Registered number
06063540
Icospec Limited
Filleted Accounts
31 May 2023
Icospec Limited
Registered number: 06063540
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,600,000 4,600,000
Current assets
Debtors 4 1,489,073 1,509,990
Cash at bank and in hand 9,843 5,109
1,498,916 1,515,099
Creditors: amounts falling due within one year 5 (815,822) (864,937)
Net current assets 683,094 650,162
Total assets less current liabilities 5,283,094 5,250,162
Creditors: amounts falling due after more than one year 6 (1,892,768) (1,885,961)
Net assets 3,390,326 3,364,201
Capital and reserves
Called up share capital 12 12
Fair value reserve 8 2,645,105 2,645,105
Profit and loss account 745,209 719,084
Shareholder's funds 3,390,326 3,364,201
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Alexandrou
Director
Approved by the board on 20 February 2024
Icospec Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Investment property Nil
Investment properties are re-valued annually at fair value and the aggregate surplus or deficit is transferred to the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS102. The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS102 in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost/Fair value
At 1 June 2022 4,600,000 2,970 4,602,970
At 31 May 2023 4,600,000 2,970 4,602,970
Depreciation
At 1 June 2022 - 2,970 2,970
At 31 May 2023 - 2,970 2,970
Net book value/fair value
At 31 May 2023 4,600,000 - 4,600,000
At 31 May 2022 4,600,000 - 4,600,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,954,895 1,954,895
Cumulative depreciation based on historical cost - -
1,954,895 1,954,895
Investment properties were valued on an open market basis on 31 May 2023 by the directors Mr G Leonidas and Mr. A Alexandrou.
4 Debtors 2023 2022
£ £
Trade debtors 10,026 19,615
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,458,454 1,468,080
Other debtors 20,593 22,295
1,489,073 1,509,990
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 43,105 117,504
Trade creditors 82,756 72,595
Amounts owed to group undertakings and undertakings in which the company has a participating interest 603,316 584,516
Taxation and social security costs 6,833 10,492
Deferred income 8,070 6,196
Rent deposits 29,927 31,819
Directors loan 315 315
Other loans 40,000 40,000
Other creditors 1,500 1,500
815,822 864,937
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,892,768 1,885,961
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,604,372 1,661,965
Secured bank loans 1,905,872 1,963,465
The bank loans are secured by way of fixed and floating charge over all the assets of the company.
8 Fair value reserve 2023 2022
£ £
At 1 June 2022 2,645,105 2,645,105
At 31 May 2023 2,645,105 2,645,105
9 Related party transactions
As at 31 May 2023 the company had been loaned the following:

Southern Territory Limited - £583,516 (2022 - £578,016)
Atltantic Developments (Cudworth) Limited - £14,800 (2022 - £1,500)
STUK01 Ltd - £5,000 (2022 - £5,000)

There is no set repayment date for these loans, however it has been agreed that these loans will be used to support the company and will only be repaid as and when free cash flow permits.

These amounts are shown within "amounts owed to group undertakings and undertakings in which the company has a participating interest".

As at 31 May 2023 the company had loaned the following:

Atlantic Hertford Limited - £78,692 (2022 - £65,992)
Aspire Nation Limited - £nil (2022 - £1,000)
Friday Hill House Limited - £216,500 (2022 - £213,500)
Southern Territory (UK) Limited - £311,194 (2022 - £303,794)
Atlantic Lodge (Housing) Limited - £794,568 (2022 - £854,794)
Parlous Limited £nil (2022 - £5,000)
STUK03 Ltd £18,000 (2022 - £18,000)
STUK10 Ltd £4,000 (2022 - £1,000)
STUK11 Ltd £5,000 (2022 - £5,000)
STUK07 Ltd £25,500 (2022 - £Nil)
Marlyn Properties Ltd £5,000 (2022 - £Nil)

These amounts are shown within "amounts owed by group undertakings and undertakings in which the company has a participating interest".
Southern Territory Limited, Atlantic Developments (Cudworth) Limited, Aspire Nation Limited, Friday Hill House Limited, Atlantic Lodge (Housing) Limited, Parlous Limited, Marlyn Properties Ltd and STUK03 Ltd are companies in which the directors A Alexandrou and G Leonidas hold an interest.
STUK01 Ltd, STUK07 Ltd, STUK10 Ltd, STUK11 Ltd and Southern Territory (UK) Limited are companies in which the director A Alexandrou holds an interest.
10 Controlling party
The ultimate controlling parties are A Alexandrou and G Leonidas who between them hold 100% of the issued share capital of the company.
11 Other information
Icospec Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlantic Business Centre
1 The Green
Chingford
London
E4 7ES
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