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REGISTERED NUMBER: 03807315 (England and Wales)


Iceking Restaurants Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2024






Iceking Restaurants Limited (Registered number: 03807315)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Iceking Restaurants Limited

Company Information
for the year ended 31 March 2024







DIRECTOR: Mr J Mouralidarane





SECRETARY: Mrs R C Mouralidarane





REGISTERED OFFICE: Airport House
Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 03807315 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Iceking Restaurants Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iceking Restaurants Limited for the year ended 31 March 2024 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Iceking Restaurants Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Iceking Restaurants Limited and state those matters that we have agreed to state to the director of Iceking Restaurants Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iceking Restaurants Limited and its director for our work or for this report.

It is your duty to ensure that Iceking Restaurants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Iceking Restaurants Limited. You consider that Iceking Restaurants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Iceking Restaurants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


23 September 2024

Iceking Restaurants Limited (Registered number: 03807315)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 38,041 42,795
Property, plant and equipment 5 102,537 102,602
140,578 145,397

CURRENT ASSETS
Inventories 6 6,866 8,965
Debtors 7 851,638 902,263
Cash at bank and in hand 34,389 102,214
892,893 1,013,442
CREDITORS
Amounts falling due within one year 8 592,420 794,424
NET CURRENT ASSETS 300,473 219,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

441,051

364,415

CREDITORS
Amounts falling due after more than one
year

9

(161,790

)

(171,740

)

PROVISIONS FOR LIABILITIES 12 (13,344 ) (4,212 )
NET ASSETS 265,917 188,463

Iceking Restaurants Limited (Registered number: 03807315)

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 300,000 300,000
Retained earnings 14 (34,083 ) (111,537 )
SHAREHOLDERS' FUNDS 265,917 188,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr J Mouralidarane - Director


Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Iceking Restaurants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the ordinary activities of the business and is recognised when the customers take delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The KFC licence is being amortised evenly over the term of the licence of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - straight line over the life of the lease
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 78 ) .

Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 690,249 76,649 766,898
AMORTISATION
At 1 April 2023 690,244 33,859 724,103
Charge for year - 4,754 4,754
At 31 March 2024 690,244 38,613 728,857
NET BOOK VALUE
At 31 March 2024 5 38,036 38,041
At 31 March 2023 5 42,790 42,795

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 434,497 914,081 101,778 1,450,356
Additions - 12,839 35,382 48,221
Disposals - (26,306 ) - (26,306 )
At 31 March 2024 434,497 900,614 137,160 1,472,271
DEPRECIATION
At 1 April 2023 433,529 851,192 63,033 1,347,754
Charge for year 67 10,612 15,749 26,428
Eliminated on disposal - (4,448 ) - (4,448 )
At 31 March 2024 433,596 857,356 78,782 1,369,734
NET BOOK VALUE
At 31 March 2024 901 43,258 58,378 102,537
At 31 March 2023 968 62,889 38,745 102,602

Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 37,715 83,140 120,855
Transfer to ownership (37,715 ) (83,140 ) (120,855 )
At 31 March 2024 - - -
DEPRECIATION
At 1 April 2023 25,959 48,083 74,042
Transfer to ownership (25,959 ) (48,083 ) (74,042 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 11,756 35,057 46,813

6. INVENTORIES
2024 2023
£    £   
Finished goods 6,866 8,965

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 37,452 -
Amounts owed by group undertakings 800,761 800,761
Other debtors 13,425 101,502
851,638 902,263

Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 179,282 282,870
Amounts owed to group undertakings 298,823 298,823
Taxation and social security 55,456 46,461
Other creditors 48,211 155,622
592,420 794,424

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 11,790 21,740
Other creditors 150,000 150,000
161,790 171,740

Amounts falling due in more than five years:

Repayable otherwise than by instalments
9% preference shares 150,000 150,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 119,340 119,340
Between one and five years 477,360 477,360
596,700 596,700

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 22,438 32,388

The bank loans and overdrafts are secured by a charge over the assets and undertakings of the company.

Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 13,344 4,212

Deferred
tax
£   
Balance at 1 April 2023 4,212
Provided during year 9,132
Balance at 31 March 2024 13,344

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
150,000 Ordinary A £1 150,000 150,000
150,000 Ordinary B £1 150,000 150,000
300,000 300,000

The Ordinary 'A' shares of £1 each carry a right to vote and to receive 85% of any dividends declared to Ordinary shareholders with the remaining 15% due to Ordinary 'B' shares.

The Preference shares confer to the holders thereof the right to receive in priority to the holders of any other class of share in the company a fixed cumulative preferential dividend at the rate of 9% per annum.

The Preference dividend shall accrue on a daily basis and shall be paid subject to the provisions of The Companies Act 2006 by equal instalments on the first day of each month.

The Preference shareholders may redeem their shares for cash at par by giving twelve months' written notice to the company.

In the event of the company winding up, the assets and related profits shall be used to pay the holders of the Preference shares all accruals and arrears of the Preference dividends. Secondly to pay the holders of the Preference shares, 'A' Ordinary shares and 'B' Ordinary shares £1 each share held with the total sums due in respect of the 'A' shares and 'B' shares being apportioned 85% to the holders of the 'A' shares and 15% to the holders of the 'B' shares save that the sums payable to the Preference shareholders shall be reduced by the total amounts of dividends paid on the Preference shares since their issue. Thereafter, in distributing the balance amongst the holders of the 'A' shares and 'B' shares as to 85% to the holders of the 'A' shares and 15% to the holders of the 'B' shares.

Iceking Restaurants Limited (Registered number: 03807315)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

14. RESERVES
Retained
earnings
£   

At 1 April 2023 (111,537 )
Profit for the year 77,454
At 31 March 2024 (34,083 )

15. RELATED PARTY DISCLOSURES

Included within creditors are amounts due to the director of £32,265 (2023: £32,265) at balance sheet date.

J M Restaurants Limited and C M Restaurant Limited

These companies are under common control.

Included in debtors payable within one year are amounts due from these companies of £25,385 (2023: nil) at balance sheet date.

Included within creditors falling due within one year are amounts due from these companies of £298,823 (2023:£298,823) at balance sheet date.


Mandoths Restaurants Limited

This controlling party, included in debtors payable within one year are amounts due from these companies of £800,761 (2023: £817,786) at balance sheet date.

These loans are interest free and repayable on demand.

16. CONTROLLING PARTY

The controlling party is Mandoths Restaurants Ltd the parent company.