Company Registration No. 10213228 (England and Wales)
Icefog Limited
Unaudited accounts
for the year ended 31 December 2024
Icefog Limited
Unaudited accounts
Contents
Icefog Limited
Company Information
for the year ended 31 December 2024
Directors
Arnaud de Canteloube de Marmiés
Yuliya Tarasenka
Company Number
10213228 (England and Wales)
Registered Office
10th Floor
240 Blackfriars Road
London
SE1 8NW
UNITED KINGDOM
Icefog Limited
Statement of financial position
as at 31 December 2024
Investments
506,127
158,877
Cash at bank and in hand
38,422
17,151
Creditors: amounts falling due within one year
(26,151)
(37,332)
Net current assets
182,243
93,428
Net assets
688,370
252,305
Called up share capital
288
100
Profit and loss account
215,140
252,205
Shareholders' funds
688,370
252,305
For the year ending 31 December 2024 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by
Arnaud de Canteloube de Marmiés
Director
Company Registration No. 10213228
Icefog Limited
Notes to the Accounts
for the year ended 31 December 2024
Icefog Limited is a private company, limited by shares, registered in England and Wales, registration number 10213228. The registered office is 10th Floor, 240 Blackfriars Road, London, SE1 8NW, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Investments in subsidiaries are included at cost less impairment.
Investments in associates are included at cost less impairment.
Financial statements are separate financial statements.
Investments in ordinary shares or preference shares of other entities, which are not subsidiaries, are measured at fair value, unless fair value cannot be measured reliably.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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 accounts. 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.
Icefog Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 January 2024
158,840
37
158,877
Additions
-
473,130
473,130
Fair value adjustments
-
(125,880)
(125,880)
Valuation at 31 December 2024
158,840
347,287
506,127
Amounts falling due within one year
Trade debtors
29,017
30,061
Amounts due from group undertakings etc.
109,485
83,323
Deferred tax asset
31,470
-
Accrued income and prepayments
-
225
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
25,824
27,003
Loans from directors
327
15
7
Deferred taxation
2024
2023
Other deferred taxation
(31,470)
-
Credited to the profit and loss account
(31,470)
-
Provision at end of year
(31,470)
-
Deferred tax has been provided in full on timing differences at a tax rate of 25% which is the rate that is expected to apply when the timing differences reverse, based on currently enacted laws.
The Company has minority investments in two private companies which are recorded at fair value through profit and loss in the balance sheet. The Deferred Tax Asset has been calculated on revaluation loss of these investments. These DTAs can be used to offset taxable income in future periods and reduce our income taxes payable in those future periods. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realise these DTAs.
Icefog Limited
Notes to the Accounts
for the year ended 31 December 2024
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £92 (2023 – £NIL) were due to the fund. They are included in other creditors.
9
Transactions with related parties
Finorama Technology Limited ("Finorama")
The company owns 37% of the issued share capital of Finorama. At 31 December 2024 the company was owed £29,449 (2023 - £29,449) from Finorama. A loan is interest free and repayable on demand. A provision for impairement loss of £29,449 was made against this loan.
Admio Capital Ltd
The company owns 100% of the issued share capital of Admio Capital Ltd.
At 31 December 2024 amounts due from group undertaking include an unsecured and interest free loan of £192,841 (2023 - £166,679 ) owed to the company from Admio Ltd. The loan is repayable on demand. A provision for impairement loss of £83,356 was made against this loan in 2023.
10
Post balance sheet events
Dividends
The final dividend proposed for the year ended 31 December 2024 is £45,000 (2023: £NIL). This dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
11
Average number of employees
During the year the average number of employees was 1 (2023: 0).