Company registration number 00394506 (England and Wales)
NIC ICE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NIC ICE LTD
COMPANY INFORMATION
Directors
M Wodskou
E Ekelund
M Conway
(Appointed 18 March 2024)
C Diepenbroek
(Appointed 26 March 2025)
S Eilertsen
(Appointed 26 March 2025)
T Stromstad
(Appointed 5 June 2025)
Secretary
M Wodskou
Company number
00394506
Registered office
20 Thames Road
Barking
Essex
United Kingdom
IG11 0HZ
Auditor
Azets Audit Services
6th Floor, Bank House
8 Cherry Street
Birmingham
United Kingdom
B2 5AL
Solicitors
Addleshaw Goddard LLP
Exchange Tower
19 Canning Street
Edinburgh
United Kingdom
EH3 8EH
NIC ICE LTD
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 33
NIC ICE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Compliance with Section 172 of the Companies Act 2006
Section 172 of the Companies Act 2006 requires Directors to act in a way they consider would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard to broader matters including:
The likely consequences of any decisions in the long term.
The interests of the company's employees.
The need to foster the company's business relationships with suppliers, customers, and others.
The impact of the company's operations on the community and the environment.
The desirability of the company maintaining a reputation for high standards of business conduct; and
The need to act fairly, as between members of the company.
The table below summarises how the directors have met their obligations:
NIC ICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
| What is important to the stakeholder | | Consideration and impact 2024 |
Shareholders Nic Ice Ltd is a private limited company who manufacture and sell Ice cream cones, curls, fans and related products and resellers of traded ice cream ingredients. Nic Ice Ltd is wholly owned by Nic Enterprises Ltd which is ultimately owned by Orkla ASA. The aim is to generate fair profits and further the company's vision. | our end users in a healthy and safe environment. Reselling quality ice cream ingredients to end users. Protection of intellectual property and brands. Profitability for the long term. Customer retention. Technological innovation. Employee engagement and satisfaction. Promoting sustainability projects.
| Directors of the company are involved in the day to day running of the group. The local directors are part of the Central Management Team (CMT) and they met every month to discuss results and forward planning. The board meets on a quarterly basis also to
discuss results, forward planning and approving business strategies. | focus on the health and safety aspects of our operations and together with quality, speed of supply of our products from suppliers, through production, to customers. alongside renewed focus on brands, enabled the business to achieve materially improved revenues and profit after tax. |
Employees The success of the company is dependent on the skills and commitment of its workforce. Nic Ice Ltd requires a highly skilled and dedicated team to drive the business forward. . | Health and safety and the environment in which they work. Knowing their voice is heard. Fairness of treatment. The importance of the Nic Ice mission and the quality of
products sold. | promote a positive environment. Supporting employees, their wellbeing and safety is at the forefront of all decision making. | ensure staff are up to date, appropriately trained, and safe in their work. |
NIC ICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
| What is important to the stakeholder | | Consideration and impact 2024 |
Customers Nic Ice Ltd's customer base is made up of large retailers, including the leading UK supermarket chains, wholesalers, manufacturers, foods services companies, and smaller independent outlets. Ensuring their requirements are met is essential to the long-term success of the business. | Consistent, high- quality products. Achieving On Time, In Full delivery targets Relevant products for their customers. Reliability of services. Competitive price.
| management to dedicated Area Sales Managers, holding regular customer meetings to hear what is important to the customers and using that feedback to foster strategic relationships and decision making. | customers, we ensure product supply is maintained at the highest quality. |
Suppliers Our suppliers include a large network of raw material, packaging and traded goods suppliers in a variety of countries. These are fundamental to the quality and availability of our products. | | The directors manage and support dedicated procurement teams with well-developed relationships with all suppliers. Orkla ASA have implemented a supplier approval program to ensure only the highest quality suppliers are used. All suppliers have access to communication channels into the business, through collaboration with any relevant department
working groups and Finance. product. | |
NIC ICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
| What is important to the stakeholder | | Consideration and impact 2024 |
Community& Environment The Directors' intention is that the Company is and continues to be a contributing and good "Corporate Citizen". The company aims to consider the impact of its decisions both on the community it serves and the environment. | community. future generations. | meet adherence requirements to environmental regulations. by the board to work with suppliers to further develop recyclable packaging and thus reduce the company's carbon footprint. | Sustainability strategy declared by NIC group and shared publicly on NIC website. The business has invested and now operates software, to reduce Distribution miles to customers and reduce costs. Further investment has been driven in production ovens to reduce Utility costs and enhance efficiency and reduce carbon emissions. There is an impact and aspect assessment for the group in which minimum review annually, gaps are identified and where practically possible actioned. In addition, senior management KPI objectives and aims to support environmental. There is a group forum where this is being integrated within the group and Orkla. ASA.
