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Registered Number: 13752260
England and Wales

 

 

 

I C FOODS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Director Zain Ali KHAN
Registered Number 13752260
Registered Office 122 Chequer Road
Doncaster
DN1 2AW
1
 
 
Notes
 
2023
£
  2022
£
Turnover 2,889,978    2,733,098 
Cost of sales (1,770,705)   (1,503,204)
Gross profit 1,119,273    1,229,894 
Selling and distribution costs (160,865)   (145,657)
Administrative expenses (653,485)   (557,071)
Operating profit 304,923    527,166 
Interest payable and similar charges (2,754)   (2,129)
Profit/(Loss) on ordinary activities before taxation 302,169    525,037 
Tax on profit on ordinary activities (37,174)   (109,514)
Profit/(Loss) for the financial year 264,995    415,523 
 
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 352,168    154,058 
352,168    154,058 
Current assets      
Stocks 4 201,961    186,244 
Debtors 5 70,846    63,266 
Cash at bank and in hand 147,744    159,125 
420,551    408,635 
Creditors: amount falling due within one year 6 (92,200)   (147,169)
Net current assets 328,351    261,466 
 
Total assets less current liabilities 680,519    415,524 
Net assets 680,519    415,524 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 680,518    415,523 
Shareholders' funds 680,519    415,524 
 


For the 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 01 September 2024 and were signed by:


-------------------------------
Zain Ali KHAN
Director
3
General Information
I C FOODS LTD is a private company, limited by shares, registered in England and Wales, registration number 13752260, registration address 122 Chequer Road, Doncaster, DN1 2AW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25 Reducing Balance
Motor Vehicles 25 Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 13 (2022 : 9).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 December 2022 180,155    25,256    205,411 
Additions 315,500      315,500 
Disposals    
At 30 November 2023 495,655    25,256    520,911 
Depreciation
At 01 December 2022 45,039    6,314    51,353 
Charge for year 112,654    4,736    117,390 
On disposals    
At 30 November 2023 157,693    11,050    168,743 
Net book values
Closing balance as at 30 November 2023 337,962    14,206    352,168 
Opening balance as at 01 December 2022 135,116    18,942    154,058 


4.

Stocks

2023
£
  2022
£
Stocks 201,961    186,244 
201,961    186,244 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 70,846    63,266 
70,846    63,266 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 44,512    37,655 
Corporation Tax 46,688    109,514 
Accrued Expenses 1,000   
92,200    147,169 

4