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Company No: 10160991 (England and Wales)

ICE HOUSE MEDICAL 2 LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

ICE HOUSE MEDICAL 2 LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

ICE HOUSE MEDICAL 2 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
ICE HOUSE MEDICAL 2 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 31.05.2024 31.05.2023
£ £
Fixed assets
Investment property 3 500,000 600,000
500,000 600,000
Current assets
Debtors 4 63,313 88,036
Cash at bank and in hand 279 1,872
63,592 89,908
Creditors: amounts falling due within one year 5 ( 97,619) ( 95,366)
Net current liabilities (34,027) (5,458)
Total assets less current liabilities 465,973 594,542
Creditors: amounts falling due after more than one year 6 ( 347,669) ( 357,546)
Provision for liabilities ( 5,473) ( 24,473)
Net assets 112,831 212,523
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 9 112,830 212,522
Total shareholder's funds 112,831 212,523

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ice House Medical 2 Limited (registered number: 10160991) were approved and authorised for issue by the Director on 26 February 2025. They were signed on its behalf by:

Dr Arash Namvar
Director
ICE HOUSE MEDICAL 2 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
ICE HOUSE MEDICAL 2 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ice House Medical 2 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Warrior Square Surgery Marlborough House, 19-21 Warrior Square, St Leonards-On-Sea, TN37 6BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

31.05.2024 31.05.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 June 2023 600,000
Fair value movement (100,000)
As at 31 May 2024 500,000

Valuation

The fair value is determined annually by the director, on an open market value for existing use basis.

4. Debtors

31.05.2024 31.05.2023
£ £
Trade debtors 2,923 2,923
Amounts owed by director 0 3,687
Other debtors 60,390 81,426
63,313 88,036

5. Creditors: amounts falling due within one year

31.05.2024 31.05.2023
£ £
Bank loans 9,694 9,508
Trade creditors 3,846 0
Amounts owed to director 4,292 0
Accruals 3,748 3,559
Taxation and social security 12,019 10,779
Other creditors 64,020 71,520
97,619 95,366

There are fixed and floating charges along with a negative pledge over the property held in investment properties to which the bank loans are secured.

6. Creditors: amounts falling due after more than one year

31.05.2024 31.05.2023
£ £
Bank loans (secured) 347,669 357,546

There are fixed and floating charges along with a negative pledge over the property held in investment properties to which the bank loans are secured.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.05.2024 31.05.2023
£ £
Bank loans (secured / repayable by instalments) 299,836 309,533

7. Called-up share capital

31.05.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

At the year end the director was owed £4,292 by the company (2023:£3,687 owed to the company). There is no interest charged on this balance and is repayable on demand.

Within Other debtors is £59,146 and Other creditors of £64,020 which are amounts receivable/payable relating to companies' under common control of the director.

9. Reserves

31.05.2024 31.05.2023
£ £
Profit and loss account - distributable 35,555 54,247
Profit and loss account - non-distributable 77,275 158,275
112,830 212,522

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.