Caseware UK (AP4) 2024.0.164 2024.0.164 truetruetruetruetruetruefalse2024-01-01falseNo description of principal activity22true 12773528 2024-01-01 2024-12-31 12773528 2023-01-01 2023-12-31 12773528 2024-12-31 12773528 2023-12-31 12773528 2023-01-01 12773528 c:Exceptional 2024-01-01 2024-12-31 12773528 c:Exceptional 2023-01-01 2023-12-31 12773528 d:Director1 2024-01-01 2024-12-31 12773528 d:Director1 2024-12-31 12773528 d:Director3 2024-01-01 2024-12-31 12773528 d:Director3 2024-12-31 12773528 d:Director4 2024-01-01 2024-12-31 12773528 d:Director4 2024-12-31 12773528 d:Director5 2024-01-01 2024-12-31 12773528 d:Director5 2024-12-31 12773528 d:RegisteredOffice 2024-01-01 2024-12-31 12773528 c:Buildings 2024-12-31 12773528 c:Buildings 2023-12-31 12773528 c:Buildings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12773528 c:CurrentFinancialInstruments 2024-12-31 12773528 c:CurrentFinancialInstruments 2023-12-31 12773528 c:Non-currentFinancialInstruments 2024-12-31 12773528 c:Non-currentFinancialInstruments 2023-12-31 12773528 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 12773528 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 12773528 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 12773528 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 12773528 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-12-31 12773528 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 12773528 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-12-31 12773528 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 12773528 c:ReportableOperatingSegment1 2024-01-01 2024-12-31 12773528 c:ReportableOperatingSegment1 2023-01-01 2023-12-31 12773528 c:ReportableOperatingSegment2 2024-01-01 2024-12-31 12773528 c:ReportableOperatingSegment2 2023-01-01 2023-12-31 12773528 c:UKTax 2024-01-01 2024-12-31 12773528 c:UKTax 2023-01-01 2023-12-31 12773528 c:ShareCapital 2024-01-01 2024-12-31 12773528 c:ShareCapital 2024-12-31 12773528 c:ShareCapital 2023-01-01 2023-12-31 12773528 c:ShareCapital 2023-12-31 12773528 c:ShareCapital 2023-01-01 12773528 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12773528 c:RetainedEarningsAccumulatedLosses 2024-12-31 12773528 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12773528 c:RetainedEarningsAccumulatedLosses 2023-12-31 12773528 c:RetainedEarningsAccumulatedLosses 2023-01-01 12773528 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 12773528 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12773528 c:TaxLossesCarry-forwardsDeferredTax 2024-12-31 12773528 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 12773528 d:OrdinaryShareClass1 2024-01-01 2024-12-31 12773528 d:OrdinaryShareClass1 2024-12-31 12773528 d:OrdinaryShareClass1 2023-12-31 12773528 d:FRS101 2024-01-01 2024-12-31 12773528 d:Audited 2024-01-01 2024-12-31 12773528 d:FullAccounts 2024-01-01 2024-12-31 12773528 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12773528 4 2024-01-01 2024-12-31 12773528 c:WithinOneYear 2024-12-31 12773528 c:WithinOneYear 2023-12-31 12773528 c:MoreThanFiveYears 2024-12-31 12773528 c:MoreThanFiveYears 2023-12-31 12773528 c:BetweenOneTwoYears 2024-12-31 12773528 c:BetweenOneTwoYears 2023-12-31 12773528 c:BetweenTwoThreeYears 2024-12-31 12773528 c:BetweenTwoThreeYears 2023-12-31 12773528 c:BetweenThreeFourYears 2024-12-31 12773528 c:BetweenThreeFourYears 2023-12-31 12773528 c:BetweenFourFiveYears 2024-12-31 12773528 c:BetweenFourFiveYears 2023-12-31 12773528 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12773528









Icon Unit 4 PropCo Limited (formerly MCL Icon Unit 4 PropCo Limited)









