Registration number:
Ice Time Limited
trading as
for the Period from 16 May 2022 to 14 May 2023
Ice Time Limited
trading as Bradford Ice Arena
Contents
Company Information |
|
Directors' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
Ice Time Limited
trading as Bradford Ice Arena
Company Information
Directors |
John Barry Whitaker Andrew Raymond Brown |
Company secretary |
Andrew Raymond Brown |
Registered office |
|
Ice Time Limited
trading as Bradford Ice Arena
Directors' Report for the Period from 16 May 2022 to 14 May 2023
The directors present their report and the financial statements for the period from 16 May 2022 to 14 May 2023.
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is the management and operation of Bradford Ice Arena.
Directors' liabilities
The company has taken out qualifying third party indemnity insurance for the benefit of its directors.
Small companies provision statement
This report has 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
......................................... |
Ice Time Limited
trading as Bradford Ice Arena
Profit and Loss Account for the Period from 16 May 2022 to 14 May 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
166,612 |
217,311 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
204 |
(1,038) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
|
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Ice Time Limited
trading as Bradford Ice Arena
Statement of Comprehensive Income for the Period from 16 May 2022 to 14 May 2023
2023 |
2022 |
|
Profit for the period |
|
|
Total comprehensive income for the period |
|
|
Ice Time Limited
trading as Bradford Ice Arena
(Registration number: 3196761)
Balance Sheet as at 14 May 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
383,112 |
293,805 |
|
Shareholders' funds |
383,114 |
293,807 |
For the financial period ending 14 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
......................................... |
Ice Time Limited
trading as Bradford Ice Arena
Statement of Changes in Equity for the Period from 16 May 2022 to 14 May 2023
Share capital |
Retained earnings |
Total |
|
At 16 May 2022 |
|
|
|
Profit for the period |
- |
|
|
Gift Aid payment to Parent Company |
- |
( |
( |
At 14 May 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 17 May 2021 |
|
|
|
Profit for the period |
- |
|
|
Gift Aid payment to Parent Company |
- |
( |
( |
At 15 May 2022 |
|
|
|
Ice Time Limited
trading as Bradford Ice Arena
Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 14 May 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
19 Little Horton Lane
Bradford
West Yorkshire
BD5 0AD
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.
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 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.
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.
Ice Time Limited
trading as Bradford Ice Arena
Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 14 May 2023
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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Equipment fixtures and tools |
8.33 to 25% per annum |
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.
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.
Ice Time Limited
trading as Bradford Ice Arena
Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 14 May 2023
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.
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 period, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Ice Time Limited
trading as Bradford Ice Arena
Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 14 May 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 16 May 2022 |
|
|
Additions |
|
|
Disposals |
( |
( |
At 14 May 2023 |
|
|
Depreciation |
||
At 16 May 2022 |
|
|
Charge for the period |
|
|
Eliminated on disposal |
( |
( |
At 14 May 2023 |
|
|
Carrying amount |
||
At 14 May 2023 |
|
|
At 15 May 2022 |
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Ice Time Limited
trading as Bradford Ice Arena
Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 14 May 2023
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
2023 |
2022 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Related party transactions |
Ice Time Limited
trading as Bradford Ice Arena
Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 14 May 2023
Directors' remuneration
The directors' remuneration for the period was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
56,988 |
53,342 |
Parent and ultimate parent undertaking |
The company's immediate parent is
Ice Time Limited
trading as Bradford Ice Arena
Detailed Profit and Loss Account for the Period from 16 May 2022 to 14 May 2023
16 May 2022 to 14 May 2023 |
17 May 2021 to 15 May 2022 |
|
turnover (analysed below) |
861,897 |
804,640 |
Cost of sales (analysed below) |
(630,257) |
(563,517) |
Gross profit |
231,640 |
241,123 |
Gross profit (%) |
26.88% |
29.97% |
Distribution costs (analysed below) |
(26,064) |
(22,747) |
Administrative expenses |
||
General administrative expenses (analysed below) |
(32,450) |
(30,171) |
Finance charges (analysed below) |
(10,628) |
(12,881) |
(43,078) |
(43,052) |
|
Other operating income (analysed below) |
4,114 |
41,987 |
Operating profit |
166,612 |
217,311 |
Other interest receivable and similar income (analysed below) |
204 |
8 |
Interest payable and similar charges (analysed below) |
- |
(1,046) |
204 |
(1,038) |
|
Profit before tax |
166,816 |
216,273 |
Ice Time Limited
trading as Bradford Ice Arena
Detailed Profit and Loss Account for the Period from 16 May 2022 to 14 May 2023
2023 |
2022 |
Turnover |
||
Sale of goods and rent |
141,278 |
117,949 |
Admissions |
720,619 |
686,691 |
861,897 |
804,640 |
Cost of sales |
||
Grants and subsidies |
444 |
444 |
Cleaning |
(7,087) |
(5,111) |
Purchases |
(91,193) |
(81,130) |
Wages |
(152,790) |
(144,972) |
Salaries |
(25,123) |
(15,777) |
Staff NIC (Employers) |
(3,340) |
(2,594) |
Directors remuneration |
(46,044) |
(43,619) |
Directors NIC (Employers) |
(3,125) |
(2,898) |
Directors pensions (Defined contribution) |
(10,944) |
(9,723) |
Security |
- |
(60) |
License fees |
(488) |
(488) |
PPL/PRS fees |
(3,911) |
(3,612) |
Staff uniforms |
(731) |
(546) |
Transfer to distribution |
18,034 |
16,872 |
Transfer to administration |
18,034 |
16,872 |
Hire of plant and machinery |
(700) |
(467) |
Rent |
(31,603) |
(31,603) |
Service charge |
(36,362) |
(46,810) |
Rates |
(4,651) |
(3,687) |
Water rates |
(11,853) |
(8,034) |
Electricity |
(149,701) |
(126,053) |
Gas |
(3,499) |
(1,571) |
Insurance |
(30,965) |
(24,995) |
Repairs and maintenance |
(32,096) |
(14,508) |
Depreciation of plant and machinery |
(16,201) |
(24,880) |
Travelling |
(159) |
(16) |
Telephone and fax |
(4,203) |
(4,551) |
(630,257) |
(563,517) |
Distribution costs |
||
Transfer from cost of sales |
(18,034) |
(16,872) |
Advertising |
(8,030) |
(5,875) |
(26,064) |
(22,747) |
Ice Time Limited
trading as Bradford Ice Arena
Detailed Profit and Loss Account for the Period from 16 May 2022 to 14 May 2023
2023 |
2022 |
General administrative expenses |
||
Office expenses |
(11,676) |
(11,049) |
Transfer from cost of sales |
(18,034) |
(16,872) |
Independent examination of accounts |
(2,650) |
(2,250) |
Bad debts written off |
(90) |
- |
(32,450) |
(30,171) |
Finance charges |
||
Bank charges |
(10,628) |
(12,881) |
Other operating income |
||
Job retention scheme grant |
- |
25,535 |
Small business grant |
2,514 |
1,957 |
Retail hospitality and leisure grants |
- |
6,195 |
Sports council covid grant |
1,600 |
8,300 |
4,114 |
41,987 |
Other interest receivable and similar income |
||
Bank interest receivable |
204 |
8 |
Interest payable and similar expenses |
||
Bank interest payable |
- |
(1,046) |