Company Information
Contents
Directors' report
For the period ended 31 March 2025
The directors present their report and the financial statements of iCON Management Holdings (UK) Limited ('the Company') for the three month period from incorporation to 31 March 2025.
The loss for the period, after taxation, amounted to £4,841.
The Company was incorporated on 31 December 2024 as a private company limited by shares and incorporated in England and Wales.
The directors who served during the period were:
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Directors' report (continued)
For the period ended 31 March 2025
At the reporting date, the Company's liabilities exceeded its assets. The Company has received assurance from
its immediate parent company, iCON Infrastructure LLP, that it intends to continue to give financial support to the Company for the foreseeable future sufficient to enable the Company to meet its liabilities as and when they fall due and to defer repayment of its loans in favour of other creditors.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. However, should the financial support from the immediate parent company not be forthcoming if requested, the going concern basis used in preparing the Company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities that might be necessary should this basis not continue to be appropriate.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by sections 414A and 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Independent auditor's report to the members of iCON Management Holdings (UK) Limited
For the period ended 31 March 2025
We have audited the financial statements of iCON Management Holdings (UK) Limited (the 'Company') for the period ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of iCON Management Holdings (UK) Limited (continued)
For the period ended 31 March 2025
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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Independent auditor's report to the members of iCON Management Holdings (UK) Limited (continued)
For the period ended 31 March 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the Company through discussions with members and other management at the planning stage;
statements of the Company through discussions with members and other management at the planning stage;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the Company including the Companies Act 2006, and taxation legislation.
effect on the financial statements or the operations of the Company including the Companies Act 2006, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the Company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries to identify unusual transactions, particularly in relation to expenditure;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of the Company's management; and
on the part of the Company's management; and
∙tested all expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
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Independent auditor's report to the members of iCON Management Holdings (UK) Limited (continued)
For the period ended 31 March 2025
Auditor's responsibilities for the audit of the financial statements (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,
omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
For the period ended 31 March 2025
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Statement of financial position
As at 31 March 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf.
The notes on pages 10 to 13 form part of these financial statements.
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Statement of changes in equity
For the period ended 31 March 2025
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Notes to the financial statements
For the period ended 31 March 2025
iCON Management Holdings (UK) Limited is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is 5th Floor, 15 Golden Square, London, United Kingdom, W1F 9JG.
This is the Company's first accounting period following incorporation on 31 December 2024. As this is the first accounting period and is shorter than a full year, the results presented may not be directly comparable to future periods.
This is the Company's first accounting period following incorporation on 31 December 2024. As this is the first accounting period and is shorter than a full year, the results presented may not be directly comparable to future periods.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company's functional and presentational currency is GBP.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of iCON Infrastructure LLP as at 31 March 2025 and these financial statements may be obtained from Companies House.
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Notes to the financial statements
For the period ended 31 March 2025
2.Accounting policies (continued)
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Notes to the financial statements
For the period ended 31 March 2025
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Notes to the financial statements
For the period ended 31 March 2025
Profit and loss account
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There were no contingent liabilities at 31 March 2025.
There were no capital commitments at 31 March 2025.
The immediate parent undertaking of the Company is iCON Infrastructure LLP, whose registered address is the same as the Company's. This is also the parent entity that prepares the largest and smallest set of consolidated group of accounts which include the results of the Company. These accounts are available from Companies House.
The ultimate controlling party of the Company is Paul Malan due to his ownership of the majority of the voting rights in iCON Infrastructure LLP.
The ultimate controlling party of the Company is Paul Malan due to his ownership of the majority of the voting rights in iCON Infrastructure LLP.
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