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Registered number: 09265645
Ice House Ltd
Financial Statements
For The Year Ended 31 October 2024
AJM Accountancy & Taxation Ltd
21 Goldings Close
Kings Hill
Kent
ME19 4BE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09265645
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 668,006 515,000
668,006 515,000
CURRENT ASSETS
Stocks 5 3,477 3,477
Debtors 6 14,773 12,658
Cash at bank and in hand 692,855 845,748
711,105 861,883
Creditors: Amounts Falling Due Within One Year 7 (905 ) (591 )
NET CURRENT ASSETS (LIABILITIES) 710,200 861,292
TOTAL ASSETS LESS CURRENT LIABILITIES 1,378,206 1,376,292
Creditors: Amounts Falling Due After More Than One Year 8 (1,534,934 ) (1,506,154 )
NET LIABILITIES (156,728 ) (129,862 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (156,828 ) (129,962 )
SHAREHOLDERS' FUNDS (156,728) (129,862)
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Aidan Gibson
Director
6 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ice House Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09265645 . The registered office is 27 Dunstable Road, Richmond, TW9 1UH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the term of the lease
Depreciation on these assets is not charged until they are brought into use.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Land & Property
Leasehold
£
Cost
As at 1 November 2023 515,000
Additions 153,006
As at 31 October 2024 668,006
Net Book Value
As at 31 October 2024 668,006
As at 1 November 2023 515,000
5. Stocks
2024 2023
£ £
Materials 3,477 3,477
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 12,340 12,340
VAT 2,433 318
14,773 12,658
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 764 450
Director's loan account 141 141
905 591
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 1,534,934 1,506,154
The loan included within 'other creditors' is due for repayment in 2039.
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
The company has a loan from Innovez Ltd, a company which is under the common control of Mr Aidan Gibson, on which the balance at 31 October 2024 amounted to £1,534,934. The loan is shown within 'other creditors' and is due for repayment in 2039, with interest accruing on the loan at 2% per annum.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr Aidan Gibson by virtue of his ownership of 100% of the issued share capital in the company.
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