REGISTERED NUMBER: 03300612 (England and Wales)

Financial Statements for the Period 1 April 2024 to 31 December 2024

for

Ikarus Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L Csiki

SECRETARY:

L M Csiki

REGISTERED OFFICE:

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

REGISTERED NUMBER:

03300612 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Williams ACA

AUDITORS:

GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

FIXED ASSETS

Tangible assets

4

617,601

494,079

CURRENT ASSETS

Stocks

3,986,912

1,876,995

Debtors

5

2,308,454

5,148,717

Cash at bank

1,210,188

1,029,903

7,505,554

8,055,615

CREDITORS

Amounts falling due within one year

6

1,690,350

2,479,505

NET CURRENT ASSETS

5,815,204

5,576,110

TOTAL ASSETS LESS CURRENT LIABILITIES

6,432,805

6,070,189

CREDITORS

Amounts falling due after more than one year

7

5,338,158

5,039,609

NET ASSETS

1,094,647

1,030,580

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,093,647

1,029,580

SHAREHOLDERS' FUNDS

1,094,647

1,030,580

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 director and authorised for issue on 11 November 2025 and were signed by:

L Csiki - Director

1.	STATUTORY INFORMATION

Ikarus Engineering 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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the Company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is

passed.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs and an appropriate allocation of production overheads, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the period 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 that have been enacted or substantively enacted by the balance sheet date.

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 period 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

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

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

Debtors

Short term debtors are measured at transaction prices less impairment losses for bad and doubtful debts.

Creditors

Short term trade creditors are measured at transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case these are stated at cost.

Group Loan

The loan with the company's parent undertaking is being repaid over a 5 year period with an effective interest rate of 7% pa. No fair value adjustments have been made in respect of this loan as the directors have assessed the rate to be on a commercial basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

715,030

51,340

766,370

Additions

-

139,752

139,752

At 31 December 2024

715,030

191,092

906,122

DEPRECIATION

At 1 April 2024

222,845

49,446

272,291

Charge for period

14,301

1,929

16,230

At 31 December 2024

237,146

51,375

288,521

NET BOOK VALUE

At 31 December 2024

477,884

139,717

617,601

At 31 March 2024

492,185

1,894

494,079

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade debtors

1,518,320

1,490,727

Other debtors

790,134

3,657,990

2,308,454

5,148,717

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade creditors

97,305

471,424

Amounts owed to group undertakings

1,320,000

1,320,000

Taxation and social security

247,945

98,655

Other creditors

25,100

589,426

1,690,350

2,479,505

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2024

£

£

Amounts owed to group undertakings

5,338,158

5,039,609

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

The Report of the Auditors was unqualified.

Martin Williams ACA (Senior Statutory Auditor)

for and on behalf of GH Audit Limited

9.	ULTIMATE CONTROLLING PARTY

The company is under the control of its director, Mr L Csiki who owns 100% of the issued share capital of the ultimate parent company, Ikarus Engineering (Holdings) Ltd.

The company's results have been included in the consolidated financial statements of Ikarus Engineering (Holdings) Ltd, copies of which can be obtained from the registered office at:- 29E Warwick Square, Pimlico, London, SW1V 2AD.