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Registered number: 11220548
IC CONSULT UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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IC CONSULT UK LIMITED
COMPANY INFORMATION
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IC CONSULT UK LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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IC CONSULT UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report for the period ended 31 December 2024.
This report is intended to provide stakeholders with insight into the company's performance, strategic decision, and the principal risks and oppotunities associated with its operations.
Certain forward-looking statements contained herein reflect the Directors' expectations at the time of reporting. These are made in good faith, based on the information available up to the approval date of this report. As such, they should be interpreted with appropriate caution given the uncertainties inherent in business and economic environments.
This report complies with the requirements of Section 414C of the Companies Act 2006.
Review of the development and performance of the business
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Despite macroeconomic challenges in 2024, iC Consult UK Limited achieved another year of growth and strengthened its market position as a specilalist in Identity and Management (IAM) consulting and managed services.
The company's financial position remains very robust. The company recorded a turnover figure of £17,481,296 for the year (2023: £14,222,665) and reported a pre-tax net profit of £4,211,096 (2023: £4,016,462), supported by strong project demand, deeper customer engagement and new business development.
Cash and cash equivalents increased by 50.27% to £4,653,314. The equity based strengthened substantially, driven by the retained profit of £3,140,399.
To support the strong growth and ensure availability of the necessary specialized knowledge, the company increasingly used freelancers and purchases from affiliated companies in addition to a growing number of employed consultants. As a result the gross margin percentage decreased from 46.1% in 2023 to 44.03% in 2024.
The average headcount has risen from 76 in 2023 to 84 in 2024.
The company's continuing key objectives are threefold: delivering exceptional customer satisfaction, fostering employee development, and maximizing profitability. These objectives are achieved through strategic revenue optimization, effective cost management, and efficient resource allocation across all operations.
iC Consult UK Limited expanded its customer portfolio significantly and deepened relationships with existing enterprise clients. Additionally, the company saw strong traction in managed services and cloud identity projects. Staff headcount grew in line with business demand, reflecting continued investment in talent and delivery capabilities.
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IC CONSULT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Key performance indicators
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The directors closely monitor the following Key Performance Indicators: (i) sales growth; (ii) gross profit growth; (iii) operating profit; (iv) net profit; (v) EBITDA.
• Turnover for the period was £17.48 million, 22.93% up on the previous period.
• Gross profit for the period was £ 7.70 million, 17.20% up on the previous period.
• Operating profit for the period was £ 4.20 million, 4.59% up on the previous period.
• Net profit for the period was £ 3.14 million, 2.38% up on the previous period.
• EBITDA for the period £ 4.27 million, 4.67% up on the previous period.
Business Model
iC Consult UK Limited focuses on consulting and implementation services in the field of Identity and Access Management (IAM) and specialises in providing comprehensive IAM services, including consulting, implementation, integration, support, and managed services. Our business model is centered on delivering end-to-end IAM solutions that ensure the security and efficiency of our clients' digital identities and access management. Our services cater to a wide range of industries, ensuring tailored solutions that meet specific regulatory and operational requirements
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IC CONSULT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement in accordance with Section 172(1) of the Companies Act 2006
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The Directors of iC Consult UK Limited, in performing their duties under section 172(1) of the Companies Act 2006, confirm that throughout the year ended 31 December 2024 they have acted in good faith to promote the success of the company for the benefit of its shareholders as a whole, while having due regard to the matters set out in s.172(1)(a) to (f). These include:
a) The likely consequences of any decision in the long term
The company acknowledges the importance of understanding and addressing the interests of our various stakeholders, which include employees, customers, and suppliers. The Board takes a strategic, long-term approach to decision-making, aiming to maintain sustainable growth and a resilient business model. Investments in talent development, managed services, and scalable infrastructure reflect our commitment to long-term value creation.
b) The interests of the company’s employees
Our employees are a vital part of our success. In 2024, we expanded our workforce, improved internal communications, and continued to offer flexible working options. We strive to create an inclusive and dynamic workplace where everyone can thrive. We have introduced several initiatives over the years to support our workforce, including various training programs, flexible working arrangements and wellbeing initiatives. The company holds regular meetings with staff to ensure that staff are informed of matters affecting them as employees and on various factors affecting the performance of the company.