Directors' Report and Financial Statements

For the Year Ended 31 December 2024

 
Icon Unit 4 PropCo Limited
 
 
Company Information


Directors
H Prince (appointed 14 November 2024)
J Fellowes (appointed 14 November 2024)




Registered number
12773528



Registered office
40 Portland Place

London

W1B 1NB




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
Icon Unit 4 PropCo Limited
 

Contents



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 20


 
Icon Unit 4 PropCo Limited
 
 
 
Directors' Report
For the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

I Armstrong (resigned 14 November 2024)
J Moulding (resigned 14 November 2024)
H Prince (appointed 14 November 2024)
J Fellowes (appointed 14 November 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 1

 
Icon Unit 4 PropCo Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2024

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



J Fellowes
Director

Date: 25 June 2025

Page 2

 
Icon Unit 4 PropCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon Unit 4 PropCo Limited
 

Opinion


We have audited the financial statements of Icon Unit 4 PropCo Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 December 2024 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 3

 
Icon Unit 4 PropCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon Unit 4 PropCo Limited (continued)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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.


Page 4

 
Icon Unit 4 PropCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon Unit 4 PropCo Limited (continued)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
The nature of the industry and sector in which the company operates; the control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was
aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any
actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
        - Identifying, evaluating, and complying with laws and regulations 
        - Detecting and responding to the risks of fraud. 
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statement and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 5

 
Icon Unit 4 PropCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon Unit 4 PropCo Limited (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.


Helen Besant-Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

25 June 2025
Page 6

 
Icon Unit 4 PropCo Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
 4 
741,203
774,029

Gross profit
  
741,203
774,029

Administrative expenses
  
(382,214)
(369,670)

Exceptional items
 10 
4,449,395
-

Operating profit
 5 
4,808,384
404,359

Interest payable and similar expenses
 8 
(568,986)
(546,064)

Profit/(loss) before tax
  
4,239,398
(141,705)

Tax on profit/(loss)
 9 
(121,544)
30,645

Profit/(loss) for the financial year
  
4,117,854
(111,060)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 20 form part of these financial statements.

Page 7

 
Icon Unit 4 PropCo Limited
Registered number: 12773528

Statement of Financial Position
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 11 
15,393,017
15,729,536

Current assets
  

Debtors: amounts falling due within one year
 12 
239,627
217,209

Creditors: amounts falling due within one year
 13 
(11,929,782)
(5,020,321)

Net current liabilities
  
 
 
(11,690,155)
 
 
(4,803,112)

Total assets less current liabilities
  
3,702,862
10,926,424

Creditors: amounts falling due after more than one year
 14 
-
(11,462,960)

Provisions for liabilities
  

Deferred taxation
 17 
(121,544)
-

Net assets/(liabilities)
  
3,581,318
(536,536)


Capital and reserves
  

Called up share capital 
 18 
1
1

Profit and loss account
 19 
3,581,317
(536,537)

  
3,581,318
(536,536)


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Fellowes
Director

Date: 25 June 2025

The notes on pages 10 to 20 form part of these financial statements.

Page 8

 
Icon Unit 4 PropCo Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
1
(536,537)
(536,536)


Comprehensive income for the year

Profit for the year
-
4,117,854
4,117,854
Total comprehensive deficit for the year
-
4,117,854
4,117,854


At 31 December 2024
1
3,581,317
3,581,318



Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
(425,477)
(425,476)


Comprehensive income for the year

Loss for the year
-
(111,060)
(111,060)
Total comprehensive deficit for the year
-
(111,060)
(111,060)


At 31 December 2023
1
(536,537)
(536,536)


The notes on pages 10 to 20 form part of these financial statements.

Page 9

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.