|
NIC ICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Fair review of the business
The company's key financial indicators during the year were as follows:
2024
2023
£
£
Turnover
38,173,862
38,597,455
Exceptional items
(779,967)
-
Total operating profit / (loss)
(960,656)
(1,156,886)
(Loss) after tax
(1,558,715)
(958,376)
Shareholders' funds
8,950,686
10,509,401
The year under review witnessed continued supply chain constraints, an intensified level of inflation, rising interest cost leading to consumers facing cost of living pressures. Therefore, in an extremely challenging economic environment, we delivered a 3.68% net revenue decline and an operating loss was recorded.
During the year, the directors decided to close the manufacturing site in Glasgow. The site produced two SKUs – Nougat Wafers and Oyster Delights. Due to a shift in consumer behaviour over the past years, the demand for these products has gradually declined and along with the manufacturing equipment age, unfortunately, there was no feasible proposals to keep the site open. Exceptional costs of £1,074,778 have been incurred in 2024 in relation to this decision.
We are aware that the market dynamics are likely to remain challenging in 2025, however, we believe we have good momentum with focus on delivering superior products and with exceptional service to our customers. We have confidence that our strategy focused organization will deliver improved performance in 2025.
Principal risks and uncertainties
The directors have identified the following risks as those significant to the future prospects of the business: currency volatility, loss of a key supplier, loss or economic failure of a key customer, contamination and product recall. The directors consider that the company has rigorous controls in place to mitigate these risks as far as it is possible to do so.
Supply Chain and Inflation
The general supply chain issues arising from the resumption of trade following the Covid pandemic shutdowns together with the war in Ukraine, continued to bolster supply issues of certain key raw materials and more generally input price inflation. Group and company procurement resources plan ahead to establish raw material requirements and secure deliveries. In respect to input prices, these are monitored closely and selling prices adjusted appropriately, where necessary.
Exchange Rate
In this respect its principal financial risk is that of exchange rate fluctuation, a significant proportion of its product purchases being in Euros and most sales being in Sterling. Sterling's continued fluctuations have demonstrated the challenges the company faces in respect to the effect on its cost of purchases, which the Board seeks to manage with its price management processes and a prudent policy of hedging to mitigate exposure to such fluctuations utilising the treasury facilities available to it as a member of the Orkla ASA group.
Brexit
The EU-UK Trade and Cooperation Agreement substantially removed the risk of tariffs being applied to goods imported and exported from and to the UK from Europe and thus the threat to trade and margins. Although in common with many businesses it does present challenges in respect to the re-export of EU origin goods back to the EU. These challenges have been substantially mitigated by changes the company has been able to make in the route to market for many of the affected goods.
NIC ICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Development and performance
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before new accounts are accepted. Internal controls are in place to ensure all customer balances are continually monitored and the board closely oversees credit provided by the company to its customers.
Interest rate risk
The company has interest bearing liabilities. Interest bearing liabilities are inter-group borrowing facilities and finance lease agreements on which interest is charged at a floating and fixed rates respectively.
Liquidity and cash flow risk
Through the retention of profits and use of group treasury facilities the company has sufficient available funds for operations and planned expansions. Any new debt finance would have to be approved by the board of directors before it was taken on. Cash flow is closely monitored, and appropriate facilities are available through Orkla ASA group treasury.
M Conway
Director
18 July 2025
NIC ICE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the manufacture and sale of wafer biscuits and related products.
Results and dividends
The results for the year are set out on page 13.
