ICON.net Limited - Abbreviated accounts 16.3

ICON.net Limited - Abbreviated accounts 16.3

ICON.NET LIMITED - Company Information

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REGISTERED NUMBER: 03370741 (England and Wales)















ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

ICON.NET LIMITED

ICON.NET LIMITED (REGISTERED NUMBER: 03370741)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016










Page

Company Information 1

Chartered Certified Accountants' Report 2

Abbreviated Balance Sheet 3 to 4

Notes to the Abbreviated Accounts 5 to 6

ICON.NET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2016







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: Smith Heath Limited
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
GL51 7AY
Page 1
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ICON.NET LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)
have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of ICON.net Limited for the year ended 31 October 2016 which comprise the Profit and Loss
Account, the Balance Sheet, and the related notes from the company's accounting records and from information and
explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of ICON.net Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ICON.net Limited and state those matters that we have agreed to state to the Board of Directors of ICON.net Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that ICON.net Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ICON.net Limited. You consider that ICON.net Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ICON.net Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Smith Heath Limited
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
GL51 7AY


24 July 2017

This page does not form part of the abbreviated accounts

Page 2
ICON.NET LIMITED (REGISTERED NUMBER: 03370741)

ABBREVIATED BALANCE SHEET
31 OCTOBER 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 10,660 11,124

CURRENT ASSETS
Stocks 77,700 75,300
Debtors 95,498 65,081
Cash at bank 1,917 16,736
175,115 157,117
CREDITORS
Amounts falling due within one year 61,247 46,642
NET CURRENT ASSETS 113,868 110,475
TOTAL ASSETS LESS CURRENT
LIABILITIES
124,528
121,599

CAPITAL AND RESERVES
Called up share capital 3 6,004 9,500
Capital redemption reserve 3,500 -
Profit and loss account 115,024 112,099
SHAREHOLDERS' FUNDS 124,528 121,599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 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 notes form part of these abbreviated accounts

Page 3 continued...
ICON.NET LIMITED (REGISTERED NUMBER: 03370741)

ABBREVIATED BALANCE SHEET - continued
31 OCTOBER 2016


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 24 July 2017 and were signed on its behalf by:




N R Robinson - Director



J D Chance - Director


The notes form part of these abbreviated accounts

Page 4
ICON.NET LIMITED (REGISTERED NUMBER: 03370741)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016


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 January 2015).

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.


Page 5 continued...
ICON.NET LIMITED (REGISTERED NUMBER: 03370741)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2016


2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2015 26,126
Additions 3,826
At 31 October 2016 29,952
DEPRECIATION
At 1 November 2015 15,002
Charge for year 4,290
At 31 October 2016 19,292
NET BOOK VALUE
At 31 October 2016 10,660
At 31 October 2015 11,124

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2015
value: £    £   
6,000 Ordinary £1 6,000 9,000
2 Ordinary A £1 2 -
2 Ordinary B £1 2 -
NIL Employee £1 - 500
6,004 9,500

The following shares were issued during the year for cash at par :

2 Ordinary A shares of £1
2 Ordinary B shares of £1

During the year 3000 Ordinary and 500 Employee shares, owned by the company, were cancelled.

Page 6