| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30 December 2024 |
| for |
| Ice Telecommunications Ltd |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30 December 2024 |
| for |
| Ice Telecommunications Ltd |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Contents of the Financial Statements |
| for the year ended 30 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 6 |
| Report of the Independent Auditors | 8 |
| Statement of Comprehensive Income | 11 |
| Statement of Financial Position | 12 |
| Statement of Changes in Equity | 13 |
| Notes to the Financial Statements | 14 |
| Ice Telecommunications Ltd |
| Company Information |
| for the year ended 30 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| BANKERS: |
| 38 Market Street |
| Crewe |
| Cheshire |
| CW1 2ET |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Strategic Report |
| for the year ended 30 December 2024 |
| The directors present their strategic report for the year ended 30 December 2024. |
| REVIEW OF BUSINESS |
| Ice Telecommunications is an independent, award-winning B2B provider of performance enhancing telecommunications solutions to businesses. |
| With over 67,000 mobile phone connections and several more thousands of landline / VOIP and hosted solutions to over 4,000 diverse businesses across a range of market sectors, Ice Telecommunications is a widely recognised brand that delivers on value and solutions. |
| The performance of Ice Telecommunications has built on the strong recovery achieved last year, following a challenging period in 2022. Ice Telecommunications significant progression is based on a strategy to build on their organic growth platforms and ensuring its product portfolio supports the changing needs of UK businesses. The company has also made a significant investment in the building of relationships with organisations based in overseas territories. Those overseas companies now form an intrinsic element of the company's growth plans and are a major source of customer leads brought into the business, the cost of which are reflected in the Intangible Fixed Asset Development Costs. |
| The company has worked hard and effectively to grow its back office functions while maximising efficiency within the sales teams, in order to better service our customer base. |
| Financial Review |
| The table below shows high level financial performance of the business for the year to 30th December 2024. |
| FY 2024 | FY 2023 |
| Revenue £m | 19.247 | 17.003 |
| Gross profit % | 36.24% | 39.56% |
| EBITDA £m | 0.849 | 0.505 |
| Shareholders funds £m | -1.192 | -1.594 |
| Revenue and profitability have increased significantly compared to the previous year and it can be concluded that the company has had a superb year. It is expected that net profits will continue to improve in future years as we create a stronger foundation for growth, which can be explained by: |
| - | Our focus on consolidation within the workforce - we focussed on bringing in the right people in the right places to ensure a better experience for both new and existing customers. This led to more satisfied customers who were more likely to be retained, creating additional revenue. |
| - | Improved performance as measured via KPIs - conversion rates / leads generated, cancellation rates, better credit reporting of customers are just some of the KPIs that have been continued to great success. |
| - | Investment in more qualified staff to increase the knowledge within the business and to reflect the additional skills and attributes required to manage the growth that we'd achieved. |
| - | We are a living wage employer and proud of it and we committed to matching any increase in pay. |
| - | Gross profit levels have held up well again in 2024 following a difficult year reported in 2022. This is owing to better controls when engaging in customer contracts and the loss in margins experienced due to the base sale in 2022. |
| Revenue growth of 13.2% has been achieved in 2024, which was the result of organic growth and increased customer retention through improved customer service. In particular, the increase in revenue was mainly seen in a 26.5% increase in commission revenue from customer contracts with network operators. These significant improvements in the company's performance have been driven by: |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Strategic Report |
| for the year ended 30 December 2024 |
| REVIEW OF BUSINESS (Continued) |
| - Investment in great people |
| Workforce costs have increased by 19%. Investment in the Sales and Operations team followed a staffing restructure in 2023, which initially saw a reduction in staff numbers and formed part of the company strategy to invest in the right people in the right places. The directors would like to pay tribute to the whole team - their relentless determination, outstanding loyalty and work ethic that has resulted in these great results. |
| - Innovative products to provide great solutions |
| Partnering with different suppliers and innovative tech businesses the company was and is able to provide unique solutions to our partners e.g. keeping mobile communications available during English Channel crossing, taking advantage of 5G and exploring 100% renewable energy supplies. The company is always actively seeking out new products and updated systems in order to ensure that customers are offered the most suitable packages to meet their needs. |
| - Creating a culture for a customer focussed approach |
| Leading review website Trustpilot, has Ice Comms described as "reviewers overwhelmingly had a great experience with this company" and provided an outstanding score of 4.4 / 5 - all thanks to the fantastic service Ice Comms provides to customers. |
| During the year, Ice Telecommunications has supported the development of entities based in overseas territories which provide customer leads to the company. These entities have been developed with the UK business market in mind and those entities have recruited a workforce aimed at creating good relationships with potential customers. |
| - Creating a great working environment |
