Iconics U.K. Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03194626 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2017

FOR

ICONICS U.K. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Walton

Mr C Walton

Mr A Scherpenzeel

SECRETARY:

Mr J Westley

REGISTERED OFFICE:

1 Castle Court

Castlegate Way

Dudley

West Midlands

DY1 4RD

REGISTERED NUMBER:

03194626 (England and Wales)

ACCOUNTANTS:

Guy & Co Chartered Certified Accountants

12 Johnson Street

Woodcross

Coseley

West Midlands

WV14 9RL

FIXED ASSETS

Tangible assets

4

371,835

402,555

CURRENT ASSETS

Stocks

4,074

700

Debtors

5

1,465,076

1,520,244

Cash at bank and in hand

262,429

78,352

1,731,579

1,599,296

CREDITORS

Amounts falling due within one year

6

1,105,361

1,021,164

NET CURRENT ASSETS

626,218

578,132

TOTAL ASSETS LESS CURRENT LIABILITIES

998,053

980,687

CREDITORS

Amounts falling due after more than one year

7

(108,536

)

(125,301

)

PROVISIONS FOR LIABILITIES

(3,431

)

(3,431

)

NET ASSETS

886,086

851,955

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

885,986

851,855

SHAREHOLDERS' FUNDS

886,086

851,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30th January 2018 and were signed on its behalf by:

Mr C Walton - Director

1.	STATUTORY INFORMATION

Iconics U.K. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year 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 have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

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 year 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st June 2016

325,796

337,629

663,425

Additions

6,869

59,203

66,072

Disposals

-

(50,490

)

(50,490

)

At 31st May 2017

332,665

346,342

679,007

DEPRECIATION

At 1st June 2016

165,645

95,225

260,870

Charge for year

10,334

64,807

75,141

Eliminated on disposal

-

(28,839

)

(28,839

)

At 31st May 2017

175,979

131,193

307,172

NET BOOK VALUE

At 31st May 2017

156,686

215,149

371,835

At 31st May 2016

160,151

242,404

402,555

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st June 2016

325,631

Additions

59,203

Disposals

(50,490

)

At 31st May 2017

334,344

DEPRECIATION

At 1st June 2016

88,134

Charge for year

63,580

Eliminated on disposal

(28,839

)

At 31st May 2017

122,875

NET BOOK VALUE

At 31st May 2017

211,469

At 31st May 2016

237,497

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

1,083,145

928,600

Other debtors

381,931

591,644

1,465,076

1,520,244

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Hire purchase contracts

54,631

68,129

Trade creditors

798,629

693,555

Taxation and social security

216,327

223,588

Other creditors

35,774

35,892

1,105,361

1,021,164

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Hire purchase contracts

108,536

125,301

8.	ULTIMATE CONTROLLING PARTY

The controlling party is the company directors.