No ordinary dividends were paid (2023: £Nil). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Wodskou
R A Marcantonio
(Resigned 10 March 2025)
N Millar
(Resigned 19 March 2025)
S Surana
(Resigned 22 February 2024)
E Ekelund
M Conway
(Appointed 18 March 2024)
C Diepenbroek
(Appointed 26 March 2025)
S Eilertsen
(Appointed 26 March 2025)
C Hoffmann
(Appointed 19 March 2025 and resigned 5 June 2025)
T Stromstad
(Appointed 5 June 2025)
Going Concern
The Directors believe that the company's financial statements should be prepared on a going concern basis as they have a reasonable expectation that the company has adequate resources to continue in operational existence during the going concern period and that there no material uncertainties and risk around the business for it not to be a going concern. In making the assessment, the Directors have also challenged the underlying key assumptions and considered different risk scenarios. The Directors have considered a period of 12 months from the date of approval of the financial statements. Within the assessment, the Directors believe that the current and future sources of funding or support will be more than adequate for the company's needs as they have also received confirmation from Orkla Food Ingredients AS, that it will provide ongoing financial support if required to the extent necessary to enable the Company to meet its financial liabilities as they fall due for a period of 12 months from the date of approval of these financial statements.
Future developments
It is the company's immediate objective to utilise its resources to achieve growth in revenue and continue to improve manufacturing efficiencies.
Auditor
Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
NIC ICE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Streamlined energy & carbon reporting (SECR)
The Company is obligated within the Streamlined Energy & Carbon Reporting (SECR) Framework (established by Companies (Directors’ Report)) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
In accordance with this, the directors report the following energy use and emissions data for the year to 31st December 2024.
| | | |
Scope 1 (Direct Emissions) | | | |
Scope 2 (Indirect Energy Emissions) | | | |
| | | |
| tCO2e / £k sales revenue | | |
Quantification and reporting methodology
The company has followed HM government reporting guidelines. We have also used the GHG Reporting protocol – Corporate Standards and have used the 2021 UK Government’s conversion factors for company reporting.
Intensity measure
The Company’s chosen intensity measurement ratio is gross emission in metric tonnes CO2e per thousand sterling pounds of sales revenue.
Measures taken to improve energy efficiency
The Company follows a proactive approach in reducing greenhouse gas emissions and controlling the company’s carbon footprint. Key examples of projects that have or are planned to be undertaken by the business includes installation of energy efficient lighting within the offices, factory and external areas of the site, installation of electric vehicle charging points to encourage greener travel.
The company will continue to drive energy efficiency and limiting carbon emissions through seeking out more environmentally methods of production and working.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M Conway
Director
18 July 2025
NIC ICE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NIC ICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIC ICE LTD
- 10 -
Opinion
We have audited the financial statements of NIC ICE Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NIC ICE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NIC ICE LTD
- 11 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
NIC ICE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NIC ICE LTD
- 12 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Tom Mullard ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
18 July 2025
Chartered Accountants
Statutory Auditor
6th Floor, Bank House
8 Cherry Street
Birmingham
United Kingdom
B2 5AL
NIC ICE LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
38,173,862
38,597,455
Cost of sales
(24,274,192)
(24,844,452)
Gross profit
13,899,670
13,753,003
Distribution costs
(5,079,971)
(5,191,744)
Administrative expenses
(9,069,237)
(9,821,722)
Other operating income
5
68,849
103,577
Write off of intercompany loans
4
294,811
Restructuring costs
4
(1,074,778)
Operating loss
6
(960,656)
(1,156,886)
Interest receivable and similar income
6,822
8,274
Interest payable and similar expenses
9
(1,052,701)
(779,119)
Loss before taxation
(2,006,535)
(1,927,731)
Tax on loss
10
447,820
969,355
Loss for the financial year
(1,558,715)
(958,376)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NIC ICE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
£
£
Loss for the year
(1,558,715)
(958,376)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,558,715)
(958,376)
NIC ICE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
527,081
662,689
Tangible assets
12
14,254,779
14,532,255
14,781,860
15,194,944
Current assets
Stocks
13
6,386,601
8,205,972
Debtors
14
5,552,734
5,617,711
Cash at bank and in hand
4,228,580
1,610,996
16,167,915
15,434,679
Creditors: amounts falling due within one year
15
(11,792,120)
(10,187,557)
Net current assets
4,375,795
5,247,122
Total assets less current liabilities
19,157,655
20,442,066
Creditors: amounts falling due after more than one year
16
(9,177,302)
(9,216,752)
Provisions for liabilities
Deferred tax liability
19
1,029,667
715,913
(1,029,667)
(715,913)
Net assets
8,950,686
10,509,401
Capital and reserves
Called up share capital
21
221,472
221,472
Share premium account
22
586,801