c) The need to foster business relationships with suppliers, customers and others
We maintain close, collaborative relationships with our customers, built on trust, transparency and quality delivery. We also work closely with key software vendors and partners to ensure optimal outcomes. Regular feedback loops and service reviews were implemented to enhance satisfaction.
d) The impact of the company’s operations on the community and the environment
While our direct environmental footprint is relatively low due to our service-based model, we encourage sustainable practices such as remote work, energy-efficient office usage, and responsible travel. We are also committed to inclusive hiring practices and community outreach through mentoring initiatives.
e) The desirability of the company maintaining a reputation for high standards of business conduct
Our reputation is paramount. We continue to adhere to strong ethical, compliance, and data security standards, in alignment with Group-wide policies. Our ISO certifications our credibility in the IAM sector.
f) The need to act fairly as between members of the company
iC Consult UK Limited is a wholly owned subsidiary of iC Consult Group GmbH. All major strategic decisions are aligned with the Group’s interests, and regular updates are provided to the parent company to ensure transparency and alignment.
Risks and Opportunities
Risks
iC Consult UK Limited operates in a dynamic and fast-evolving market environment. While the business showed strong growth in 2024, certain risk factors must be actively monitored and managed to ensure long-term sustainability.
Talent Acquisition and Retention
One of the key challenges facing the business is the recruitment and retention of highly skilled IAM professionals in an increasingly competitive UK technology labour market. As the demand for IAM expertise continues to outstrip supply, there is a risk that delays in hiring could affect project delivery timelines and the ability to scale operations. The company mitigates this risk through proactive sourcing strategies, continuous professional development programmes, and integration into the global iC Consult talent network.
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IC CONSULT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Economic and Market Volatility
While the UK economy stabilised in parts of 2024, macroeconomic uncertainty remains due to inflationary pressures, global conflict, and political change. Prolonged inflation or cost pressure could impact client investment decisions, delay projects, or increase wage expectations. iC Consult UK Limited mitigates this through strategic pricing reviews, scenario planning, and long-term client relationships.
Dependency on Key Clients
A concentration of revenue with several strategic clients, while reflecting strong partnerships, introduces a dependency risk. A potential loss or reduction in volume from such clients could impact revenue streams. This risk is addressed through ongoing customer satisfaction initiatives, diversification of the client base, and upselling of new services.
Cybersecurity and Regulatory Compliance
As a cybersecurity services provider, iC Consult UK Limited must maintain the highest level of internal security and compliance. Any breach, even indirect, would impact reputation and trust. Additionally, regulatory changes such as updates to the UK GDPR or emerging EU regulations like NIS2 pose compliance challenges. Ongoing investments in internal security architecture, staff training, and regular audits help reduce this exposure.
Foreign Exchange Exposure
As part of an international Group, iC Consult UK Limited is subject to exchange rate fluctuations, particularly GBP/EUR. Currency volatility may impact intercompany cost allocations or service margins. Exchange rate movements are closely monitored and financial forecasts adjusted accordingly.
Opportunities
Despite the above risks, iC Consult UK Limited is well positioned to benefit from several opportunities in its target markets:
Growing Demand for IAM and Zero-Trust Architectures
The growing complexity of IT environments, heightened awareness of data protection, and increasing regulatory requirements drive demand for IAM solutions. Zero-trust frameworks and identity-centric security models are becoming standard, offering a sustained pipeline of consulting and implementation opportunities.
Managed Services and Cloud Migration
Enterprises increasingly look to outsource IAM operations through managed services, particularly for hybrid and cloud-based infrastructures. iC Consult UK Limited is actively expanding its managed service portfolio to support this trend and generate recurring revenue streams.
Cross-Selling and Group Synergies
As part of the international iC Consult Group, iC Consult UK Limited can leverage global delivery models, shared service centres, and international partnerships to scale services efficiently. Cross-border customer engagements and access to a broader partner ecosystem present strong growth potential.
Technological Partnerships and Innovation
The company continues to develop partnerships with leading IAM vendors, enabling early access to innovation and co-development opportunities. Focus areas include API security, identity governance, and DevSecOps integrations, which enhance the company’s ability to offer cutting-edge, value-added solutions.
