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Registered number: 06418962
Iceberg Medical Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06418962
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,587 3,075
Investments 5 40 40
7,627 3,115
CURRENT ASSETS
Stocks 6 2,400 2,400
Debtors 7 612,897 792,879
Cash at bank and in hand 106,531 162,094
721,828 957,373
Creditors: Amounts Falling Due Within One Year 8 (590,665 ) (845,191 )
NET CURRENT ASSETS (LIABILITIES) 131,163 112,182
TOTAL ASSETS LESS CURRENT LIABILITIES 138,790 115,297
Creditors: Amounts Falling Due After More Than One Year 9 (17,368 ) (26,559 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,897 ) (768 )
NET ASSETS 119,525 87,970
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 119,425 87,870
SHAREHOLDERS' FUNDS 119,525 87,970
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A Raja
Director
18/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Iceberg Medical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06418962 . The registered office is Unit 12, Chess Business Park, Moor Road, Chesham, Buckinghamshire, HP5 1SD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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 financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 50% straight line
Fixtures & Fittings 25% straight line
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2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2022: 13)
17 13
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 39,529 - 39,529
Additions 8,882 - 8,882
As at 31 December 2023 48,411 - 48,411
Depreciation
As at 1 January 2023 36,454 - 36,454
Provided during the period 4,370 - 4,370
As at 31 December 2023 40,824 - 40,824
Net Book Value
As at 31 December 2023 7,587 - 7,587
As at 1 January 2023 3,075 - 3,075
5. Investments
Associates
£
Cost
As at 1 January 2023 40
As at 31 December 2023 40
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 40
As at 1 January 2023 40
6. Stocks
2023 2022
£ £
Work in progress 2,400 2,400
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Page 6
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 365,898 532,938
Other debtors 246,999 259,941
612,897 792,879
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 141,056 116,927
Bank loans and overdrafts 10,076 10,648
Other creditors 324,338 580,981
Taxation and social security 115,195 136,635
590,665 845,191
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 17,368 26,559
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 6