586,801
Revaluation reserve
23
1,815,836
1,815,836
Capital contribution
2,097,651
2,097,651
Profit and loss reserves
4,228,926
5,787,641
Total equity
8,950,686
10,509,401
The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
M Conway
Director
Company Registration No. 00394506
NIC ICE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Share premium account
Revaluation reserve
Capital contribution
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
221,472
586,801
1,815,836
2,097,651
6,746,017
11,467,777
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
-
(958,376)
(958,376)
Balance at 31 December 2023
221,472
586,801
1,815,836
2,097,651
5,787,641
10,509,401
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
-
(1,558,715)
(1,558,715)
Balance at 31 December 2024
221,472
586,801
1,815,836
2,097,651
4,228,926
8,950,686
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information
NIC ICE Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20 Thames Road, Barking, Essex, United Kingdom, IG11 0HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Orkla ASA. These consolidated financial statements are available from its registered office, Orkla ASA Drammensveien 149A Oslo, 0277, Oslo, Norway
1.2
Going concern
The Directors believe that the company's financial statements should be prepared on a going concern basis as they have a reasonable expectation that the company has adequate resources to continue in operational existence during the going concern period and that there no material uncertainties and risk around the business for it not to be a going concern. In making the assessment, the Directors have also challenged the underlying key assumptions and considered different risk scenarios. The Directors have considered a period of 12 months from the date of approval of the financial statements. Within the assessment, the Directors believe that the current and future sources of funding or support will be more than adequate for the company's needs as they have also received confirmation from Orkla Food Ingredients AS, that it will provide ongoing financial support if required to the extent necessary to enable the Company to meet its financial liabilities as they fall due for a period of 12 months from the date of approval of these financial statements. true
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period.
Revenue recognition
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, which is usually on dispatch of goods.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Intangible fixed assets - goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the company's interest in the identifiable net assets, liabilities and contingent liabilities acquired in a business combination. Goodwill is amortised over its expected useful life which is estimated to be five years for each of the business acquisitions in 2013 and 2016, and twenty five years for the business acquisition in 2021. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
1.5
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Straight line over seven years
Patents & licences
Straight line over seven years
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost. Such costs include costs directly attributable to making the asset capable of operating as intended. Subsequent to initial recognition, tangible assets are stated at cost less accumulated depreciation and accumulated impairment. Land and buildings, which is not investment property, is stated at the revalued amount less subsequent depreciation and subsequent impairment.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Freehold land is not depreciated
Leasehold improvements
Straight line over the life of the lease
Plant and equipment
10% on cost
Fixtures and fittings
20% on cost and 10% on cost
Computer equipment
33% on cost
Motor vehicles
25% on cost and 10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
The company applies the revaluation method of accounting for its freehold land and buildings. A full valuation is undertaken periodically with any revaluation gains being posted to the revaluation reserve. Where the valuation suggests a reduction in the value of the land and buildings, this is posted to the revaluation reserve to the extent that it would reduce the revaluation reserve to nil. Any downwards revaluation in excess of this would be posted as an expense to the profit and loss account. In the years where a valuation has not been obtained, management will assess the carrying value of the assets by considering the market values of similar properties as well as the wider property market. Where this suggests a material change, an updated valuation will be sought.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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 current liabilities.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Financial instruments (continued)
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.17
An exceptional item is a charge incurred by a company that must be noted separately in its financial report. Exceptional items arise from ordinary activity and are not expected to be recurring.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no material judgements in applying accounting policies.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of non-financial assets
Where there are indicators of impairment of individual assets, the company performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm’s length transaction on similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance of the cash generating unit being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash flows and the growth rate used for extrapolation purposes.
