Registered number
03877633
Icecape Limited
Filleted Accounts
30 April 2023
Icecape Limited
Registered number: 03877633
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,715 4,954
Investments 4 580,000 580,000
583,715 584,954
Current assets
Stocks 3,684 3,684
Debtors 5 983,351 981,653
Cash at bank and in hand 127,301 161,753
1,114,336 1,147,090
Creditors: amounts falling due within one year 6 (70,015) (79,621)
Net current assets 1,044,321 1,067,469
Net assets 1,628,036 1,652,423
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,628,035 1,652,422
Shareholder's funds 1,628,036 1,652,423
The directors are 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 directors acknowledge their 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.
Mr A Harvey
Director
Approved by the board on 15 November 2023
Icecape Limited
Notes to the Accounts
for the year ended 30 April 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:
Motor vehicles 25% reducing balance method
Plant and machinery 25% reducing balance method
Fixtures, fittings, tools and equipment 25% reducing balance method
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Accounts
These accounts are the fiinancial statements of the parent company and not its group. The group qualifies as small under section 383 of the Companies Act 2006.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Fixtures and fittings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 69,698 127,945 207,532 405,175
At 30 April 2023 69,698 127,945 207,532 405,175
Depreciation
At 1 May 2022 69,334 127,893 202,994 400,221
Charge for the year 91 13 1,135 1,239
At 30 April 2023 69,425 127,906 204,129 401,460
Net book value
At 30 April 2023 273 39 3,403 3,715
At 30 April 2022 364 52 4,538 4,954
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 May 2022 580,000
At 30 April 2023 580,000
5 Debtors 2023 2022
£ £
Trade debtors 40,166 39,397
Other debtors 943,185 942,256
983,351 981,653
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 61,366 69,524
Taxation and social security costs 4,226 5,471
Other creditors 4,423 4,626
70,015 79,621
7 Controlling party
The company is controlled by the director, Mr A Harvey.
8 Other information
Icecape Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Torridge Close
Telford Way Industrial Estate
Kettering
Northants
NN16 8PY
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