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REGISTERED NUMBER: 07982328 (England and Wales)















SKEGNESS CREAM ICE CO (LINCS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






SKEGNESS CREAM ICE CO (LINCS) LIMITED (REGISTERED NUMBER: 07982328)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


SKEGNESS CREAM ICE CO (LINCS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M Catchpole
Mrs T G Catchpole



REGISTERED OFFICE: 27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



REGISTERED NUMBER: 07982328 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: Lloyds Bank
51 Lumley Road
Skegness
Lincolnshire
PE253LP

SKEGNESS CREAM ICE CO (LINCS) LIMITED (REGISTERED NUMBER: 07982328)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 302,018 296,579
302,018 296,579

CURRENT ASSETS
Stocks 14,000 26,304
Debtors 6 7,868 4,408
Cash at bank and in hand 7,557 4,832
29,425 35,544
CREDITORS
Amounts falling due within one year 7 153,215 182,289
NET CURRENT LIABILITIES (123,790 ) (146,745 )
TOTAL ASSETS LESS CURRENT LIABILITIES 178,228 149,834

CREDITORS
Amounts falling due after more than one year 8 (13,546 ) (26,577 )

PROVISIONS FOR LIABILITIES (16,031 ) (10,145 )
NET ASSETS 148,651 113,112

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 148,551 113,012
148,651 113,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SKEGNESS CREAM ICE CO (LINCS) LIMITED (REGISTERED NUMBER: 07982328)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:





M Catchpole - Director


SKEGNESS CREAM ICE CO (LINCS) LIMITED (REGISTERED NUMBER: 07982328)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Skegness Cream Ice Co (Lincs) 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated
impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is 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 the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

SKEGNESS CREAM ICE CO (LINCS) LIMITED (REGISTERED NUMBER: 07982328)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 202,487
AMORTISATION
At 1 March 2023
and 29 February 2024 202,487
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 264,330 128,567 392,897
Additions - 24,376 24,376
Disposals - (6,000 ) (6,000 )
At 29 February 2024 264,330 146,943 411,273
DEPRECIATION
At 1 March 2023 21,147 75,171 96,318
Charge for year 5,287 13,378 18,665
Eliminated on disposal - (5,728 ) (5,728 )
At 29 February 2024 26,434 82,821 109,255
NET BOOK VALUE
At 29 February 2024 237,896 64,122 302,018
At 28 February 2023 243,183 53,396 296,579

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 4,312 3,890
Other debtors 3,556 518
7,868 4,408

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 9,000 7,096
Trade creditors - 900
Taxation and social security 9,669 14,947
Other creditors 134,546 159,346
153,215 182,289

SKEGNESS CREAM ICE CO (LINCS) LIMITED (REGISTERED NUMBER: 07982328)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 13,546 26,577

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 22,546 33,673

The bounce back loan is secured by the UK Government.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided the company with an interest free loan totalling £132,341 (2023 - £157,341).