Revaluation of land and buildings
The company carries its land and buildings at revalued amount. The company engaged independent valuation specialists to determine the open market value at 28 September 2021. The valuer used a valuation technique using market rentals from similar properties in the locality. Since then the directors have considered the market values of similar properties and reviewed changes in the property market in reassessing the carrying amount at the reporting date. The valuation is most sensitive to rental yield estimates.
3
Turnover and other revenue
Turnover is attributable to the one principal activity of the company.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
30,681,202
33,296,839
Europe
7,491,622
5,299,133
Rest of world
1,038
1,483
38,173,862
38,597,455
4
Exceptional items
2024
2023
£
£
Expenditure
Write off of intercompany loans
(294,811)
-
Restructuring costs
1,074,778
-
779,967
-
Exceptional items in the year comprise the write off of intercompany loans payable to the following companies:
Gortrush Trading Limited - £271,410
Call Caterlink Limited - £23,401
These write offs were by way of formal deeds of release.
Exceptional items also includes expenditure of £1,074,778 relating to the disposal of the company's site in Glasgow.
5
Other operating income
Other operating income relates to recharges to fellow group companies of £68,849 (2023: £103,577).
6
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
90,205
(31,934)
Fees payable to the company's auditor for the audit of the company's financial statements
45,500
56,380
Fees payable to the company's auditor for non-audit work
35,083
-
Depreciation of owned tangible fixed assets
1,156,410
1,067,416
Profit on disposal of tangible fixed assets
(50,294)
(33,132)
Amortisation of intangible assets
179,725
177,119
Operating lease charges
1,570,551
1,504,880
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office and management
33
36
Production
134
165
Selling and marketing
42
42
Total
209
243
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
7,714,045
8,708,172
Social security costs
792,162
864,578
Pension costs
252,977
413,779
8,759,184
9,986,529
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,008,313
1,144,286
Company pension contributions to defined contribution schemes
124,576
117,015
1,132,889
1,261,301
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2023: 7).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
200,188
429,327
Company pension contributions to defined contribution schemes
45,844
29,055
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts
337,131
220,419
Loan interest
715,570
558,700
1,052,701
779,119
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
50,482
(81,251)
Group tax relief
(812,056)
(684,408)
Total current tax
(761,574)
(765,659)
Deferred tax
Origination and reversal of timing differences
349,764
247,653
Adjustment in respect of prior periods
(36,010)
(451,349)
Total deferred tax
313,754
(203,696)
Total tax credit
(447,820)
(969,355)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(2,006,535)
(1,927,731)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(501,634)
(453,402)
Tax effect of expenses that are not deductible in determining taxable loss
39,341
6,211
Adjustments in respect of prior years
14,473
(532,600)
Enhanced capital allowances
(4,209)
Rate changes
14,645
Taxation credit for the year
(447,820)
(969,355)
Deferred tax has been calculated at a rate of 25%
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
11
Intangible fixed assets
Goodwill
Software
Patents & licences
Total
£
£
£
£
Cost
At 1 January 2024
305,561
1,327,289
38,631
1,671,481
Additions
44,117
44,117
At 31 December 2024
305,561
1,371,406
38,631
1,715,598
Amortisation and impairment
At 1 January 2024
207,113
778,143
23,536
1,008,792
Amortisation charged for the year
8,556
167,605
3,564
179,725
At 31 December 2024
215,669
945,748
27,100
1,188,517
Carrying amount
At 31 December 2024
89,892
425,658
11,531
527,081
At 31 December 2023
98,448
549,146
15,095
662,689
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
8,597,051
2,816,424
7,583,951
2,015,588
164,348
148,539
21,325,901
Additions
159,468
719,477
48,408
63,032
39,950
1,030,335
Disposals
(155,291)
(455,537)
(155,649)
(766,477)
At 31 December 2024
8,597,051
2,820,601
7,847,891
1,908,347
227,380
188,489
21,589,759
Depreciation and impairment
At 1 January 2024
1,397,051
677,592
3,279,013
1,291,762
58,936
89,292
6,793,646
Depreciation charged in the year
206,761
672,561
185,016
69,389
22,683
1,156,410
Eliminated in respect of disposals
(66,736)
(404,252)
(144,088)
(615,076)
At 31 December 2024
1,397,051
817,617
3,547,322
1,332,690
128,325
111,975
7,334,980
Carrying amount
At 31 December 2024
7,200,000
2,002,984
4,300,569
575,657
99,055
76,514
14,254,779
At 31 December 2023
7,200,000
2,138,832
4,304,938
723,826
105,412
59,247
14,532,255
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
Included in cost or valuation of land and buildings is freehold land of £1,120,235 (2022 - £1,120,235) which is not depreciated.
