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Company No: 09715770 (England and Wales)

ICE HOUSE MEDICAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

ICE HOUSE MEDICAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

ICE HOUSE MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
ICE HOUSE MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,700,000 2,300,000
1,700,000 2,300,000
Current assets
Debtors 4 0 38,000
Cash at bank and in hand 78,000 78,000
78,000 116,000
Creditors: amounts falling due within one year 5 ( 2,977,892) ( 3,127,142)
Net current liabilities (2,899,892) (3,011,142)
Total assets less current liabilities (1,199,892) (711,142)
Net liabilities ( 1,199,892) ( 711,142)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 8 ( 1,199,894 ) ( 711,144 )
Total shareholder's deficit ( 1,199,892) ( 711,142)

For the financial year ending 31 August 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 financial statements of Ice House Medical Limited (registered number: 09715770) were approved and authorised for issue by the Director on 22 August 2024. They were signed on its behalf by:

Dr A Namvar
Director
ICE HOUSE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
ICE HOUSE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ice House Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Warrior Square Surgery Marlborough House, 19-21 Warrior Square, St Leonards-On-Sea, TN37 6BG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

These financial statements are prepared on a basis other than a going concern basis. A receiver was appointed on 24 October 2022 to oversee the sale of the company investment property. The assets have where appropriate been written down to their net realisable value.

Included in amounts falling due within one year is the full amount of the loan due to the company bankers in relation to the investment property.

Also within amounts falling due within one year are other creditors which relate to amounts due to other companies' under the common control of the director, and, amounts owed to the director against which there is no immediate intention to repay these amounts as the director is continuing to support the company in meeting its liabilities.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 September 2022 2,300,000
Fair value movement (600,000)
As at 31 August 2023 1,700,000

Valuation

The fair value is determined by the director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 2,621,304 2,680,048

4. Debtors

2023 2022
£ £
Accrued income 0 38,000

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 2,557,026 2,557,026
Trade creditors 2,112 12,690
Amounts owed to director 80,419 231,529
Accruals 4,740 3,300
Other creditors 333,595 322,597
2,977,892 3,127,142

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Owed to the director 80,419 231,529

The full amount is repayable on demand and no interest is charged.

8. Profit and loss account

2023 2022
£ £
Profit and loss account - distributable 37,316 (73,934)
Profit and loss account - non-distributable (1,237,210) (637,210)
(1,199,894) (711,144)

Profit and loss account - distributable

This reserve represents the cumulative profits and losses that can be distributed.

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.