Company registration number 05224107 (England and Wales)
ICEOXFORD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ICEOXFORD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
409,426
311,284
Tangible assets
4
199,338
258,783
Investments
5
45,037
45,037
653,801
615,104
Current assets
Stocks
994,664
622,489
Debtors
6
1,384,248
1,481,194
Cash at bank and in hand
78,438
95,742
2,457,350
2,199,425
Creditors: amounts falling due within one year
7
(2,013,198)
(1,880,901)
Net current assets
444,152
318,524
Total assets less current liabilities
1,097,953
933,628
Creditors: amounts falling due after more than one year
8
(418,689)
(557,209)
Provisions for liabilities
Deferred tax liability
1,938
12,258
(1,938)
(12,258)
Net assets
677,326
364,161
Capital and reserves
Called up share capital
10
427
427
Share premium account
300,767
300,767
Capital redemption reserve
49,000
49,000
Profit and loss reserves
327,132
13,967
Total equity
677,326
364,161
ICEOXFORD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr C V Busby
Mr P Kelly
Director
Director
Company Registration No. 05224107
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
ICEoxford Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eden House, Unit A, Avenue 4, Station Lane, Witney, Oxfordshire, OX28 4BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have assessed the company's ability to continue trading for the foreseeable future by reviewing cashflow forecasts, budgets and monthly management accounts, and are satisfied that the company continues to be a going concern. Therefore, the accounts have been prepared on this basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the design and manufacture of specialist cryogenic equipment is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Project development costs are capitalised once it is technically feasible that the project will be completed and the developed product will become available for sale, and it is the directors' intention to do so. The costs capitalised as part of a project are those that can be reliably attributable to that project. Where the cost cannot be reliably attributed to a project, or the attributable value cannot be reliably established, the cost is expensed through the profit and loss account. Once a project is completed, the accumulated project costs are amortised over the period in which economic benefit is expected to be derived from the project.
Initial patent costs are capitalised where the company is expected to derive future benefit from the patent. The patent costs are amortised over the expected economic life of the product to which the patent relates, which is typically 5 years. Subsequent patent renewal costs are expensed through the profit and loss account.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
5 years straight line
Development costs
5 years straight line from end of development phase
Intangible assets
5 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
5 years straight line
Plant and equipment
3 years straight line
Fixtures and fittings
5 years straight line
Computers
3 years straight line
Motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Production contracts
Where the outcome of a production contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a production contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.13
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
42
35
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
3
Intangible fixed assets
Patents & licences
Development costs
Intangible assets
Total
£
£
£
£
Cost
At 1 April 2022
14,609
297,323
71,403
383,335
Additions
9,091
155,923
165,014
Disposals
(209)
(71,403)
(71,612)
At 31 March 2023
23,491
453,246
476,737
Amortisation and impairment
At 1 April 2022
648
71,403
72,051
Amortisation charged for the year
2,832
63,834
66,666
Disposals
(3)
(71,403)
(71,406)
At 31 March 2023
3,477
63,834
67,311
Carrying amount
At 31 March 2023
20,014
389,412
409,426
At 31 March 2022
13,961
297,323
311,284
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
100,740
607,952
708,692
Additions
6,352
40,626
46,978
Disposals
(11,705)
(11,705)
Other changes
3,883
3,883
At 31 March 2023
107,092
640,756
747,848
Depreciation and impairment
At 1 April 2022
69,285
380,624
449,909
Depreciation charged in the year
11,698
93,886
105,584
Eliminated in respect of disposals
(10,866)
(10,866)
Other changes
3,883
3,883
At 31 March 2023
80,983
467,527
548,510
Carrying amount
At 31 March 2023
26,109
173,229
199,338
At 31 March 2022
31,455
227,328
258,783
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
45,037
45,037
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
557,034
840,579
Amounts owed by group undertakings
26,146
21,390
Other debtors
801,068
619,225
1,384,248
1,481,194
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
36,002
Obligations under finance leases
18,282
24,836
Trade creditors
605,292
551,499
Taxation and social security
44,477
86,235
Deferred income
9
1,132,571
1,057,668
Other creditors
161,184
97,763
Accruals
51,392
26,898
2,013,198
1,880,901
As at the year end, included in other creditors falling due within one year is £84,627 (2022 - £76,574) which relates to two Funding Circle Coronavirus Business Interruption Loans and £40,358 (2022 - £nil) which relates to a loan under the Recovery Loan Scheme, which are in part secured by the UK Government.
As at the year end, included within obligations under finance leases falling due within one year is £11,513 (2022 - £18,067) which relates to amounts due under hire purchase agreements and £6,769 (2022 - £6,769) which relates to amounts due under finance leases. These amounts are secured by the assets to which they relate.
ICEOXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
20,319
38,601
Other creditors
398,370
518,608
418,689
557,209
As at the year end, included in other creditors falling due after more than one year is £171,480 (2022 - £256,108) which relates to two Funding Circle Coronavirus Business Interruption Loans and £226,889 (2022 - £262,500) which relates to a loan under the Recovery Loan Scheme, which are in part secured by the UK Government.
As at the year end, included within obligations under finance leases falling due after more than one year is £4,825 (2022 - £16,338) which relates to amounts due under hire purchase agreements and £15,494 (2022 - £22,263) which relates to amounts due under finance leases. These amounts are secured by the assets to which they relate.
9
Government grants
The company took out two Coronavirus Business Interruption Loans during the year to 31 March 2021. The Business Interruption Payments paid by the UK Government in relation to lenders' fees and interest in the prior year amounted to £26,933, and was recognised in other operating income with the equal and opposite cost reflected in loan interest and fees. No such income or associated expense was recognised in the year to 31 March 2023.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
427
427
427
427
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
138,201
217,378
12
Events after the reporting date
After the year end but before these accounts were approved, the directors signed a solvency statement pursuant of s.643 of CA 2006 and a special resolution was passed such that the share premium account and capital redemption reserve of the company of £300,767 and £49,000 respectively was to be cancelled and transferred to the company's profit and loss account.