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Registration number: 07072138

Igloo Environmental Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Igloo Environmental Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Igloo Environmental Limited

Company Information

Directors

W M Brown

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

HSBC PLC
99 High Street
Chelmsford
Essex
CM1 1EQ

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Igloo Environmental Limited

(Registration number: 07072138)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

99,316

107,635

Current assets

 

Stocks

5

19,246

195,000

Debtors

6

61,239

172,509

Cash at bank and in hand

 

291,399

223,674

 

371,884

591,183

Creditors: Amounts falling due within one year

7

(319,275)

(535,033)

Net current assets

 

52,609

56,150

Total assets less current liabilities

 

151,925

163,785

Creditors: Amounts falling due after more than one year

7

(13,418)

(136,467)

Provisions for liabilities

(24,829)

(20,451)

Net assets

 

113,678

6,867

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

113,378

6,567

Shareholders' funds

 

113,678

6,867

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 August 2024
 

W M Brown
Director

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Unit 3, Baileys Farm, Barrack Road, Chelmsford, Essex, CM1 4SF.

These financial statements were authorised for issue by the director on 2 August 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services as a solar and roofing contractor. Turnover is shown net of value added tax, returns, rebates and discounts.

Amounts recoverable on contracts, which are included in debtors, are stated at the expected sales value based on stage of completion. Payments in advance and or in excess of the amounts recoverable on contract value are included within other creditors.

Tax

Current Tax is recognised in the profit and loss account, 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.

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 on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Office equipment and Fixtures and Fittings

33% Straight Line & 15% Reducing Balance

Motor vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.

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 the director) during the year, was 6 (2022 - 5).

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Office Equipment and Fixtures & Fittings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

40,583

174,935

22,521

238,039

Additions

505

18,495

-

19,000

At 30 November 2023

41,088

193,430

22,521

257,039

Depreciation

At 1 December 2022

28,795

86,964

14,645

130,404

Charge for the year

2,988

23,149

1,182

27,319

At 30 November 2023

31,783

110,113

15,827

157,723

Carrying amount

At 30 November 2023

9,305

83,317

6,694

99,316

At 30 November 2022

11,788

87,971

7,876

107,635

5

Stocks

2023
£

2022
£

Stocks

19,246

195,000

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

4,255

58,616

Other debtors

 

34,125

73,835

Directors Loan Account

10

11,474

38,474

Prepayments

 

11,385

1,584

 

61,239

172,509

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

93,507

117,752

Loans and borrowings

9

25,549

56,013

Other creditors

 

106,779

287,572

Taxation and social security

 

90,490

71,171

Accruals and deferred income

 

2,950

2,525

 

319,275

535,033

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,549 (2022 - £26,013).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,418

136,467

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £13,418 (2022 - £38,967).

 

Igloo Environmental Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

30,000

Hire Purchase

25,549

26,013

25,549

56,013

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

97,500

Hire Purchase

13,418

38,967

13,418

136,467

The CBILS loan balance was repaid in full during the year.

10

Related party transactions

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

W M Brown

Directors Loan

38,474

76,000

(103,000)

11,474

         
       

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

W M Brown

Directors Loan

61,515

88,949

(111,990)

38,474