The land and buildings were revalued on 28 September 2021 by Mass & Co Chartered Surveyors on an open market basis.
If land and buildings were measured using the cost model, the carrying amounts would have been approximately £4,040,653 (2023 - £4,144,073), being cost £5,170,970 (2023 - £5,170,970) and depreciation £1,130,317 (2023 - £1,026,897).
13
Stocks
2024
2023
£
£
Raw materials and consumables
292,382
213,218
Finished goods and goods for resale
6,094,219
7,992,754
6,386,601
8,205,972
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,426,806
3,805,115
Corporation tax recoverable
29,040
246,509
Amounts owed by group undertakings
1,346,361
1,216,818
Other debtors
241,103
21,653
Prepayments and accrued income
509,424
327,616
5,552,734
5,617,711
Amounts owed from group undertakings are unsecured, interest free and repayable on demand.
In June 2023, the company awarded 6 employees with a 15% discount on share purchases in Orkla ASA, the ultimate parent company. A total number of 2,220 shares were purchased at a total cost of £13,487.
Of this, 15% of the shares (£2,023 as disclosed within administrative expenses) formed a share-based payment to employees. The remaining 85% (£11,464) formed a staff loan, which was paid back to the company through the employee's monthly payroll over the course of twelve months. These loans were interest free.
Included in other debtors above are the following: an amount due from staff of £3,084 (2023: £461); healthcare contributions £17,466 (2023: £12,566); VAT repayable of £219,443 (2023: £366).
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
8,430,958
6,515,590
Obligations under finance leases
18
15,020
18,000
Trade creditors
1,441,961
1,006,031
Amounts owed to group undertakings
156,221
862,861
Taxation and social security
167,740
216,646
Other creditors
89,830
102,056
Accruals and deferred income
1,490,390
1,466,373
11,792,120
10,187,557
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
15,020
Loans from group undertakings
17
9,177,302
9,201,732
9,177,302
9,216,752
17
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
8,430,958
6,515,590
Loans from group undertakings
9,177,302
9,201,732
17,608,260
15,717,322
Payable within one year
8,430,958
6,515,590
Payable after one year
9,177,302
9,201,732
During the prior year, the loan counterparty was transferred from Orkla ASA to one of its subsidiary undertakings, Orkla Food Ingredients AS.
All other terms of the loan remain unchanged.The amount owed is due for repayment on 15 January 2028. Interest is accrued on a monthly basis and the rate is determined every month by Orkla ASA as being equal to the six month interbank rate plus a margin of 1.00% and a risk mark-up. The amount owed is unsecured.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
15,020
18,000
In two to five years
15,020
15,020
33,020
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
842,200
792,185
Tax losses
-
(253,908)
Revaluations
207,850
207,850
Other short term timing differences
(20,383)
(30,214)
1,029,667
715,913
2024
Movements in the year:
£
Liability at 1 January 2024
715,913
Charge to profit or loss
313,754
Liability at 31 December 2024
1,029,667
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
252,977
413,779
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the balance sheet date the company owed £72,753 (2023: £82,047), as disclosed within other creditors.
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
41,472
41,472
41,572
41,572
'A' Ordinary of £1 each
180,000
180,000
179,900
179,900
221,472
221,472
221,472
221,472
Holders of ordinary shares are entitled to dividends as recommended from time to time by the directors and are entitled to one vote per share at meetings of the Company. On a return of assets on liquidation or otherwise, the assets remaining after payment of liabilities are first applied to holders of ordinary shares in the amount of the subscription price per share.
