Registered number
05763977
I-I-Ice Ltd
Filleted Accounts
31 March 2024
I-I-Ice Ltd
Registered number: 05763977
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 464,253 478,686
Current assets
Stocks 12,533 13,051
Debtors 4 78,435 106,689
Cash at bank and in hand 7 18,934
90,975 138,674
Creditors: amounts falling due within one year 5 (225,227) (104,403)
Net current (liabilities)/assets (134,252) 34,271
Total assets less current liabilities 330,001 512,957
Creditors: amounts falling due after more than one year 6 (12,372) (148,020)
Provisions for liabilities (3,262) (5,814)
Net assets 314,367 359,123
Capital and reserves
Called up share capital 1 1
Profit and loss account 314,366 359,122
Shareholder's funds 314,367 359,123
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr A Ingram
Director
Approved by the board on 1 October 2024
I-I-Ice Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 405,196 125,972 226,145 757,313
Disposals - - (15,047) (15,047)
At 31 March 2024 405,196 125,972 211,098 742,266
Depreciation
At 1 April 2023 - 113,724 164,903 278,627
Charge for the year - 3,062 5,541 8,603
On disposals - - (9,217) (9,217)
At 31 March 2024 - 116,786 161,227 278,013
Net book value
At 31 March 2024 405,196 9,186 49,871 464,253
At 31 March 2023 405,196 12,248 61,242 478,686
4 Debtors 2024 2023
£ £
Trade debtors 42,016 66,905
Other debtors 36,419 39,784
78,435 106,689
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 169,238 35,000
Obligations under finance lease and hire purchase contracts 5,216 5,216
Trade creditors 20,263 25,423
Taxation and social security costs 6,627 25,239
Other creditors 23,883 13,525
225,227 104,403
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 131,990
Obligations under finance lease and hire purchase contracts 12,372 16,030
12,372 148,020
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans - 166,960
[Give an indication of the nature and form of the security for the bank loans]
8 Other information
I-I-Ice Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bircher
Danesfield Drive
Leominster
HR6 8HW
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