ICE TIME C.I.C.

Company Registration Number:
03196761 (England and Wales)

Unaudited statutory accounts for the year ended 12 May 2024

Period of accounts

Start date: 15 May 2023

End date: 12 May 2024

ICE TIME C.I.C.

Contents of the Financial Statements

for the Period Ended 12 May 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

ICE TIME C.I.C.

Directors' report period ended 12 May 2024

The directors present their report with the financial statements of the company for the period ended 12 May 2024

Principal activities of the company

The principal activity of the company is the management and operation of Bradford Ice Arena



Directors

The directors shown below have held office during the whole of the period from
15 May 2023 to 12 May 2024

John Barry Whitaker
Andrew Raymond Brown


Secretary Andrew Raymond Brown

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
11 December 2024

And signed on behalf of the board by:
Name: John Barry Whitaker
Status: Director

ICE TIME C.I.C.

Profit And Loss Account

for the Period Ended 12 May 2024

2024 2023


£

£
Turnover: 725,554 861,897
Cost of sales: ( 616,777 ) ( 630,257 )
Gross profit(or loss): 108,777 231,640
Distribution costs: ( 26,975 ) ( 26,064 )
Administrative expenses: ( 56,935 ) ( 43,078 )
Other operating income: 3,113 4,114
Operating profit(or loss): 27,980 166,612
Interest receivable and similar income: 787 204
Interest payable and similar charges: ( 51 ) 0
Profit(or loss) before tax: 28,716 166,816
Tax: ( 1,285 ) ( 16,617 )
Profit(or loss) for the financial year: 27,431 150,199

ICE TIME C.I.C.

Balance sheet

As at 12 May 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 168,429 165,076
Investments:   0 0
Total fixed assets: 168,429 165,076
Current assets
Stocks:   0 0
Debtors: 4 179,701 170,319
Cash at bank and in hand: 243,772 210,433
Investments:   0 0
Total current assets: 423,473 380,752
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 169,788 ) ( 129,926 )
Net current assets (liabilities): 253,685 250,826
Total assets less current liabilities: 422,114 415,902
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 31,526 ) ( 30,241 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 390,588 385,661
Capital and reserves
Called up share capital: 2 2
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 390,586 385,659
Total Shareholders' funds: 390,588 385,661

The notes form part of these financial statements

ICE TIME C.I.C.

Balance sheet statements

For the year ending 12 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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.

This report was approved by the board of directors on 11 December 2024
and signed on behalf of the board by:

Name: John Barry Whitaker
Status: Director

The notes form part of these financial statements

ICE TIME C.I.C.

Notes to the Financial Statements

for the Period Ended 12 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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.

    Tangible fixed assets depreciation policy

    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 Equipment fixtures and tools 8.33 to 25% per annum

    Other accounting policies

    Tax - The tax expense for the period comprises 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. 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. 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. Defined contribution pension obligation - A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

ICE TIME C.I.C.

Notes to the Financial Statements

for the Period Ended 12 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 25 28

ICE TIME C.I.C.

Notes to the Financial Statements

for the Period Ended 12 May 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 15 May 2023 566,843 566,843
Additions 16,913 16,913
Disposals ( 8,793 ) ( 8,793 )
Revaluations 0 0
Transfers 0 0
At 12 May 2024 574,963 574,963
Depreciation
At 15 May 2023 401,767 401,767
Charge for year 11,198 11,198
On disposals ( 6,431 ) ( 6,431 )
Other adjustments 0 0
At 12 May 2024 406,534 406,534
Net book value
At 12 May 2024 168,429 168,429
At 14 May 2023 165,076 165,076

ICE TIME C.I.C.

Notes to the Financial Statements

for the Period Ended 12 May 2024

4. Debtors

2024 2023
£ £
Trade debtors 5,281 3,460
Prepayments and accrued income 28,193 23,015
Other debtors 146,227 143,844
Total 179,701 170,319
Debtors due after more than one year: 0 0

ICE TIME C.I.C.

Notes to the Financial Statements

for the Period Ended 12 May 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 83,625 82,165
Taxation and social security 2,263 1,945
Accruals and deferred income 77,917 41,939
Other creditors 5,983 3,877
Total 169,788 129,926

COMMUNITY INTEREST ANNUAL REPORT

ICE TIME C.I.C.

Company Number: 03196761 (England and Wales)

Year Ending: 12 May 2024

Company activities and impact

The company operates Bradford Ice Arena as a subsidiary of Nice Time, to comply with the charities objects of providing facilities for recreation and other leisure time occupation in the interests of social welfare and with the object of improving the conditions of life for the benefit of the public and the advancement of physical education amongst children and young persons up to the age of 25 years.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The total amount paid or receivable by directors, including pension costs in respect of qualifying services was £61,013. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
11 December 2024

And signed on behalf of the board by:
Name: John Barry Whitaker
Status: Director