General information

Icon Unit 4 PropCo Limited is a private company limited by shares incorporated in England and Wales, company number 12773528. The address of the registered office is 40 Portland Place, London, United Kingdom, W1B 1NB.
The principal activity of the company is that of a property investment company.
On 22 November 2024, the name of the Company was changed from MCL Icon Unit 4 PropCo Limited to Icon Unit 4 PropCo Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

The information above is included in the consolidated financial statements of Icon Holdco Limited as at 31 December 2024. These consolidated financial statements are publicly available upon request from 13 Castle Street, St Helier, JE2 3BT, Jersey.
The directors confirm that, upon request, a copy of the consolidated financial statements will be provided in accordance with the company’s normal practice.

Page 10

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue represents income from property rental and is recognised in the period it relates to.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Investment property

Investment Property, which is property held to earn rentals for capital appreciation is recognised on the statement of financial position using the cost model and is stated at cost less accumulated depreciation and any accumulated impairment losses. Investment property includes the interior fixtures and fittings.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. 
Depreciation is provided on the following basis:
Freehold property  2%  Straight line
Fixtures and fittings  20%  Straight line

Page 11

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are measured at amortised cost.
Impairment of financial assets
The Company always recognises lifetime expected credit losses ("ECL") for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Company has no financial liabilities at fair value through profit and loss and has no derivatives designated as hedging instruments. 

Page 12

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

  
2.12

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.
The company’s ordinary shares are classified as equity instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date. The nature of estimation means that the actual outcomes could differ from those estimates. The most significant effect on the amount recognised in the financial statements. 
Investment Property
Management exercises judgement in estimating the useful life of investment property and its interior fixtures and fittings. Management estimates the useful life of investment property to be 50 years and for interior fixtures and fittings to be 5 years. Depreciation is recognised on a straight line basis and the charge recognised in the profit or loss account for the period is £337k (2023: £337k).


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rent receivable
724,031
740,396

Recharges
17,172
33,633

741,203
774,029


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
336,519
336,519

Page 13

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,350
3,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2

Directors are not remunerated by Icon Unit 4 PropCo Limited.


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
475,472
546,064

Group interest payable
93,514
-

568,986
546,064

Page 14

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(30,645)

Total current tax
-
(30,645)

Deferred tax


Origination and reversal of timing differences
28,114
-

Adjustments to tax charge in respect of prior periods
93,430
-

Total deferred tax
121,544
-


Taxation on profit/(loss) on ordinary activities
121,544
(30,645)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
4,239,398
(141,705)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,059,850
(33,329)

Effects of:


Credits not chargeable for tax purposes
(1,112,349)
-

Capital allowances for year lower than depreciation
-
79,150

Adjustments to tax charge in respect of prior periods
93,430
(30,645)

Unrelieved tax losses carried forward
80,613
-

Group relief
-
(45,821)

Total tax charge for the year
121,544
(30,645)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

10.


Exceptional items

2024
2023
£
£


Intercompany creditor waiver
(4,449,395)
-

During the year, the Company entered into a waiver agreement with Icon 3 HoldCo Limited, formally releasing the Company from its obligation to repay amounts owing to Icon 3 HoldCo Limited.


11.


Investment property





Freehold property

£



Cost or valuation


At 1 January 2024
16,825,938



At 31 December 2024

16,825,938



Depreciation


At 1 January 2024
1,096,402


Charge for the year
336,519



At 31 December 2024

1,432,921



Net book value



At 31 December 2024
15,393,017



At 31 December 2023
15,729,536

The investment properties were independently valued at 13 September 2024 by external independent qualified valuers, Knight Frank, with recent experience valuing investment properties in the location held by the company. The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual. The investment properties were valued at £16,130k. The directors are of the opinion that the market values as at 31 December 2024 total £16,130k.
During the period, £724k (2023: £740k) was recognised in the statement of comprehensive income in relation to rental income from the investment properties (note 4). Direct operating expenses, including repairs and maintenance, arising from investment property that generated rental income amounted to £Nil (2023: £Nil). Direct operating expenses, including repairs and maintenance, arising from investment property that did not generate rental income during the year amounted to £Nil (2023: £Nil).
See note 16 for the undiscounted rent receivables for investment properties under operating leases.

