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Registration number: 3196761

Ice Time Limited

trading as Bradford Ice Arena

Annual Report and Unaudited Financial Statements

for the Period from 16 May 2022 to 14 May 2023

 

Ice Time Limited

trading as Bradford Ice Arena

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

Detailed Profit and Loss Account

13 to 15

 

Ice Time Limited

trading as Bradford Ice Arena

Company Information

Directors

John Barry Whitaker

Andrew Raymond Brown

Company secretary

Andrew Raymond Brown

Registered office

19 Little Horton Lane
Bradford
West Yorkshire
BD5 0AD

 

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:

John Barry Whitaker

Andrew Raymond Brown - Company secretary and director

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 Board on 12 February 2024 and signed on its behalf by:
 

.........................................
John Barry Whitaker
Director

 

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

 

861,897

804,640

Cost of sales

 

(630,257)

(563,517)

Gross profit

 

231,640

241,123

Distribution costs

 

(26,064)

(22,747)

Administrative expenses

 

(43,078)

(43,052)

Other operating income

 

4,114

41,987

Operating profit

 

166,612

217,311

Other interest receivable and similar income

 

204

8

Interest payable and similar expenses

 

-

(1,046)

   

204

(1,038)

Profit before tax

4

166,816

216,273

Tax on profit

 

(16,617)

11,331

Profit for the financial period

 

150,199

227,604

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

150,199

227,604

Total comprehensive income for the period

150,199

227,604

 

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

5

165,076

78,911

Current assets

 

Debtors

6

167,772

76,293

Cash at bank and in hand

 

210,433

296,384

 

378,205

372,677

Creditors: Amounts falling due within one year

7

(129,926)

(144,157)

Net current assets

 

248,279

228,520

Total assets less current liabilities

 

413,355

307,431

Provisions for liabilities

(30,241)

(13,624)

Net assets

 

383,114

293,807

Capital and reserves

 

Called up share capital

8

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 members have not required the company to obtain an audit of its accounts for the period 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 12 February 2024 and signed on its behalf by:
 

.........................................
John Barry Whitaker
Director

 

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

2

293,805

293,807

Profit for the period

-

150,199

150,199

Gift Aid payment to Parent Company

-

(60,892)

(60,892)

At 14 May 2023

2

383,112

383,114

Share capital
£

Retained earnings
£

Total
£

At 17 May 2021

2

105,328

105,330

Profit for the period

-

227,604

227,604

Gift Aid payment to Parent Company

-

(39,127)

(39,127)

At 15 May 2022

2

293,805

293,807

 

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

1

General information

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

The address of its registered office is:
19 Little Horton Lane
Bradford
West Yorkshire
BD5 0AD

The principal place of business is:
19 Little Horton Lane
Bradford
West Yorkshire
BD5 0AD

These financial statements were authorised for issue by the Board on 12 February 2024.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 28 (2022 - 31).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,201

24,880

 

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 16 May 2022

468,216

468,216

Additions

102,366

102,366

Disposals

(3,739)

(3,739)

At 14 May 2023

566,843

566,843

Depreciation

At 16 May 2022

389,305

389,305

Charge for the period

16,201

16,201

Eliminated on disposal

(3,739)

(3,739)

At 14 May 2023

401,767

401,767

Carrying amount

At 14 May 2023

165,076

165,076

At 15 May 2022

78,911

78,911

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

3,460

2,659

Amounts owed by related parties

9

139,981

40,873

Prepayments

 

23,015

30,347

Other debtors

 

1,316

2,414

   

167,772

76,293

7

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

82,165

75,696

Taxation and social security

1,945

8,837

Accruals and deferred income

41,939

56,421

Other creditors

3,877

3,203

129,926

144,157

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

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

46,044

43,619

Contributions paid to money purchase schemes

10,944

9,723

56,988

53,342

10

Parent and ultimate parent undertaking

The company's immediate parent is Nice Time, incorporated in England.

 

 

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)