Registration number:
Ikon Aluminium Systems Limited
for the Year Ended 31 March 2023
Ikon Aluminium Systems Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Ikon Aluminium Systems Limited
Company Information
Directors |
Mr Richard Gibbs Mr John Park-Davies Mr Angus Mackie Mrs Rebecca Ashcroft Miss Kim Ellis |
Registered office |
|
Auditors |
|
Ikon Aluminium Systems Limited
(Registration number: 06466326)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Retained earnings |
942,004 |
1,107,329 |
|
Shareholders' funds |
942,005 |
1,107,330 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Ikon Aluminium Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Audit report
.........................................
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The goods are dispatched;
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Ikon Aluminium Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Government grants
Income based government grants are recognised in the period to which they relate.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Ikon Aluminium Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Prepayments |
|
|
|
|
|
Ikon Aluminium Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Ikon Aluminium Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £942,005 (2022 - £1,107,330). There is a fixed and floating charge held over the assets of the company due to a cross guarantee in relation to loans held in the ultimate parent company, Allumette Limited.
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £2,646 (2022 - £1,819). The company operates a defined contribution pension scheme for its employees. At the year end the outstanding commitment relating to this scheme was £2,646 (2022: £1,819).
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is