw materials and consumables

121,348

128,358

 

ICB (Fabrications) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

6

Debtors

2024
£

2023
£

Trade debtors

34,881

103,522

Amounts owed by group undertakings

114,536

116,768

Prepayments

156,717

719

Other debtors

140,161

-

446,295

221,009

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,391

-

Trade creditors

 

262,475

119,528

Amounts owed to group undertakings

96,193

-

Taxation and social security

 

13,651

116,276

Accruals and deferred income

 

13,844

14,959

Other creditors

 

-

4,988

 

400,554

255,751

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

53,966

-

 

ICB (Fabrications) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

53,966

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

14,391

-

Bank borrowings

Hire purchase contracts is denominated in £. The carrying amount at year end is £68,357 (2023 - £Nil).

The liabilities are secured over the assets to which they relate.

9

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 £756 (2023 - £9,074).

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.

11

Ultimate parent company

The company's immediate parent is ICB (Waterproofing) Ltd, 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.