Icarus Developments Limited Filleted accounts for Companies House (small and micro)

ICARUS DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11370847

Icarus Developments Limited

Filleted Unaudited Financial Statements

31 May 2021

Icarus Developments Limited

Financial Statements

Year ended 31 May 2021

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 3

Icarus Developments Limited

Statement of Financial Position

31 May 2021

	2021	2020
Note	£	£

Current assets

Stocks		256,251	1,241,389
Debtors	4	5,320	100
Cash at bank and in hand		56,522	1,043
		---------	------------
		318,093	1,242,532

Creditors: amounts falling due within one year	5	328,815	1,428,070
		---------	------------
Net current liabilities		10,722	185,538
		---------	---------
Total assets less current liabilities		( 10,722)	( 185,538)
		---------	---------
Net liabilities		( 10,722)	( 185,538)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 10,822)	( 185,638)
	---------	---------
Shareholders deficit	( 10,722)	( 185,538)
	---------	---------

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 ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 10 February 2022 , and are signed on behalf of the board by:

Mr S M Greenhill
Director

Company registration number: 11370847

Icarus Developments Limited

Notes to the Financial Statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Ivy House Lane, Coseley, WV14 9JU, UK.

2. Statement of compliance

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

3. Accounting policies

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.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Debtors

	2021	2020
	£	£
Other debtors	5,320	100
	---------	---------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	853,839
Corporation tax	4,141	–
Amounts owed to related parties	198,660	320,789
Other creditors	126,014	253,442
	---------	------------
	328,815	1,428,070
	---------	------------

6. Related party transactions

The company was under the control of the director throughout the current and previous years. No transactions with related companies were undertaken such as are required to be disclosed under FRS102.

7. Controlling party

The parent and ultimate holding company is Metal Spraying (UK) Limited, a company registered in England and Wales.