REGISTERED NUMBER: SC533302 (Scotland)

Financial Statements For The Year Ended 30 April 2024

for

IC Property Services Ltd

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Strange

REGISTERED OFFICE:

c/o Robb Ferguson

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REGISTERED NUMBER:

SC533302 (Scotland)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,143

2,434

1,143

2,434

CURRENT ASSETS

Debtors

498,004

284,737

Cash at bank

81

273

498,085

285,010

CREDITORS

Amounts falling due within one year

917,815

548,409

NET CURRENT LIABILITIES

(419,730

)

(263,399

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(418,587

)

(260,965

)

CREDITORS

Amounts falling due after more than one year

(33,689

)

(39,486

)

PROVISIONS FOR LIABILITIES

(286

)

(609

)

NET LIABILITIES

(452,562

)

(301,060

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(452,662

)

(301,160

)

SHAREHOLDERS' FUNDS

(452,562

)

(301,060

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 31 October 2025 and were signed by:

J Strange - Director

1.	STATUTORY INFORMATION

IC Property Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Although the company has a balance sheet deficit, the company meets its day to day working capital requirements with support from other creditors. The director considers it highly unlikely that funding will be withdrawn within the next twelve months . As such, the director considers it appropriate to prepare the accounts on a going concern basis.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Fixed plant and equipment

-

25% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the Statement of Comprehensive Income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the Statement of Comprehensive Income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 Statement of Comprehensive Income in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2023

and 30 April 2024

37,500

AMORTISATION

At 1 May 2023

and 30 April 2024

37,500

NET BOOK VALUE

At 30 April 2024

-

At 30 April 2023

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2023

and 30 April 2024

5,830

DEPRECIATION

At 1 May 2023

3,396

Charge for year

1,291

At 30 April 2024

4,687

NET BOOK VALUE

At 30 April 2024

1,143

At 30 April 2023

2,434

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

27,000

7,200