| Initiatives such as flexi-time, working from home, social mobility initiatives / diversity initiatives have created a unique culture within Ice Telecommunications that drives fun, success, teamwork with the focus on customers underpinning everything we do. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors have implemented controls designed to identify the principal risks and uncertainties faced by the company and set measures to mitigate those factors, which include: |
| 1) Cost of living impact |
| The current economic climate, government fiscal approach and labour shortage is anticipated to put additional pressures on employment costs, which will require planning and management to ensure these are effectively controlled. |
| 2) Recruitment |
| To continue the growth of the company to match its aspirations, recruitment and staff retention is a key aspect to delivering this. The job market has been difficult to navigate as the company has to compete with more organisations to obtain the high-quality candidates. These challenges have been mitigated by offering flexible working, market rate salary and by creating our USP for recruitment - our staff are customer focussed, have fun and leading levels of non-financial benefits. The company has also successfully made use of overseas entities to provide additional support in the creation of new customer leads. |
| 3) Market Competition |
| There has been significant movement in the industry with consolidations as well as other large organisations entering the market e.g. Radius. This increases the competition within the sector and Ice Comms have had to differentiate ourselves not just on price but also our customer support and offering. As a business we welcome this as it drives us further to drive improvements in our offerings and our commercial approach. To mitigate the risks and uncertainties outlined, there has been planned improvement in performance measures across the company as a whole to drive and improve customer support. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Strategic Report |
| for the year ended 30 December 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES (Continued) |
| 4) General economic activity |
| Ice Telecommunications operates in the business-to-business sector where economic activity and investment show a downward trend and this might be perceived as a potential risk to the operations of the Company. However, experience has shown that revenues tend to be robust, irrespective of those challenges as telecoms are an essential part of most businesses, irrespective of the economic conditions. Additionally, our offering is aimed to save customers money and realise operational efficiencies - hence as a business Ice Telecommunications Ltd has continued to do well. |
| 5) Lack of diversification |
| The company continues to be heavily dependent on it telecoms operations. To mitigate this Ice Comms aims to renew its focus on other areas such as business energy supply, IT, phone cover etc. as cross-selling opportunities into existing customers to create additional margins. |
| 6) Regulatory changes and price risk |
| In the past, regulatory changes have affected gross telephony revenues and prices and the company monitors the effects of this on a regular basis and where applicable will devise and implement strategies and policies to address and minimise the impact of any commercial pressures or compliance requirements. |
| 7) Changes in technology |
| The speed of technological advancement and customer expectations in telecommunications is regularly monitored by the company. One of Ice Comms' strengths, through its independence, is its ability to adapt to change and willingness to offer a variety of products to the UK total communications market. |
| 8) Liquidity and cashflow risk |
| The company mitigates this by excellent business relationships with its key suppliers, which has helped it to retain a strong cash balance, alongside policies with customers where incentives are paid on a spread basis. The company regularly reviews cash flow projections and its finance team have been targeted to improve cash flow management. The company is also investigating new products that improve cash flow. |
| 9) Credit risk |
| Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Company policies are aimed at minimizing such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. A large proportion of the mobile customer credit risk is borne by O2 and other carriers rather than the company as they receive their revenue share from them rather than collecting cash from customers. |
| OUR PEOPLE |
| In addition to physical health and well-being we have made strides within mental health and "softer" benefits such as leave work early days to maintain the goodwill and commitment we have created within our workforce. |
| Some of our activities that we have carried out are: |
| - | Investment in a modern working environment to make it a positive place to work. |
| - | Incentives available to all staff to celebrate success across the business. |
| - | Monthly incentives for all teams such as early finishes and a meal out as a team to reward good performance and promote stronger inter-departmental relationships. |
| - | Additional work on the building has been added to create a 'breakout area' where staff can take time away from their desks. |
| - | This also helps when it comes to recruiting the best staff our staff are our best advocates. |
| BUSINESS OUTLOOK |
| The growth of the business, as stated above, has been phenomenal and we aim to continue this trajectory, but are focussed on doing this at a manageable pace to allow us to continue to focus on our customer service. |
| This will be achieved through improved performance, organic growth of our core services and introducing new products that will complement those. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Strategic Report |
| for the year ended 30 December 2024 |
| BUSINESS OUTLOOK (Continued) |
| We will do this through |
| - | The continued implementation of a new CRM system that automates the end to end process of a customer sale, creating a great customer journey as well as operational in-house efficiencies. |
| - | Developing effective partnerships with businesses to act as referrers. |
| - | Investing in people to expand and retain the best people to achieve our growth plans. |