Page 16

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

12.


Debtors

2024
2023
£
£


Trade debtors
217,209
217,209

Other debtors
2,863
-

Prepayments and accrued income
19,555
-

239,627
217,209


All amounts shown under debtors fall due for payment within one year.


13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
109,156

Amounts owed to group undertakings
11,706,438
4,565,763

Other taxation and social security
36,202
34,023

Accruals and deferred income
187,142
311,379

11,929,782
5,020,321


Amounts owed to Group undertakings are unsecured and repayable on demand. New intercompany debt entered into during the year bears interest at 3.1% above SONIA, in accordance with the agreed terms of drawdown. The parent company has confirmed they will not recall intercompany debt where appropriate, such that the company will be able to meet its creditors as they fall due.
Bank loans were secured by fixed and floating charges against assets to which they relate.


14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
11,462,960


Bank loans were secured by fixed and floating charges against assets to which they relate.

Page 17

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

15.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
109,156

Amounts falling due 1-2 years

Bank loans
-
108,796

Amounts falling due 2-5 years

Bank loans
-
11,354,164


-
11,572,116


The bank loan attracted a fixed interest rate of 4.7% and was repayable in October 2027. The bank loan was repaid in full in the financial year.


16.

Leases

Company as a lessor

The Company has entered lease agreements as a lessor that are considered to be operating leases.

Operating leases

The following table summarises the undiscounted lease payments receivable after the reporting date.

2024
2023
£
£

Not later than one year
724,000
724,000

Between one and two years
724,000
724,000

Between two and three years
724,000
724,000

Between three and four years
724,000
724,000

Between four and five years
724,000
724,000

Later than five years
7,691,000
8,415,000

Total undiscounted lease payments receivable
11,311,000
12,035,000

Page 18

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

17.


Deferred taxation




2024


£






Charged to profit or loss
(121,544)



At end of year
(121,544)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(202,157)
-

Tax losses carried forward
80,613
-

(121,544)
-


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1



19.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 


20.


Contingent liabilities

The Company is party to fixed and floating charges over its assets to secure the liabilities of Icon HoldCo Limited and its subsidiary undertakings. As a result, the company may be held responsible for the liabilities of other group companies which at 31 December 2024 totalled £111,904k. The company was party to a different financing arrangement in the prior year, which ceased on acquisition. Accordingly, no comparative figure is presented.

Page 19

 
Icon Unit 4 PropCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

21.


Related party transactions

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.
The Company has taken advantage of the exemption under paragraph 8(j) of FRS 101 not to disclose transactions with key management personnel.
During the year, Icon Unit 4 PropCo Ltd received income of £724k 
(2023: £774k) from a related party. As at the reporting date, the total amount owed by this entity was £217k (2023:£217k). Effective from 14 November 2024, this entity ceased to be a related party.


22.


Controlling party

Up to 14 November 2024, the company's ultimate parent was Starfish & Coffee Group Limited, a company registered in Guernsey, registered number 1-67166.
On 14 November 2024 the entire share capital of the company was acquired by Icon HoldCo Limited, a company registered in Jersey, registered number 156481. Icon HoldCo Limited is the immediate parent company and for which the consolidated financial statements for the group are prepared. The consolidated financial statements of Icon HoldCo Limited are available on request from 13 Castle Street, St. Helier, JE2 3BT, Jersey. 
The immediate and overall controlling party of Icon HoldCo Limited is RN3 Fund 1 Holdco S.à r.l., a company incorporated and registered in Luxembourg with company registration number B245473. The registered office of RN3 Fund 1 Holdco S.à r.l. is 2, Rue Edward Steichen, L-2540 Luxembourg. RN3 Fund 1 Holdco S.à r.l. exercises control by virtue of its shareholding in the company. There is no ultimate controlling party of RN3 Fund 1 Holdco S.à r.l..

 
Page 20