ICON TECHNOLOGY SYSTEMS LIMITED


Directors	BRANNON, Andrew
	HOLDEN, Philip
	MARSDEN, Christopher John


Registered Address	A C Plastics
	Wilson Road
	Liverpool
	L36 6AN


Registered Number	07015082 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company, and the group headed by it, qualify as a small group as such the parent and the group are exempt from producing consolidated group accounts. These accounts are for this company alone.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

	Going concern
	The financial statements have been prepared on the going concern basis which assumes the continued support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Research and development
	In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant and machinery - 33%, 50% and 100% straight line

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Plant and machinery - 33%, 50% and 100% straight line

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Stocks and work in progress

Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). 

At each date of Statement of Financial Position, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	3		7

3.	Intangible assets
	Other intangible assets are comprised of Development Costs.

	Other	Total
	£	£
Cost or valuation
At 01 January 24	725,932	725,932
At 31 December 24	725,932	725,932
Amortisation and impairment
At 01 January 24	705,158	705,158
Charge for year	6,312	6,312
At 31 December 24	711,470	711,470
Net book value
At 31 December 24	14,462	14,462
At 31 December 23	20,774	20,774

4.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 January 24	307,309	307,309
At 31 December 24	307,309	307,309
Depreciation and impairment
At 01 January 24	249,386	249,386
Other adjustments	57,923	57,923
At 31 December 24	307,309	307,309
Net book value
At 31 December 24	-	-
At 31 December 23	57,923	57,923

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	7,113	7,113
At 31 December 24	7,113	7,113
Net book value
At 31 December 24	7,113	7,113
At 31 December 23	7,113	7,113

	Notes
	¹Investments in group undertakings and participating interests

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	7,836,241	7,730,269
Other debtors	6,316	3,336
Total	7,842,557	7,733,605


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	1,680	-
Taxation and social security	-	9,543
Other creditors	26,510,360	26,402,375
Total	26,512,040	26,411,918


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included in other creditors is an amount of £5,421,453 (2023 - £5,421,329) which is secured by the company.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Included in other creditors is an amount of £5,421,453 (2023 - £5,421,329) which is secured by the company.

8.	Related party transactions
	Included within debtors is an amount of £2,140,310 (2023 - £2,140,310) due from Icon Technology Systems USA Inc, a subsidiary undertaking. The balance is interest free and repayable on demand. Included within debtors is an amount of £145,142 (2023 - £145,142) due from Icon Technology Systems Trading Limited, a subsidiary undertaking. The balance is interest free and repayable on demand. Included within debtors is an amount of £5,550,789 (2023 - £5,444,714) due from Icon Lifesaver Limited, a subsidiary undertaking. The balance is interest free and repayable on demand. Included within other creditors, due within one year is an amount due to A Brannon of £601,495 (2023 - £338,383). The balance is interest free and repayable on demand. Included within other creditors, due within one year is an amount due to F Brannon of £1,381,697 (2023 - £Nil). The balance is interest free and repayable on demand. Included within other creditors, due within one year is an amount due to P Holden of £22,608,298 (2023 - £1,739,000). The balance is interest free and repayable on demand. Included within other creditors, due within one year is an amount due to C J Marsden of £1,918,870 (2023 - £312,000). The balance is interest free and repayable on demand.

Related party transactions

Included within debtors is an amount of £2,140,310 (2023 - £2,140,310) due from Icon Technology Systems USA Inc, a subsidiary undertaking. The balance is interest free and repayable on demand.

Included within debtors is an amount of £145,142 (2023 - £145,142) due from Icon Technology Systems Trading Limited, a subsidiary undertaking. The balance is interest free and repayable on demand.

Included within debtors is an amount of £5,550,789 (2023 - £5,444,714) due from Icon Lifesaver Limited, a subsidiary undertaking. The balance is interest free and repayable on demand.

Included within other creditors, due within one year is an amount due to A Brannon of £601,495 (2023 - £338,383). The balance is interest free and repayable on demand.

Included within other creditors, due within one year is an amount due to F Brannon of £1,381,697 (2023 - £Nil). The balance is interest free and repayable on demand.

Included within other creditors, due within one year is an amount due to P Holden of £22,608,298 (2023 - £1,739,000). The balance is interest free and repayable on demand.

Included within other creditors, due within one year is an amount due to C J Marsden of £1,918,870 (2023 - £312,000). The balance is interest free and repayable on demand.

9.	Parent-subsidiary relationships
	The company, and the group headed by it, qualify as a small group and as such the parent and the group are exempt from producing group accounts.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		14,462		20,774
Tangible assets	4		-		57,923
Investments	5		7,113		7,113
			21,575		85,810
Current assets
Debtors	6	7,842,557		7,733,605
Cash at bank and on hand		5,093		1,538
		7,847,650		7,735,143
Creditors amounts falling due within one year	7	(26,512,040)		(26,411,918)
Net current assets (liabilities)			(18,664,390)		(18,676,775)
Total assets less current liabilities			(18,642,815)		(18,590,965)
Net assets			(18,642,815)		(18,590,965)
Capital and reserves
Called up share capital			40		40
Profit and loss account			(18,642,855)		(18,591,005)
Shareholders' funds			(18,642,815)		(18,590,965)