Holders of "A" ordinary shares are entitled to dividends declared independently from time to time and not to exceed the amount recommended by the directors and are entitled to one vote for every 172 "A" ordinary shares held at meetings of the Company. On a return of assets on liquidation or otherwise, the assets remaining after payment of liabilities and amounts to holders of ordinary shares (above) are applied to holders of "A" ordinary shares in the amount of the subscription price per share.
In the event of a distribution of assets on winding-up the company, the "A" ordinary shares are to rank as 10% of the value of the ordinary shares.
22
Share premium account
Share premium relates to amounts paid in respect of ordinary shares in excess of their nominal value.
23
Revaluation reserve
The revaluation reserve relates to the revaluation of freehold property.
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,348,711
1,372,332
Between two and five years
4,621,124
3,033,387
In over five years
1,550,356
1,040,278
7,520,191
5,445,997
NIC ICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
25
Related party transactions
Transactions with related parties
The company has taken advantage of the exemptions, available in section 33.1A and 1.12 (e) of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group and key management personnel compensation.
During the year the company incurred rental expenses of £130,160 (2023: £117,761) with Marcantonio Foods Limited 1987 Retirement Benefits Scheme, in which some of the directors are beneficiaries. At the balance sheet date the company owed Marcantonio Foods Limited 1987 Retirement Benefits Scheme £nil (2023: £nil) in respect of outstanding rental payments.
During the year the company incurred rental expenses of £36,916 (2023: £149,626) with Hillview Developments Limited, a company under the common directorship of N Millar. At the balance sheet date the company owed Hillview Developments Limited £nil (2023: £nil) as disclosed in Creditors due within one year.
Wodskou Properties Ltd is a company in which M Wodskou is also a director and shareholder. NIC ICE Ltd paid Wodskou Properties Limited £447,042 (2023: £447,183) for rental expenses during the year. At the balance sheet date the company owed Wodskou Properties Limited £nil (2023: £nil) as disclosed in Creditors due within one year.
All transactions took place at an arm's length basis and on normal commercial terms.
26
Ultimate controlling party
The immediate parent company is NIC Enterprises Limited, a company incorporated in England and Wales, which holds 100% of the share capital of NIC ICE Limited.
The ultimate parent company and controlling party is Orkla ASA, a company incorporated in Norway. The accounts are included within the consolidated accounts of Orkla ASA which are publicly available from Orkla ASA Drammensveien 149A Oslo, 0277, Oslo, Norway.
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100R A MarcantonioN MillarS SuranaE EkelundM ConwayC DiepenbroekS EilertsenC HoffmannT StromstadT StromstadM Wodskou003945062024-01-012024-12-3100394506bus:CompanySecretaryDirector12024-01-012024-12-3100394506bus:Director42024-01-012024-12-3100394506bus:Director52024-01-012024-12-3100394506bus:Director62024-01-012024-12-3100394506bus:Director72024-01-012024-12-3100394506bus:Director92024-01-012024-12-3100394506bus:CompanySecretary12024-01-012024-12-3100394506bus:Director12024-01-012024-12-3100394506bus:Director22024-01-012024-12-3100394506bus:Director32024-01-012024-12-3100394506bus:Director82024-01-012024-12-3100394506bus:Director102024-01-012024-12-3100394506bus:RegisteredOffice2024-01-012024-12-3100394506bus:Agent12024-01-012024-12-31003945062023-01-012023-12-3100394506core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100394506core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31003945062024-12-3100394506core:ShareCapital2024-12-3100394506core:ShareCapital2023-12-3100394506core:SharePremium2024-12-3100394506core:SharePremium2023-12-3100394506core:RevaluationReserve2024-12-3100394506core:RevaluationReserve2023-12-3100394506core:OtherReservesSubtotal2024-12-3100394506core:OtherReservesSubtotal2023-12-3100394506core:RetainedEarningsAccumulatedLosses2024-12-3100394506core:RetainedEarningsAccumulatedLosses2023-12-31003945062023-12-3100394506core:ShareCapital2022-12-3100394506core:SharePremium2022-12-3100394506core:RevaluationReserve2022-12-3100394506core:OtherReservesSubtotal2022-12-3100394506core:RetainedEarningsAccumulatedLosses2022-12-31003945062022-12-3100394506core:ShareCapitalOrdinaryShareClass12024-12-3100394506core:ShareCapitalOrdinaryShareClass12023-12-3100394506core:ShareCapitalOrdinaryShareClass22024-12-3100394506core:ShareCapitalOrdinaryShareClass22023-12-3100394506core:ShareCapitalOrdinaryShares2024-12-3100394506core:ShareCapitalOrdinaryShares2023-12-310039450612024-01-012024-12-310039450612023-01-012023-12-3100394506core:Exceptional12024-01-012024-12-3100394506core:Exceptional12023-01-012023-12-3100394506core:Goodwill2024-12-3100394506core:ComputerSoftware2024-12-3100394506core:PatentsTrademarksLicencesConcessionsSimilar2024-12-3100394506core:Goodwill2023-12-3100394506core:ComputerSoftware2023-12-3100394506core:PatentsTrademarksLicencesConcessionsSimilar2023-12-3100394506core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3100394506core:LeaseholdImprovements2024-12-3100394506core:PlantMachinery2024-12-3100394506core:FurnitureFittings2024-12-3100394506core:ComputerEquipment2024-12-3100394506core:MotorVehicles2024-12-3100394506core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100394506core:LeaseholdImprovements2023-12-3100394506core:PlantMachinery2023-12-3100394506core:FurnitureFittings2023-12-3100394506core:ComputerEquipment2023-12-3100394506core:MotorVehicles2023-12-3100394506core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3100394506core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100394506core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3100394506core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3100394506core:CurrentFinancialInstruments2024-12-3100394506core:CurrentFinancialInstruments2023-12-3100394506core:Non-currentFinancialInstruments2024-12-3100394506core:Non-currentFinancialInstruments2023-12-3100394506core:Goodwill2024-01-012024-12-3100394506core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100394506core:ComputerSoftware2024-01-012024-12-3100394506core:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3100394506core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3100394506core:LeaseholdImprovements2024-01-012024-12-3100394506core:PlantMachinery2024-01-012024-12-3100394506core:FurnitureFittings2024-01-012024-12-3100394506core:ComputerEquipment2024-01-012024-12-3100394506core:MotorVehicles2024-01-012024-12-3100394506core:UKTax2024-01-012024-12-3100394506core:UKTax2023-01-012023-12-310039450622024-01-012024-12-310039450622023-01-012023-12-310039450632024-01-012024-12-310039450632023-01-012023-12-3100394506core:Goodwill2023-12-3100394506core:ComputerSoftware2023-12-3100394506core:PatentsTrademarksLicencesConcessionsSimilar2023-12-31003945062023-12-3100394506core:Goodwillcore:ExternallyAcquiredIntangibleAssets2024-01-012024-12-3100394506core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2024-01-012024-12-3100394506core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2024-01-012024-12-3100394506core:ExternallyAcquiredIntangibleAssets2024-01-012024-12-3100394506core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100394506core:LeaseholdImprovements2023-12-3100394506core:PlantMachinery2023-12-3100394506core:FurnitureFittings2023-12-3100394506core:ComputerEquipment2023-12-3100394506core:MotorVehicles2023-12-3100394506core:WithinOneYear2024-12-3100394506core:WithinOneYear2023-12-3100394506core:BetweenTwoFiveYears2024-12-3100394506core:BetweenTwoFiveYears2023-12-3100394506bus:OrdinaryShareClass12024-01-012024-12-3100394506bus:OrdinaryShareClass22024-01-012024-12-3100394506bus:OrdinaryShareClass12024-12-3100394506bus:OrdinaryShareClass12023-12-3100394506bus:OrdinaryShareClass22024-12-3100394506bus:OrdinaryShareClass22023-12-3100394506bus:AllOrdinaryShares2024-12-3100394506bus:AllOrdinaryShares2023-12-3100394506core:MoreThanFiveYears2024-12-3100394506core:MoreThanFiveYears2023-12-3100394506bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100394506bus:FRS1022024-01-012024-12-3100394506bus:Audited2024-01-012024-12-3100394506bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP