REGISTERED NUMBER: 04621973 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

ICEX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I Harris

R Brown

Dr J Russell

REGISTERED OFFICE:

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

REGISTERED NUMBER:

04621973 (England and Wales)

ACCOUNTANTS:

CBHC Limited

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

FIXED ASSETS

Intangible assets

4

130,670

147,003

Tangible assets

5

15,994

18,952

146,664

165,955

CURRENT ASSETS

Stocks

133,590

133,590

Debtors

6

104,851

140,155

Cash at bank and in hand

9,848

139

248,289

273,884

CREDITORS

Amounts falling due within one year

7

(380,836

)

(393,307

)

NET CURRENT LIABILITIES

(132,547

)

(119,423

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,117

46,532

CREDITORS

Amounts falling due after more than one year

8

(37,168

)

(37,966

)

PROVISIONS FOR LIABILITIES

-

(7,315

)

NET (LIABILITIES)/ASSETS

(23,051

)

1,251

CAPITAL AND RESERVES

Called up share capital

70,635

70,635

Retained earnings

(93,686

)

(69,384

)

(23,051

)

1,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2025 and were signed on its behalf by:

Dr J Russell - Director

1.	STATUTORY INFORMATION

ICEX Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

After review, it has been determined Goodwill has not been impaired.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 25 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st January 2024

and 31st December 2024

10,000

153,337

163,337

AMORTISATION

At 1st January 2024

1,000

15,334

16,334

Charge for year

1,000

15,333

16,333

At 31st December 2024

2,000

30,667

32,667

NET BOOK VALUE

At 31st December 2024

8,000

122,670

130,670

At 31st December 2023

9,000

138,003

147,003

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2024

143,483

Additions

1,610

At 31st December 2024

145,093

DEPRECIATION

At 1st January 2024

124,531

Charge for year

4,568

At 31st December 2024

129,099

NET BOOK VALUE

At 31st December 2024

15,994

At 31st December 2023

18,952

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

53,163

74,610

Amounts owed by group undertakings

-

11,745

Other debtors

51,688

53,800

104,851

140,155

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

70,115

69,469

Hire purchase contracts

2,803

5,771

Trade creditors

173,566

202,802

Amounts owed to group undertakings

49,430

28,327

Taxation and social security

(74

)

33,115

Other creditors

84,996

53,823

380,836

393,307

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

32,188

35,925

Hire purchase contracts

-

2,041

Other creditors

4,980

-

37,168

37,966

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date ICEX Limited owed John Russell (director) £Nil (2023: £Nil).

10.	RELATED PARTY DISCLOSURES

A director of ICEX, I Harris is also a director of CBHC Limited. CBHC Limited has billed ICEX £7,777 during the period for accountancy services.

During the year, the company was charged £55,200 (2023: £55,200) in management fees from ICEX Group Limited, the parent company of ICEX Limited.

During the year, the company was charged £506,699 (2023: £542,836) in recharged wages from Recycling Your IT Limited, a company within the group.

At the balance sheet date ICEX Limited owed £15,603 to ICEX Group Limited (2023: £11,745 owed to ICEX Limited from ICEX Group Limited) , the parent company of ICEX Limited.

At the balance sheet date ICEX Limited owed £33,827 to Recycling Your IT Limited (2023: £28,327), a company within the group.

Included in Trade Creditors are the following balances:

A balance owing to CBHC Limited of £29,742, a company I Harris is also a director of.

A balance owing to Recycling Your IT Limited of £66,301.

Included in Trade Debtors are the following balances:

A balance owing from ICEX Computers Limited of £20,399, a company within the group.

11.	ULTIMATE CONTROLLING PARTY

The parent company during the year was ICEX Group Limited, there is no ultimate controlling party.