Registered number
09114948
I LOVE ICECREAM LTD
Filleted Accounts
31 October 2023
I LOVE ICECREAM LTD
Registered number: 09114948
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,894 9,869
Investments 4 2,243 2,243
11,137 12,112
Current assets
Debtors 5 703,784 491,686
Cash at bank and in hand 407,224 412,928
1,111,008 904,614
Creditors: amounts falling due within one year 6 (615,304) (448,533)
Net current assets 495,704 456,081
Total assets less current liabilities 506,841 468,193
Creditors: amounts falling due after more than one year 7 (69,640) (69,530)
Net assets 437,201 398,663
Capital and reserves
Called up share capital 1 1
Share premium 200,000 200,000
Profit and loss account 237,200 198,662
Shareholders' funds 437,201 398,663
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 members have 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.
J Berkowski
Director
Approved by the board on 31 July 2024
I LOVE ICECREAM LTD
Notes to the Accounts
for the year ended 31 October 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).
Functional and presentation currency
The financial statements are presented in Sterling, which is also the functional currency of the company and in compliance with FRS102. Monetary amounts in these financial statements are rounded to the nearest pound.
The Principal accounting policies are set out below.
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:
Office equipment over 3 years
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going Concern
As at 31 October 2023, the company had net assets of £437,201 (2022: £398,663) and incurred operating profits of £49,200 (2022: £684,106). At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this assessment, the director has reviewed the performance after the reporting date. Therefore, the Director continues to adopt the going concern basis of accounting in preparing the financial statements.
Critical accounting estimates and judgements
The preparation of financial statements in conformity with FRS 102 requires the use of accounting estimates and exercise of judgement by the director while applying the company's accounting policies. These estimates are based on the director's best knowledge of the events, which existed at the balance sheet date, however, the actual results may differ from these estimates. Management are of the view that the results of its subsidiaries listed in note 4 are not material, either individually or in aggregate, for the purpose of giving a true and fair view and have therefore excluded their results from consolidation as per FRS 102 paragraph 9.9A.
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 3 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 32,153
Additions 4,733
At 31 October 2023 36,886
Depreciation
At 1 November 2022 22,284
Charge for the year 5,708
At 31 October 2023 27,992
Net book value
At 31 October 2023 8,894
At 31 October 2022 9,869
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 2,243
At 31 October 2023 2,243
Historical cost
At 1 November 2022 2,243
At 31 October 2023 2,243
The company owns 100% of the share capital [20,000 HRK, £2,243 GBP] in subsidiary DeepAR Technology D.O.O. (Croatia) since its incorporation in 2022.
5 Debtors 2023 2022
£ £
Trade debtors 649,428 323,545
Amounts owed by group undertakings and undertakings in which the company has a participating interest 26,841 -
Other debtors 27,515 168,141
703,784 491,686
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,121 59,168
Amounts owed to group undertakings and undertakings in which the company has a participating interest 31,920 -
Taxation and social security costs 110,317 107,529
Other creditors 469,946 281,836
615,304 448,533
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 69,640 69,530
8 Events after the reporting date
Management are not aware of any post statement of financial position date events that are expected to have an impact on the financial statements, or that will impact the company's ability to continue operations in the future.
9 Related party transactions
The company has utilised the exemption in FRS 102 paragraph 33.1A from disclosing transactions with its wholly owned subsidiary, DeepAR Technology D.O.O. (Croatia).
10 Controlling party
The company is controlled by its director, J Berkowski.
11 Other information
I LOVE ICECREAM LTD is a private company limited by shares and incorporated in England. Its registered office is:
44 Russell Square
London
England
WC1B 4JP
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