| - | Executing a compelling cross sell and up-sell strategy through to our customer base to develop our new products across the utilities and energy sectors. |
| - | Develop the resources based overseas which will allow us to expand our capacity to create new business and enhance the customer experience. |
| Our aim is to be place businesses go to drive down costs, improve efficiency and create value. |
| ON BEHALF OF THE BOARD: |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Report of the Directors |
| for the year ended 30 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the provision of telecommunication solutions and similar utility contracts for business customers. |
| DIVIDENDS |
| The total distribution of interim dividends for the Period ended 30 December 2024 will be £nil. |
| FUTURE DEVELOPMENTS |
| The directors are to continue to address the liquidity and profitability issues and having been successful in several key areas during 2024, will ensure that the company continues to see an upward trajectory in 2025 and beyond. They will also focus on the company being well positioned to take advantage of any trading or other business opportunities that may be available and are expecting further growth and profitability in 2025. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 31 December 2023 to the date of this report. |
| EXPOSURE TO CASH FLOW, LIQUIDITY, CREDIT AND PRICE RISK |
| Liquidity and cashflow risk |
| The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company is in a sound financial position and has agreed facilities to allow it to meet its financial obligations through operating cash flows. |
| Credit risk |
| The company may offer credit terms to some of its customers,which allow payment of the debt after delivery of goods or may enter into long term contracts. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date or will fail to complete the full term of the contract.. This risk is mitigated by the strong on-going customer relationships and effective credit control procedures. |
| Price risk |
| Price risk arises because of the potential movement of purchase prices increasing the costs of goods and services. This risk is mitigated by having strong and lasting relationships established with the company's main suppliers. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Report of the Directors |
| for the year ended 30 December 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Banks Sheridan (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Ice Telecommunications Ltd |
| Opinion |
| We have audited the financial statements of Ice Telecommunications Ltd (the 'company') for the year ended 30 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 30 December 2024 and of its profit 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. |
| Basis for opinion |
| 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 Auditors' 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 |
| We draw your attention to note 3 of the financial statements, which indicates that as of 30 December 2024, the company has net liabilities of £1,192,244 and net current assets of £86,947 This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| 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 Report of the Directors. |
| Report of the Independent Auditors to the Members of |
| Ice Telecommunications Ltd |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, 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 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. |
| Auditors' 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 a Report of the Auditors 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. |
| non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: |
| - | Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; |
| - | Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
| - | Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. |
| Our audit procedures in relation to fraud included but were not limited to: |
| - | Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
| - | Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
| - | Discussing amongst the engagement team the risks of fraud; and |
| - | Addressing the risks of fraud through management override of controls by performing journal entry testing. |
| There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Ice Telecommunications Ltd |
| Use of our report |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Statement of Comprehensive |
| Income |
| for the year ended 30 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 316,909 | 221,420 |
| Other operating income | 5 |
| OPERATING PROFIT | 7 |
| Interest receivable and similar income |
| 430,630 | 248,640 |
| Amounts written off investments | 8 | (1 | ) | - |
| 430,629 | 248,640 |
| Interest payable and similar expenses | 9 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 10 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Prior year adjustment | ( |
) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(1,429,885 |
) |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Statement of Financial Position |
| 30 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors: amounts falling due within one year |
14 |
| Debtors: amounts falling due after more than one year |
14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Statement of Changes in Equity |
| for the year ended 30 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 31 December 2022 | ( |
) | ( |
) |
| Prior year adjustment | - | ( |
) | - | ( |
) |
| As restated | ( |
) | ( |
) |
| Changes in equity |
| Profit for the year | - | 205,012 | - | 205,012 |
| Total comprehensive income | - |
| Balance at 30 December 2023 | ( |
) | ( |
) |
| Changes in equity |
| Profit for the year | - | 402,196 | - | 402,196 |
| Total comprehensive income | - |
| Balance at 30 December 2024 | ( |
) | ( |
) |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements |
| for the year ended 30 December 2024 |
| 1. | STATUTORY INFORMATION |
| Ice Telecommunications Ltd ('The Company') is primarily engaged in the provision of telecommunication solutions and similar utility provider contracts for business customers. |
