Ice Kitchen Ltd 08845399 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is manufacture of frozen foods. Digita Accounts Production Advanced 6.30.9574.0 true true 08845399 2023-01-01 2023-12-31 08845399 2023-12-31 08845399 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 08845399 core:CurrentFinancialInstruments 2023-12-31 08845399 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08845399 core:Non-currentFinancialInstruments 2023-12-31 08845399 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08845399 core:FurnitureFittingsToolsEquipment 2023-12-31 08845399 core:OtherPropertyPlantEquipment 2023-12-31 08845399 bus:SmallEntities 2023-01-01 2023-12-31 08845399 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08845399 bus:FilletedAccounts 2023-01-01 2023-12-31 08845399 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08845399 bus:RegisteredOffice 2023-01-01 2023-12-31 08845399 bus:Director1 2023-01-01 2023-12-31 08845399 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08845399 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08845399 core:OfficeEquipment 2023-01-01 2023-12-31 08845399 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 08845399 core:PlantMachinery 2023-01-01 2023-12-31 08845399 countries:EnglandWales 2023-01-01 2023-12-31 08845399 2022-12-31 08845399 core:FurnitureFittingsToolsEquipment 2022-12-31 08845399 core:OtherPropertyPlantEquipment 2022-12-31 08845399 2022-01-01 2022-12-31 08845399 2022-12-31 08845399 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 08845399 core:CurrentFinancialInstruments 2022-12-31 08845399 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08845399 core:Non-currentFinancialInstruments 2022-12-31 08845399 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08845399 core:FurnitureFittingsToolsEquipment 2022-12-31 08845399 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Ice Kitchen Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ice Kitchen Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ice Kitchen Ltd

(Registration number: 08845399)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,115

29,037

Current assets

 

Stocks

5

79,423

166,968

Debtors

6

38,516

123,480

Cash at bank and in hand

 

27,485

27,616

 

145,424

318,064

Creditors: Amounts falling due within one year

7

(126,588)

(110,020)

Net current assets

 

18,836

208,044

Total assets less current liabilities

 

20,951

237,081

Creditors: Amounts falling due after more than one year

7

(17,531)

(118,050)

Net assets

 

3,420

119,031

Capital and reserves

 

Called up share capital

207

207

Share premium reserve

299,893

299,893

Retained earnings

(296,680)

(181,069)

Shareholders' funds

 

3,420

119,031

For the financial year ending 31 December 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 year 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.

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 Board on 5 September 2024 and signed on its behalf by:
 

 

Ice Kitchen Ltd

(Registration number: 08845399)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Mr Cesar Anthony Isaac Roden
Director

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
42 Crosby Road North
Liverpool
Merseyside
L22 4QQ
United Kingdom

These financial statements were authorised for issue by the Board on 5 September 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, banks, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence, that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss of the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The reversal impairment is recognised in profit and loss.

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.

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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

Plant and machinery

20% SL

Office equipment

50% SL

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.

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. 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.

Borrowings

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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. 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 year, was 4 (2022 - 5).

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,994

113,511

115,505

Additions

639

2,880

3,519

Disposals

(1,994)

(113,287)

(115,281)

At 31 December 2023

639

3,104

3,743

Depreciation

At 1 January 2023

1,994

84,475

86,469

Charge for the year

319

606

925

Eliminated on disposal

(1,994)

(83,772)

(85,766)

At 31 December 2023

319

1,309

1,628

Carrying amount

At 31 December 2023

320

1,795

2,115

At 31 December 2022

-

29,037

29,037

5

Stocks

2023
£

2022
£

Other inventories

79,423

166,968

6

Debtors

2023
£

2022
£

Trade debtors

13,888

78,693

Other debtors

24,459

37,544

Prepayments

169

-

Accrued income

-

7,243

38,516

123,480

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

50,500

10,689

Trade creditors

 

64,137

77,545

Amounts due to related parties

8,000

8,000

Social security and other taxes

 

3,872

9,075

Outstanding defined contribution pension costs

 

79

461

Accruals

 

-

4,250

 

126,588

110,020

Due after one year

 

Loans and borrowings

8

17,531

118,050

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,531

118,050

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,531

27,550

Other borrowings

-

90,500

17,531

118,050

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

-

689

Other borrowings

40,500

-

50,500

10,689

 

Ice Kitchen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £68,031 (2022 - £128,050). Included within creditors is £27,531 in respect of a bank loan which is guaranteed by the government under the coronavirus Bounce Back Loan Scheme.

Also included in creditors is an unsecured interest free loan of £40,500 (£90,500 - 2022) with no fixed term of repayment.