Ice (London) Limited 06811674 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is Advertising agency Digita Accounts Production Advanced 6.29.9459.0 true true 06811674 2021-01-01 2021-12-31 06811674 2021-12-31 06811674 bus:CompanySecretaryDirector1 1 2021-12-31 06811674 bus:Director2 1 2021-12-31 06811674 bus:Director3 1 2021-12-31 06811674 bus:Director4 1 2021-12-31 06811674 bus:OrdinaryShareClass1 2021-12-31 06811674 core:CapitalRedemptionReserve 2021-12-31 06811674 core:RetainedEarningsAccumulatedLosses 2021-12-31 06811674 core:ShareCapital 2021-12-31 06811674 core:CurrentFinancialInstruments 2021-12-31 06811674 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 06811674 core:Non-currentFinancialInstruments 2021-12-31 06811674 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 06811674 core:FurnitureFittingsToolsEquipment 2021-12-31 06811674 core:LandBuildings 2021-12-31 06811674 core:MotorVehicles 2021-12-31 06811674 bus:SmallEntities 2021-01-01 2021-12-31 06811674 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 06811674 bus:FullAccounts 2021-01-01 2021-12-31 06811674 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 06811674 bus:RegisteredOffice 2021-01-01 2021-12-31 06811674 bus:CompanySecretaryDirector1 2021-01-01 2021-12-31 06811674 bus:CompanySecretaryDirector1 1 2021-01-01 2021-12-31 06811674 bus:Director2 2021-01-01 2021-12-31 06811674 bus:Director2 1 2021-01-01 2021-12-31 06811674 bus:Director3 2021-01-01 2021-12-31 06811674 bus:Director3 1 2021-01-01 2021-12-31 06811674 bus:Director4 2021-01-01 2021-12-31 06811674 bus:Director4 1 2021-01-01 2021-12-31 06811674 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 06811674 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06811674 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 06811674 core:LandBuildings 2021-01-01 2021-12-31 06811674 core:MotorVehicles 2021-01-01 2021-12-31 06811674 core:OfficeEquipment 2021-01-01 2021-12-31 06811674 core:OtherRelatedParties 2021-01-01 2021-12-31 06811674 countries:England 2021-01-01 2021-12-31 06811674 2020-12-31 06811674 bus:CompanySecretaryDirector1 1 2020-12-31 06811674 bus:Director2 1 2020-12-31 06811674 bus:Director3 1 2020-12-31 06811674 bus:Director4 1 2020-12-31 06811674 core:FurnitureFittingsToolsEquipment 2020-12-31 06811674 core:LandBuildings 2020-12-31 06811674 core:MotorVehicles 2020-12-31 06811674 2020-01-01 2020-12-31 06811674 2020-12-31 06811674 bus:OrdinaryShareClass1 2020-12-31 06811674 core:CapitalRedemptionReserve 2020-12-31 06811674 core:RetainedEarningsAccumulatedLosses 2020-12-31 06811674 core:ShareCapital 2020-12-31 06811674 core:CurrentFinancialInstruments 2020-12-31 06811674 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 06811674 core:Non-currentFinancialInstruments 2020-12-31 06811674 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 06811674 core:FurnitureFittingsToolsEquipment 2020-12-31 06811674 core:LandBuildings 2020-12-31 06811674 core:MotorVehicles 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06811674

Ice (London) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

(Registration number: 06811674)
Balance Sheet as at 31 December 2021

Note

2021
 £

2020
 £

Fixed assets

 

Tangible assets

4

16,341

33,080

Current assets

 

Stocks

9,640

-

Debtors

5

252,604

313,591

Cash at bank and in hand

 

260,840

122,183

 

523,084

435,774

Creditors: Amounts falling due within one year

6

(576,712)

(552,635)

Net current liabilities

 

(53,628)

(116,861)

Total assets less current liabilities

 

(37,287)

(83,781)

Creditors: Amounts falling due after more than one year

6

(56,552)

(81,250)

Provisions for liabilities

(55,226)

(56,350)

Net liabilities

 

(149,065)

(221,381)

Capital and reserves

 

Called up share capital

9

150

150

Capital redemption reserve

50

50

Profit and loss account

(149,265)

(221,581)

Total equity

 

(149,065)

(221,381)

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 30 August 2022 and signed on its behalf by:



 

Mr Geoffrey Knapp

Company secretary and director

 

(Registration number: 06811674)
Balance Sheet as at 31 December 2021

These financial statements have been prepared and 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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Nexus House
Cray Road
Sidcup
Kent
DA14 5DA

These financial statements were authorised for issue by the Board on 30 August 2022.

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.

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.

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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

The turnover shown in the profit and loss account represents amounts services provided during the year, exclusive of Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recongised as deferred income.

Other Operating Income

Due to the Covid-19 pandemic and the closure of businesses under UK Government legislation, the business utilised the Government support schemes: the furlough scheme whereby the Government contributed towards the wages costs of the business and local grants awarded by local authorities. The amounts received are reported under other operating income in the financial statments. The income is reported in the period that the relief relates to. The business received Covid-19 govenment support in the financial year of: fulough scheme £192,819 and local authority grant support of £12.143.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

Asset class

Depreciation method and rate

Leasehold Improvements

10% Straight Line

Fixtures, fittings & equipment

25% Straight Line

Computer equipment

20% Straight Line

Motor vehicles

25% Straight Line

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 and other 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.

Trade and other 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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Included in the balance sheet is a £55,000 provision provided against future dilapidations of a rental premise.

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 declared.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2020 - 15).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

77,765

160,424

21,055

259,244

At 31 December 2021

77,765

160,424

21,055

259,244

Depreciation

At 1 January 2021

58,524

157,112

10,528

226,164

Charge for the year

9,613

1,862

5,264

16,739

At 31 December 2021

68,137

158,974

15,792

242,903

Carrying amount

At 31 December 2021

9,628

1,450

5,263

16,341

At 31 December 2020

19,241

3,312

10,527

33,080

Included within the net book value of land and buildings above is £9,629 (2020 - £19,241) in respect of long leasehold land and buildings.
 

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Debtors

2021
£

2020
£

Trade debtors

219,854

236,992

Other debtors

32,750

76,599

252,604

313,591

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
 £

2020
 £

Due within one year

 

Bank loans and overdrafts

7

179,544

210,276

Trade creditors

 

204,021

105,376

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,442

2,463

Other taxation and social security

 

86,156

122,903

Other creditors

 

85,089

85,053

Corporation tax

 

20,460

26,564

 

576,712

552,635

Due after one year

 

Loans and borrowings

7

56,552

81,250

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

56,552

81,250

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

56,552

81,250

2021
£

2020
£

Current loans and borrowings

Bank borrowings

179,544

210,276

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £89,833 (2020 - £128,333). The company undertook a new lease on 17 Aug 2012 for a term of ten years which would expire on 16 February 2023.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

150

150

150

150

         

10

Related party transactions

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr Geoffrey Knapp

(2,042)

3,500

-

1,458

         
       

Mr Antony James Crafford

284

785

(85)

984

         
       

Mr John Charles Palmer

(39)

-

(4,868)

(4,907)

         
       

Miss Emily Charlotte Knapp

(666)

1,689

-

1,023

         
       

 

The loans to and from the directors are unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

The company was under the control of the directors throughout the current period by virtue of them holding 100% of the shares of the company.

Mr John Palmer is the managing director of the company.