ICIT Business Intelligence Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03789243

ICIT Business Intelligence Limited

Filleted Unaudited Financial Statements

31 December 2024

ICIT Business Intelligence Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	6	17,872	11,866

Current assets

Debtors	7	2,019,064	1,972,814
Investments	8	333,669	302,845
Cash at bank and in hand		1,413,900	1,321,878
		------------	------------
		3,766,633	3,597,537

Creditors: amounts falling due within one year	9	2,705,273	2,872,752
		------------	------------
Net current assets		1,061,360	724,785
		------------	---------
Total assets less current liabilities		1,079,232	736,651

Creditors: amounts falling due after more than one year	10	91,900	250,028

Provisions	4,468	2,967
	------------	---------
Net assets	982,864	483,656
	------------	---------

Capital and reserves

Called up share capital	501	501
Capital redemption reserve	1,825	1,825
Profit and loss account	980,538	481,330
	---------	---------
Members' funds	982,864	483,656
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

ICIT Business Intelligence Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

G Brownson

Director

Company registration number: 03789243

ICIT Business Intelligence Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. Statutory information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mere Hall Business Centre, Bucklow Hill Lane, Mere, Knutsford, Cheshire, WA16 6LE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

(c) Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

(d) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(e) Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property improvements	-	Straight line over the remaining life of the lease
Fixtures, fittings and equipment	-	50% straight line and 15% reducing balance

(h) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(i) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

(j) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

(k) Investments

Investments are measured initially at cost and are revalued at each reporting date, with any change in fair value being recognised in profit or loss.

(l) Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2023: 26 ).

5. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	62,823	81,433
	--------	--------

6. Tangible assets

	Leasehold property improvements	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2024	8,404	45,274	53,678
Additions	–	17,142	17,142
	-------	--------	--------
At 31 December 2024	8,404	62,416	70,820
	-------	--------	--------
Depreciation
At 1 January 2024	8,404	33,408	41,812
Charge for the year	–	11,136	11,136
	-------	--------	--------
At 31 December 2024	8,404	44,544	52,948
	-------	--------	--------
Carrying amount
At 31 December 2024	–	17,872	17,872
	-------	--------	--------
At 31 December 2023	–	11,866	11,866
	-------	--------	--------

7. Debtors

	2024	2023
	£	£
Trade debtors	1,267,068	925,049
Prepayments and accrued income	677,070	972,839
Directors loan account	48,725	48,725
Other debtors	26,201	26,201
	------------	------------
	2,019,064	1,972,814
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Prepayments and accrued income	12,845	31,147
	--------	--------

8. Investments

	2024	2023
	£	£
Investments	333,669	302,845
	---------	---------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	574,171	279,139
Accruals and deferred income	1,749,190	2,032,078
Corporation tax	185,841	365,255
Social security and other taxes	153,545	157,462
Director loan accounts	42,526	38,818
	------------	------------
	2,705,273	2,872,752
	------------	------------

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Accruals and deferred income	91,900	250,028
	--------	---------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	63,406	51,056
Later than 1 year and not later than 5 years	140,077	148,726
	---------	---------
	203,483	199,782
	---------	---------

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2024	2023
	£	£
M Bodger	48,725	48,725
	--------	--------

The maximum amount owed during the year was the sum of £48,725 (2023: £48,725).

13. Related party transactions

G Brownson and M Bodger are related parties by virtue of their directorships of and shareholdings in the company. During the year, the company paid equity dividends in the sum of £775,000 (2023: £1,161,668) to the directors/shareholders. In 2008, the company made a loan in the sum of £48,747 to M Bodger to assist in the purchase of some ordinary £0.10 shares from existing shareholders. At the end of the year, the amount still outstanding in respect of the loan was £48,725 (2023: £48,725). This loan was interest free and repayable on demand. At the year end, G Brownson was owed the sum of £31,200 (2023: £31,200) and M Bodger was owed the sum of £11,326 (2023: £7,618). These loans to the company were interest free and repayable on demand.