ESG and Sustainability
The company is committed to formalising an ESG framework in line with Group initiatives. In 2024, remote work, low-emission practices, and inclusive hiring continued to reduce the company’s environmental and social impact.
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IC CONSULT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In fulfilling our duties under Section 172, the Board has carefully considered the interests of all stakeholders and the long-term impact of our decisions. We remain committed to fostering a successful and sustainable future for iC Consult UK Ltd., delivering value to our stakeholders, and upholding the highest standards of governance and ethical conduct.
This report was approved by the board on 15 August 2025 and signed on its behalf.
Christopher Patrick
Director
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IC CONSULT UK 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.
The principal activity of the Company during the year is identity and access management solutions for global corporations.
The profit for the year, after taxation, amounted to £3,140,399 (2023 - £3,067,717).
There were nil dividends proposed for the year.
The Directors who served during the year were:
There were no political contributions during the year.
Directors' responsibilities statement
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The Directors are responsible for preparing the Strategic Report, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 2006. They 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.
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IC CONSULT UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
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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 auditor is 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 auditor is aware of that information.
This report was approved by the board and signed on its behalf.
Christopher Patrick
Director
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IC CONSULT UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IC CONSULT UK LIMITED
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.
We have audited the financial statements which comprise:
• the Statement of comprehensive income;
• the Balance sheet;
• the Statement of changes in equity;
• the Statement of cash flows;
• the related notes 1 to 13 which include the statement of accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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 auditor's 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 UK, including the Financial Reporting Council’s (the ‘FRC’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
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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.
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IC CONSULT UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IC CONSULT UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our 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.
Responsibilities of directors
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As explained more fully in the directors’ responsibilities statement, 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.
Auditor’s 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 auditor's 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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IC CONSULT UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IC CONSULT UK LIMITED (CONTINUED)
Extent to which the audit was considered capable of detecting irregularities, including fraud
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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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
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Opinions 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
• 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 any material misstatements in the strategic report or the directors’ report.
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IC CONSULT UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IC CONSULT UK LIMITED (CONTINUED)
Matters on which we are required to report by exception
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Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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 2006. Our 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 Auditor's 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.
Mark Bathgate (Senior Statutory Auditor)
for and on behalf of
Constantin
Chartered Accountants abd Statutory Auditor
25 Hosier Lane
London
EC1A 9LQ
15 August 2025
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IC CONSULT UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Profit for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 17 to 27 form part of these financial statements.
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IC CONSULT UK LIMITED
REGISTERED NUMBER: 11220548
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Deferred income - non current
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2025.
The notes on pages 17 to 27 form part of these financial statements.
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IC CONSULT UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Shares issued during the year
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Comprehensive income for the year
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The notes on pages 17 to 27 form part of these financial statements.
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IC CONSULT UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Loss on disposal of tangible assets
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Increase in amounts owed to associates
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Increase/(decrease)) in amounts owed to participating ints
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Payments from the issuance of (financial) loans
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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IC CONSULT UK LIMITED
The notes on pages 17 to 27 form part of these financial statements.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
iC Consult UK Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is 2 London Wall Place, London, EC2Y 5AU. The principal activity is identity and access management solutions for global corporations.
The financial statements are rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to excercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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.
Interest income is recognised in profit or loss using the effective interest method.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
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 payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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.
Tangible fixed assets under the cost model, other than investment properties, 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:
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, 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 profit or loss.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only 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 non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs were as follows:
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Cost of defined contribution scheme
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It includes directors remuneration of £177,457 (2023: £182.656) and the highest paid director received £177,457 (2023: £182,656).
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The average monthly number of employees, including the Directors, during the year was as follows:
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Management sales and administration
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Current tax on profits for the year
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Movement in deferred tax not recognised
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £326,037 (2023: £271,275). Contributions totalling £54,695 (2023: £41,124) were payable to the fund at the balance sheet date and are included in creditors.
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IC CONSULT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Post balance sheet events
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There were no post balance sheet that occurred until the date of the issuance of the financial statements that would require adjustments to or disclosure in the financial statements as of the year ended 31 December 2024.
As of 31 December 2024, the immediate parent company is iC Consult Group GmbH.
The largest group & the ultimate parent entity in which the results of the company are consolidated is headed by iCC TopCo GmbH.
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