| The company is a private company limited by shares and is incorporated in England and Wales. The address of the principle place of business is 4, Oak Street, Crewe, Cheshire, CW2 7DB, which is also the registered office. The registered number can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principal accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparation |
| The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
| Going concern |
| The post year end management accounts and forecasts indicate that the Company continues to trade profitably and be cash generating, but the net liability position on the statement of financial position persists. As of 30 December 2024, the company has net liabilities of £1,192,244 and net current assets of £86,947. However, taking all known factors into account, the Directors believe that the Company will be able to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. When assessing this position, the Directors have considered the principal risks and material uncertainties facing the Company and have established policies for managing these. These include any uncertainties regarding the Company's ability to maintain the level of sales in the future, which they continue to manage by shaping improvements to their customer service levels. There are further uncertainties in relation to the Company's creditors continuing to agree to payment plans that the company can meet. |
| These financial statements have been prepared on a going concern basis as at the time of approving the accounts the directors have a reasonable expectation of the company and the group having adequate resources to continue in operational existence for the foreseeable future. |
| Having full regard of the uncertainties outlined above, these financial statements reflecting a net liabilities position and after taking all known factors into account, the Directors believe that the Company will be able to continue to trade and meet its liabilities for a period of 12 months from the date of approval of these financial statements. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Preparation of consolidated financial statements |
| The financial statements contain information about Ice Telecommunications Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, , . |
| Related party exemption |
| The company has taken advantage of exemption, under the terms 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. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, which are described above, the directors' are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Long term contracts |
| In calculating the revenue to be recognised over the term of the contract certain key estimates are used for accrued income, which has been estimated based on monthly contracted income and associated costs. |
| Trade debtors |
| The company engages its customers into contracts with third party suppliers which are subject to rights of cancellation. The timing difference between the company earning its right to income, the date the contract is processed by the third party supplier, payment on that contract and accounting for rebates and claw-backs results in the directors being required to provide their best judgement of accrued income. This estimate is reflected in the company's turnover and trade debtors. |
| At each reporting date, trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount is reduced to its recoverable amount. The impairment loss is recognised immediately in the Statement of Income. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Revenue recognition |
| Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. |
| Customer contracted services revenue |
| Revenue from the provision of direct services to the customer is recognised by reference to the stage of completion of the contract. The stage of completion is measured by the costs incurred to date against the total estimated service cost taken over the contracted period. The right to revenue as measured against the stage of completion, which if in excess of amounts billed to date to the customer are shown in prepayments and accrued income within debtors: amounts falling due within one year. |
| Commission revenue from customer contracts with network operator |
| Revenue derived from establishing a customer with a network provider is recognised in full when the contract is completed between the customer and the network provider. All current and future contractual income and costs associated with that customer's network contract are recognised in full immediately. Commission clawbacks are recognised at the time of occurrence and an estimated provision is set against revenue Additional revenue entitlement based on customer use and RPI increases are recognised at the time of occurrence. |
| Call revenue |
| Call revenue is recognised in the month in which the service is completed. Customer calls made in the year, but not billed by the year end are accrued within debtors: amounts falling due within one year as accrued income. |
| Line rental revenue |
| Income from line rental is recognised during the period to which the line rental relates. |
| Handsets |
| Turnover and related costs from the sale of handsets are recognised on the date title or use of the handset passes to the customer or if provided through a leasing company, the date that the agreement between the leasing company and the customer is activated. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2016 has been fully amortised. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| 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. |
| An impairment loss has been recognised in the Statement of Comprehensive Income, following an assessment at the Statement of Financial Position date indicating the recoverable amount was less than its carrying value. |
| Development costs |
| Included in development costs are lead acquisition costs where they meet the criteria for capitalisation as an intangible asset and to the extent that they are supported by expected future cash inflows exceeding costs beyond one year. Development Costs comprise the cost of acquisition from other entities and are amortised on a straight line basis over their estimated useful lives of four years. |
| Computer software |
