Registered number
12066544
Fab Ice Ltd
Filleted Accounts
30 June 2023
Fab Ice Ltd
Registered number: 12066544
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 25,600 51,200
Tangible assets 4 4,620 4,760
30,220 55,960
Current assets
Stocks 9,234 17,452
Debtors 5 266 -
Cash at bank and in hand 60,078 81,803
69,578 99,255
Creditors: amounts falling due within one year 6 (50,810) (94,887)
Net current assets 18,768 4,368
Total assets less current liabilities 48,988 60,328
Creditors: amounts falling due after more than one year 7 (11,500) (17,500)
Provisions for liabilities (878) (904)
Net assets 36,610 41,924
Capital and reserves
Called up share capital 100 100
Profit and loss account 36,510 41,824
Shareholders' funds 36,610 41,924
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 members have 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 D Leitch
Director
Approved by the board on 14 March 2024
Fab Ice Ltd
Notes to the Accounts
for the year ended 30 June 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 15% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 128,000
At 30 June 2023 128,000
Amortisation
At 1 July 2022 76,800
Provided during the year 25,600
At 30 June 2023 102,400
Net book value
At 30 June 2023 25,600
At 30 June 2022 51,200
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 1 8,894 8,895
Additions - 675 675
At 30 June 2023 1 9,569 9,570
Depreciation
At 1 July 2022 - 4,135 4,135
Charge for the year - 815 815
At 30 June 2023 - 4,950 4,950
Net book value
At 30 June 2023 1 4,619 4,620
At 30 June 2022 1 4,759 4,760
5 Debtors 2023 2022
£ £
Other debtors 266 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Taxation and social security costs 13,991 19,563
Other creditors 30,819 69,324
50,810 94,887
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 11,500 17,500
8 Related party transactions
The company owed the directors £30,068 as at 30th June 2023 (£68,613 as at 30th June 2022).
9 Other information
Fab Ice Ltd is a private company limited by shares and incorporated in England. Its registered office is:
4 Verden Close
Plymouth
Devon
PL3 4BT
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