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Registered number: 11991684 ICM CONSTRUCTION LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
ICM CONSTRUCTION LIMITED REGISTERED NUMBER: 11991684 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 251,391 |  | 29,596
|  |  | 251,391 |  | 29,596
Current assets |  |  |  |  |
Stocks | 5 | 3,681,154 |  | 2,495,883 |
Debtors: amounts falling due within one year | 6 | 7,239,964 |  | 1,977,909 |
Cash at bank and in hand | 7 | 167,518 |  | 11,773 |
|  | 11,088,636 |  | 4,485,565 |
Creditors: amounts falling due within one year | 8 | (11,143,850) |  | (4,336,459) |
Net current (liabilities)/assets |  |  | (55,214) |  | 149,106
Total assets less current liabilities |  |  | 196,177 |  | 178,702
Creditors: amounts falling due after more than one year |  |  | (108,336) |  | -
Net assets |  |  | 87,841 |  | 178,702
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 250,000 |  | 250,000
Profit and loss account |  |  | (162,159) |  | (71,298)
|  |  | 87,841 |  | 178,702
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ICM CONSTRUCTION LIMITED REGISTERED NUMBER: 11991684 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies 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:
................................................ A Balasso
Director
Date: 28 August 2025
The notes on pages 3 to 11 form part of these financial statements. Page 2
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
ICM Construction Limited ia a private company, limited by shares, incorporated in England and Wales. Its registered office is Aston House, Cornwall Avenue, London, N3 1LF. The principal activity of the company is the development of building projects. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company is reliant on the support of its ulitmate parent company ICM S.p.A. After making enquiries, the directors have a reasonable expectation that the company will continue to receive support from its parent and therefore has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 3
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Long-term contracts
Long-term contracts are valued at the lower of cost and estimated net realisable value and are included in current assets. Costs represent and include mobilization costs incurred in respect of establishing the contracts and the framework required to delivered these contracts. Costs also include interest accrued on loans due. Profit on long-term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. Profits are calculated on a prudent basis to reflect the proportion of the works carried out at the balance sheet date, by recording turnover and related costs as contract activity progresses. At each balance sheet date, long-term contracts are assessed for impairment and any impairment loss is charged to the Profit and loss account.
| 2.5 | 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: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 4
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Taxation
Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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:
|  |  |  | Motor vehicles | - | 25% | Straight-line method
|  |  |  | Fixtures and fittings | - | 10% | Straight-line method
|  |  |  | Office equipment | - | 25% | Straight-line method
|  |  |  | Other fixed assets | - | 10% | Straight-line method
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | 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.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 5
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 6
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 7
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2023 - 7).
4. | Tangible fixed assets
|  | Motor vehicles | Office equipment | Other fixed assets | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | - | 16,217 | 19,718 | 35,935
| Additions | 219,637 | 4,562 | 13,173 | 237,372
| At 31 December 2024 | 219,637 | 20,779 | 32,891 | 273,307
| Depreciation |  |  |  |
| At 1 January 2024 | - | 3,659 | 2,680 | 6,339
| Charge for the year on owned assets | 9,152 | 2,956 | 2,477 | 14,585
| Charge for the year on financed assets | 992 | - | - | 992
| At 31 December 2024 | 10,144 | 6,615 | 5,157 | 21,916
| Net book value |  |  |  |
| At 31 December 2024 | 209,493 | 14,164 | 27,734 | 251,391
| At 31 December 2023 | - | 12,558 | 17,038 | 29,596
Page 8
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Motor vehicles | 189,680 | -
|  | 189,680 | -
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long-term contract balances | 3,681,154 | 2,495,883
|  | 3,681,154 | 2,495,883
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 865,182 | -
| Amounts owed by group undertakings | 3,838,245 | -
| Other debtors | 426,104 | 25,179
| Prepayments and accrued income | 2,110,433 | 1,952,730
|  | 7,239,964 | 1,977,909
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 167,518 | 11,773
| Less: bank overdrafts | - | (192)
|  | 167,518 | 11,581
Page 9
ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | - | 192
| Bank loans | 752,754 | 1,861,146
| Payments received on account | 6,905,034 | -
| Trade creditors | 690,126 | 359,626
| Amounts owed to group undertakings | 2,609,849 | 2,090,489
| Other taxation and social security | 13,928 | 4,656
| Obligations under finance lease and hire purchase contracts | 40,626 | -
| Other creditors | 61,488 | 4,350
| Accruals and deferred income | 70,045 | 16,000
|  | 11,143,850 | 4,336,459
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 108,336 | -
|  | 108,336 | -
10. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 40,626 | -
| Between 1-5 years | 108,336 | -
|  | 148,962 | -
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ICM CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 91,826 | 61,797
| Later than 1 year and not later than 5 years | 22,640 | 30,236
|  | 114,466 | 92,033
12. | Related party transactions
| The Company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
13. | Controlling party
The immediate parent company is Delma Engineering UK Limited, a company incorporated in England. The ultimate parent company is ICM S.p.A., a company registered in Italy. The accounts of the company are included in the consolidated financial statements of Maltauro Partecipazioni S.p.A., copies of which can be obtained from 36100 - VICENZA Viale dell'Industria 42.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 28 August 2025 by Alexander Chrysaphiades, FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.
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