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Registration number: 10755755

Igloo Technology Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Igloo Technology Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Igloo Technology Group Ltd

Company Information

Director

Mr D B McMahon

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Limited
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Igloo Technology Group Ltd

(Registration number: 10755755)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

51,455

1,316

Current assets

 

Stocks

4

2,000

2,000

Debtors

5

19,288

74,656

Cash at bank and in hand

 

5,061

10,568

 

26,349

87,224

Creditors: Amounts falling due within one year

6

(42,668)

(73,766)

Net current (liabilities)/assets

 

(16,319)

13,458

Total assets less current liabilities

 

35,136

14,774

Creditors: Amounts falling due after more than one year

6

(1,697)

-

Provisions for liabilities

(9,777)

(250)

Net assets

 

23,662

14,524

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

23,562

14,424

Shareholders' funds

 

23,662

14,524

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 January 2025
 

 

Igloo Technology Group Ltd

(Registration number: 10755755)
Balance Sheet as at 31 May 2024

.........................................
Mr D B McMahon
Director

 

Igloo Technology Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Igloo Technology Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line and 25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Igloo Technology Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Igloo Technology Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

2,122

-

381

2,503

Additions

525

63,738

1,032

65,295

At 31 May 2024

2,647

63,738

1,413

67,798

Depreciation

At 1 June 2023

1,158

-

29

1,187

Charge for the year

321

14,607

228

15,156

At 31 May 2024

1,479

14,607

257

16,343

Carrying amount

At 31 May 2024

1,168

49,131

1,156

51,455

At 31 May 2023

964

-

352

1,316

4

Stocks

2024
£

2023
£

Other inventories

2,000

2,000

5

Debtors

Current

2024
£

2023
£

Trade debtors

19,106

74,462

Prepayments

182

118

Other debtors

-

76

 

19,288

74,656

 

Igloo Technology Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,361

36,555

Taxation and social security

4,143

10,087

Accruals and deferred income

730

788

Other creditors

18,253

26,336

HP and finance lease liabilities

10,181

-

42,668

73,766

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,697

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

Ordinary A shares of £1 each

1

1

1

1

100

100

100

100

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

10,181

-

 

Igloo Technology Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Repayments by director
£

At 31 May 2024
£

Mr D B McMahon

No interest is charged on the loan and there is no fixed date of repayment.

10,389

6,797

17,187

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Mr D B McMahon

No interest is charged on the loan and there is no fixed date of repayment.

2,769

7,620

10,389