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Registered Number: 05586969
England and Wales

 

 

 

ICEBERG PROJECTS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 4 32,400    32,400 
Tangible fixed assets 5 9,097    10,703 
Investments 6 37,433    37,433 
78,930    80,536 
Current assets      
Stocks 7,545    7,225 
Debtors 25,848    25,848 
Cash at bank and in hand (21,257)   2,249 
12,136    35,322 
Creditors: amount falling due within one year (162,369)   (167,676)
Net current assets (150,233)   (132,354)
 
Total assets less current liabilities (71,303)   (51,818)
Net assets (71,303)   (51,818)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (71,403)   (51,918)
Shareholders' funds (71,303)   (51,818)
 


For the accounting year the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 28 November 2024 and were signed on its behalf by:


-------------------------------
Agnelo Severino Almeida
Director
1
General Information
ICEBERG PROJECTS LTD is a private company, limited by shares, registered in England, registration number 05586969, registration address Ground Floor,, 48 White Horse Road, London, E1 0ND.

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.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
Cost of sales comprises the value of goods and services purchased by the company, net of Value Added Tax and trade discounts as applicable. 
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.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
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 15% Reducing Balance
Motor Vehicles 15% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Investment properties
Investment properties are included in the statement of financial position at their open market value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
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.

Staff Costs

2023
£
  2022
£
Wages and salaries 78,188    104,241 
Pension costs, defined contribution plan 1,256    856 
79,444    105,097 
 
Average number of employees during the year Number   Number
Administration 1    1 
Production 4    4 
Sales 3    3 
Distribution 1    1 
 

3.

Average number of employees

Average number of employees during the year was 9 (2022 : 9).
4.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 December 2022 32,400    32,400 
Additions  
Disposals  
At 30 November 2023 32,400    32,400 
Net book values
At 30 November 2023 32,400    32,400 
At 30 November 2022 32,400    32,400 


5.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Plant and Machinery   Total
  £   £   £   £
At 01 December 2022 11,672    14,275    65,344    91,291 
Additions      
Disposals      
At 30 November 2023 11,672    14,275    65,344    91,291 
Depreciation
At 01 December 2022 8,663    12,871    59,054    80,588 
Charge for year 451    211    944    1,606 
On disposals      
At 30 November 2023 9,114    13,082    59,998    82,194 
Net book values
Closing balance as at 30 November 2023 2,558    1,193    5,346    9,097 
Opening balance as at 01 December 2022 3,009    1,404    6,290    10,703 

The net book value of Plant and Machinery includes £ 5,346 (2022 £6,290) in respect of assets leased under finance leases or hire purchase contracts.

6.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 December 2022 37,433    37,433 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 November 2023 37,433    37,433 

2