ICON.net Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 03370741 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2013

FOR

ICON.NET LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J D Chance

N R Robinson

P Lane

SECRETARY:

N R Robinson

REGISTERED OFFICE:

Friars Court

College Street

Gloucester

Gloucestershire

GL1 2NE

REGISTERED NUMBER:

03370741 (England and Wales)

ACCOUNTANTS:

DAY AND COMPANY

Chartered Accountants

23 Park Road

Gloucester

Gloucestershire

GL1 1LH

BANKERS:

Yorkshire Bank Plc

5 Northgate Street

Gloucester

Gloucestershire

GL1 2AH

SOLICITORS:

LAYTONS

Saint Bartholomews

Lewins Mead

Bristol

BS1 2NH

FIXED ASSETS

Tangible assets

2

8,947

10,023

CURRENT ASSETS

Stocks

66,250

67,550

Debtors

86,624

62,281

Cash at bank

6,426

5,005

159,300

134,836

CREDITORS

Amounts falling due within one year

3

59,734

58,174

NET CURRENT ASSETS

99,566

76,662

TOTAL ASSETS LESS CURRENT LIABILITIES

108,513

86,685

CAPITAL AND RESERVES

Called up share capital

4

9,500

9,500

Profit and loss account

99,013

77,185

SHAREHOLDERS' FUNDS

108,513

86,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2013 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 July 2014 and were signed on its behalf by:

N R Robinson - Director

J D Chance - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of products and services, excluding value added tax.

Turnover is recognised at the point products and services are supplied and invoiced, subject to interim

invoicing in respect of stage payments commensurate to the level of work completed - in accordance with

contract or as agreed with the client.

Hosting services are invoiced annually in advance, in accordance with contract, and are recognised in full

within turnover.

Tangible fixed assets

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

Office equipment

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow

moving items.

Work in progress is valued at sales contract value appropriate to the level of contract completion except

where full realisation of such amount is unlikely.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currency transactions

Foreign currency transactions are converted to sterling at the prevailing rate of exchange on the date of

payment.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes.Contributions payable for the year are charged

in the profit and loss account.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2012

30,342

Additions

2,600

At 31 October 2013

32,942

DEPRECIATION

At 1 November 2012

20,319

Charge for year

3,676

At 31 October 2013

23,995

NET BOOK VALUE

At 31 October 2013

8,947

At 31 October 2012

10,023

3.

CREDITORS

Creditors include an amount of £ 0 (2012 - £ 13,146 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

9,000

Ordinary

£1

9,000

9,000

500

Employee

£1

500

500

9,500

9,500

12.1 Treasury Shares:

500 employee shares, with a nominal value of £1, were purchased in the year to 31st October 2006 by

Icon.Net Limited. At the Balance Sheet date the shares remain in issue and in the ownership of Icon.Net

Limited.

3000 ordinary shares, with a nominal value of £1, were purchased in the year to 31st October 2008 by

Icon.Net Limited. At the Balance Sheet date the shares remain in issue and in the ownership of Icon.Net

Limited.

5.	RELATED PARTY DISCLOSURES

During the year, total dividends of £61,622 were paid to the directors .

Mr J Chance (director / shareholder) and Mr N Robinson (director / shareholder) have given personal

guarantees in respect of the company`s bank overdraft facilities.

6.	ULTIMATE CONTROLLING PARTY