ICON LIFESAVER LIMITED


Director	MARSDEN, Christopher John


Registered Address	Icon Lifesaver Hall Chase London Road
	Marks Tey
	Colchester
	CO6 1EH


Registered Number	09778295 (England and Wales)

Notes to the Financial Statements
for the period 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 ultimate parent undertaking is Icon Technology Systems Limited, which owns 100% of the share capital of the company. Icon Technology Systems Limited is under the control of P Holden. The financial statements of Icon Technology Systems Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

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 ultimate parent undertaking is Icon Technology Systems Limited, which owns 100% of the share capital of the company. Icon Technology Systems Limited is under the control of P Holden.

The financial statements of Icon Technology Systems Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

	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.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	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. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Trademarks are subject to a periodic impairment review which are undertaken annually by the directors. Amortisation is provided on all intangible fixed assets as follows: Trademark Costs - 15% straight line Development Costs - 15% straight line Webshop Costs - 15% straight line

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Trademarks are subject to a periodic impairment review which are undertaken annually by the directors.

Amortisation is provided on all intangible fixed assets as follows:
Trademark Costs - 15% straight line
Development Costs - 15% straight line
Webshop Costs - 15% straight line

	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. 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.

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: Land & buildings - 25% straight line Plant & machinery - 50% & 33% straight line Office equipment - 50% & 75% straight line Fixtures and fittings - 50% & 25% 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:
Land & buildings - 25% straight line
Plant & machinery - 50% & 33% straight line
Office equipment - 50% & 75% straight line
Fixtures and fittings - 50% & 25% straight line

	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 the sale. The impairment loss is recognised immediately in the Income Statement.

	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	15		17

3.	Intangible assets
	Other intangible assets are comprised of Trademark Costs, Development Costs and Webshop Costs. On the basis that the Trademarks are to be renewed in 2027 at no significant cost, an impairment review has been carried out during the year by the directors and no impairment is deemed necessary.

	Other	Total
	£	£
Cost or valuation
At 31 December 23	250,866	250,866
Additions	29,900	29,900
At 31 December 24	280,766	280,766
Amortisation and impairment
At 31 December 23	114,706	114,706
Charge for year	11,908	11,908
At 31 December 24	126,614	126,614
Net book value
At 31 December 24	154,152	154,152
At 30 December 23	136,160	136,160

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 31 December 23	16,000	34,180	197,762	31,730	279,672
At 31 December 24	16,000	34,180	197,762	31,730	279,672
Depreciation and impairment
At 31 December 23	16,000	34,180	197,762	31,641	279,583
Charge for year	-	-	-	89	89
At 31 December 24	16,000	34,180	197,762	31,730	279,672
Net book value
At 31 December 24	-	-	-	-	-
At 30 December 23	-	-	-	89	89

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	89,741	27,290
Amounts owed by group undertakings	236,766	229,863
Other debtors	34,910	16,230
Prepayments and accrued income	75,458	24,752
Total	436,875	298,135


	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.

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	95,067	65,651
Amounts owed to related parties	5,550,789	5,444,714
Taxation and social security	16,860	10,076
Other creditors	889,269	428,934
Total	6,551,985	5,949,375


	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.

7.	Operating lease commitments
	At 31 December 2024, the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: Not later than 1 year £56,000 (2023 - £56,000) Later than 1 year and not later than 5 years £18,667 (2023 - £34,667)

8.	Related party transactions
	Included in debtors falling due within one year is an amount due from a fellow subsidiary undertaking, Icon Technology Systems USA Inc, of £236,766 (2023 - £229,863). The balance is interest free and repayable on demand. Icon Technology Systems USA Inc. is a company under the control of the Icon Technology Systems Limited group. Included in creditors falling due within one year is an amount due to the parent undertaking, Icon Technology Systems Ltd, of £5,550,789 (2023 - £5,444,714). The amount is interest free and repayable on demand. Included in other creditors falling due within one year is an amount due to the director, C J Marsden, of £Nil (2023 - £8,500). The balance is interest free and repayable on demand. Included in other creditors falling due within one year is an amount due to P Holden, a director and shareholder of Icon Technology Systems Ltd, the parent undertaking, of £350,000 (2023 - £Nil). The balance is interest free and repayable on demand.

Related party transactions

Included in debtors falling due within one year is an amount due from a fellow subsidiary undertaking, Icon Technology Systems USA Inc, of £236,766 (2023 - £229,863). The balance is interest free and repayable on demand. Icon Technology Systems USA Inc. is a company under the control of the Icon Technology Systems Limited group.

Included in creditors falling due within one year is an amount due to the parent undertaking, Icon Technology Systems Ltd, of £5,550,789 (2023 - £5,444,714). The amount is interest free and repayable on demand.

Included in other creditors falling due within one year is an amount due to the director, C J Marsden, of £Nil (2023 - £8,500). The balance is interest free and repayable on demand.

Included in other creditors falling due within one year is an amount due to P Holden, a director and shareholder of Icon Technology Systems Ltd, the parent undertaking, of £350,000 (2023 - £Nil). 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		154,152		136,160
Tangible assets	4		-		89
			154,152		136,249
Current assets
Stocks		254,308		359,160
Debtors	5	436,875		298,135
Cash at bank and on hand		163,647		20,281
		854,830		677,576
Creditors amounts falling due within one year	6	(6,551,985)		(5,949,375)
Net current assets (liabilities)			(5,697,155)		(5,271,799)
Total assets less current liabilities			(5,543,003)		(5,135,550)
Net assets			(5,543,003)		(5,135,550)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(5,543,004)		(5,135,551)
Shareholders' funds			(5,543,003)		(5,135,550)