REGISTERED NUMBER: 07082833 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Icon Scientific Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W D Wright

N Leverett III

P E Morris

M P Morgan

REGISTERED OFFICE:

Squire Patton Boggs (UK) LLP

Rutland House

148 Edmund Street

Birmingham

B3 2JR

REGISTERED NUMBER:

07082833 (England and Wales)

AUDITORS:

Morley & Co (UK) Ltd

Statutory Auditor, Chartered Certified Accountants

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

FIXED ASSETS

Intangible assets

4

11,579

12,649

Tangible assets

5

72,602

63,034

84,181

75,683

CURRENT ASSETS

Stocks

6

721,807

680,089

Debtors

7

3,667,962

570,788

Cash at bank

460,936

2,441,593

4,850,705

3,692,470

CREDITORS

Amounts falling due within one year

8

788,691

1,148,202

NET CURRENT ASSETS

4,062,014

2,544,268

TOTAL ASSETS LESS CURRENT LIABILITIES

4,146,195

2,619,951

PROVISIONS FOR LIABILITIES

17,898

15,450

NET ASSETS

4,128,297

2,604,501

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,128,197

2,604,401

SHAREHOLDERS' FUNDS

4,128,297

2,604,501

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

P E Morris - Director

1.	STATUTORY INFORMATION

Icon Scientific 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.

The presentation and functional currency of the financial statements is sterling (£) and the financial statements are rounded to the nearest £1.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

(i) Depreciation Method and Asset useful lives:

Tangible assets are depreciated over their useful lives taking into account any residual values where appropriate.

Turnover

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

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and can be reliably measured.

Revenue from the sale of products is recognised when the company has transferred the risks and rewards of ownership to the buyer (usually on despatch of goods).

Revenue from services is recognised in the period in which the services are rendered.

Tangible fixed assets

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

Improvements to property

-

over remaining life of the lease

Plant and machinery

-

25% on cost

Computer equipment

-

25% on cost

The company has a policy of capitalising items over £5,000.

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 Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments

Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Going concern

The directors believe that the company is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1 January 2024

and 31 December 2024

21,400

AMORTISATION

At 1 January 2024

8,751

Amortisation for year

1,070

At 31 December 2024

9,821

NET BOOK VALUE

At 31 December 2024

11,579

At 31 December 2023

12,649

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

43,307

170,709

227,664

441,680

Additions

-

37,153

5,360

42,513

At 31 December 2024

43,307

207,862

233,024

484,193

DEPRECIATION

At 1 January 2024

43,307

150,810

184,529

378,646

Charge for year

-

15,859

17,086

32,945

At 31 December 2024

43,307

166,669

201,615

411,591

NET BOOK VALUE

At 31 December 2024

-

41,193

31,409

72,602

At 31 December 2023

-

19,899

43,135

63,034

6.

STOCKS

2024

2023

as restated

£

£

Stocks

567,250

506,780

Work-in-progress

154,557

173,309

721,807

680,089

7.

DEBTORS

2024

2023

as restated

£

£

Amounts falling due within one year:

Trade debtors

719,610

421,363

Other debtors

2,593

2,593

Tax

284,641

-

VAT

59,950

127,122

Prepayments

14,531

19,710

1,081,325

570,788

Amounts falling due after more than one year:

Amounts owed by group undertakings

2,586,637

-

Aggregate amounts

3,667,962

570,788

Amounts owed to group undertakings relate to borrowing agreements the company has entered into with fellow group undertakings. The borrowing agreement is in the form of a Promissory Note whereby the loanee group company promises to repay the company the principal amount on demand with interest in accordance with the terms of the Promissory Note.The Promissory Note is for an amount of £2.5m plus accrued interest of £86,638. Interest is charged at 4.78% per annum and the maturity date is 9th April 2031.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade creditors

380,922

512,255

Tax

-

80,016

Social security and other taxes

28,154

153

Pension control

1,087

1,478

Customer Deposits

268,577

477,409

Sundry creditors

1,120

1,120

Accrued expenses

108,831

75,771

788,691

1,148,202

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul King FCCA (Senior Statutory Auditor)

for and on behalf of Morley & Co (UK) Ltd

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Advanced Sensors Ltd which is incorporated in Northern Ireland and holds 100% of the issued share capital of this company.The ultimate controlling party is Indicor Equity LLC, a company incorporated in the United States of America. The consolidated financial statements of Indicor Equity LLC can be obtained from 6901 Professional Parkway East, Suite 200, Sarasota, Florida, 34240.