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Registrar

Registration number: 07072138

Igloo Environmental Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Igloo Environmental Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Igloo Environmental Limited

Company Information

Directors

W M Brown

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

HSBC PLC
59 - 61 High Street
Great Dunmow
Essex
CM6 1UZ

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Igloo Environmental Limited

(Registration number: 07072138)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

118,387

83,882

Current assets

 

Stocks

5

80,000

30,000

Debtors

6

151,950

191,495

Cash at bank and in hand

 

140,793

72,795

 

372,743

294,290

Creditors: Amounts falling due within one year

7

(269,434)

(249,987)

Net current assets

 

103,309

44,303

Total assets less current liabilities

 

221,696

128,185

Creditors: Amounts falling due after more than one year

7

(183,719)

(89,696)

Provisions for liabilities

(10,334)

(15,938)

Net assets

 

27,643

22,551

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

27,343

22,251

Shareholders' funds

 

27,643

22,551

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 August 2022
 

W M Brown
Director

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services as a solar and roofing contractor. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Office equipment

33% Straight Line

Furniture and fittings

15% Reducing Balance

Motor vehicles

25% Reducing Balance

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2020 - 4).

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2020

33,171

134,390

17,765

185,326

Additions

999

63,999

-

64,998

Disposals

-

(31,584)

-

(31,584)

At 30 November 2021

34,170

166,805

17,765

218,740

Depreciation

At 1 December 2020

24,761

63,868

12,815

101,444

Charge for the year

1,643

23,890

743

26,276

Eliminated on disposal

-

(27,367)

-

(27,367)

At 30 November 2021

26,404

60,391

13,558

100,353

Carrying amount

At 30 November 2021

7,766

106,414

4,207

118,387

At 30 November 2020

8,410

70,522

4,950

83,882

5

Stocks

2021
£

2020
£

Stocks

80,000

30,000

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

6

Debtors

2021
£

2020
£

Trade debtors

11,768

9,030

Amounts recoverable on long term contracts

77,000

118,374

Directors loan

61,515

63,715

Wages and salaries control

835

1

Prepayments and accrued income

832

375

Total current trade and other debtors

151,950

191,495

7

Creditors

Creditors: amounts falling due within one year

Note

2021
 £

2020
 £

Due within one year

 

Loans and borrowing

8

47,320

105,658

Trade creditors

 

64,661

29,303

Social security and other taxes

 

35,299

57,422

Other creditors

 

92,284

25,827

Corporation tax

 

27,345

29,252

Accruals and deferred income

 

2,525

2,525

 

269,434

249,987

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

183,719

89,696

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

24,525

93,015

Finance lease liabilities

22,795

12,643

47,320

105,658

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

129,257

49,886

Finance lease liabilities

54,462

39,810

183,719

89,696

9

Related party transactions

Transactions with the director

2021

At 1 December 2020
£

Advances to director
£

Repayments by director
£

At 30 November 2021
£

Directors loan transactions

63,715

61,800

(64,000)

61,515

         
         

 

2020

At 1 December 2019
£

Advances to director
£

Repayments by director
£

At 30 November 2020
£

Directors loan transactions

22,199

63,795

(22,279)

63,715