| Acquired computer software is capitalised on the basis that costs incurred to acquire and bring into use the specific software and are amortised over their estimated useful lives of three years. Costs that are directly associated with the production of identifiable and unique software products controlled by the company, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Direct costs include the software development, employee costs and an appropriate portion of relevant overheads. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. |
| Fixtures and fittings | - 20% on cost |
| Computer equipment | - 33% on cost |
| Motor vehicles | - 25% reducing balance |
| Improvements to leasehold property | - over the remainder of the lease |
| The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Employee benefits |
| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and a defined contribution pension plan. |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which service is received. |
| The company operates a defined contribution pension plan for its directors and employees under the legislated Workplace Pensions regulations.. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as accruals at the end of the statement of financial position date. The assets of the plan are held separately from the company in independently administered funds. |
| Provisions for liabilities |
| 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 the 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 end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Clawback provision |
| A commission clawback provision is included to cover the directors best estimate of commissions that will need to be repaid. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 4. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Sundry receipts | 15,364 | 7,405 |
| Management charges receivable |
| 95,364 | 7,405 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Director | 3 | 3 |
| Other Director | 3 | 5 |
| IT & Software | 2 | 2 |
| Operations | 28 | 21 |
| Sales | 98 | 88 |
| The company operates a defined contribution pension scheme for the benefit of employees and directors. The assets of the scheme are administered by an independent pensions provider. Pension payments are recognised as an expense during the year and amount to £80,361 (2023: £83,407). |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Development costs amortisation |
| Computer software amortisation |
| Auditors' remuneration |
| Auditors remuneration - non audit work |
| AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditor for the audit of the company's annual accounts | 33,962 | 18,202 |
| Fees payable to the company's auditor for other services: |
| - Audit of holding company | 6,300 | 5,750 |
| - Audit of trading subsidiaries | 300 | 2,300 |
| - Taxation compliance | 1,100 | 1,000 |
| - Accountancy and assurance | 26,262 | 9,152 |
| 33,962 | 18,202 |
| 8. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Amounts w/o invs | 1 | - |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Interest on late payments |
| Funding circle interest paid |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 10. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| Adjustment relating to prior |
| years | (7,135 | ) | - |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit | ( |
) | ( |
) |
| UK corporation tax has been charged at 25% (2023 - 25%). |
| Reconciliation of total tax credit included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Use of losses on which tax not previously recognised | (143,794 | ) | (86,752 | ) |
| Total tax credit | (19,346 | ) | (10,782 | ) |
| The company has unused tax losses as at 30 December 2024 totalling £33,261 |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 11. | INTANGIBLE FIXED ASSETS |
| Development | Computer |
| Goodwill | costs | software | Totals |
| £ | £ | £ | £ |
| COST |
| At 31 December 2023 |
| Additions |
| At 30 December 2024 |
| AMORTISATION |
| At 31 December 2023 |
| Amortisation for year |
| Impairments |
| At 30 December 2024 |
| NET BOOK VALUE |
| At 30 December 2024 |
| At 30 December 2023 |
| 12. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Fixtures |
| leasehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 31 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 December 2024 |
| DEPRECIATION |
| At 31 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 December 2024 |
| NET BOOK VALUE |
| At 30 December 2024 |
| At 30 December 2023 |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 13. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 31 December 2023 |
| Impairments | ( |
) |
| At 30 December 2024 |
| NET BOOK VALUE |
| At 30 December 2024 |
| At 30 December 2023 |
| 14. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Interest bearing loans to |
| group companies | 144,000 | 45,000 |
| Tax |
| S455 tax recoverable | - | 68,378 |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Interest bearing loans to |
| group companies |
| Directors' loan accounts | 294,599 | 238,135 |
| S455 tax recoverable |
| Aggregate amounts |
| Loans to group companies are unsecured and are repayable on demand. Interest has been charged at a rate of 5%. |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 17) |
| Trade creditors |
| Customer rebates and buyouts | 3,498,727 | 3,508,527 |
| Tax |
| Social security and other taxes |
| VAT | 584,792 | 666,063 |
| Other creditors |
| Accruals and deferred income |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 17) |
| Customer rebates and buyouts | 1,867,430 | 429,516 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | 36,398 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 19. | FINANCIAL INSTRUMENTS |
| The carrying amounts of the company's financial instruments are as follows; |
| 2024 | 2023 |
| £ | £ |
| Financial assets that are debt instruments measured at amortised cost | 1,693,900 | 2,670,097 |
| Financial liabilities measured at amortised cost | (7,069,766 | ) | (6,266,939 | ) |
| 20. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 5,730 | 17,940 |
| Other provisions | 316,027 | 259,661 |
| Deferred | Commission |
| tax | clawbacks |
| £ | £ |
| Balance at 31 December 2023 |
| Provided during year | ( |
) |
| Utilised during year | ( |
) |
| Balance at 30 December 2024 |
| The deferred tax liability consists of |
| 2024 | 2023 |
| £ | £ |
| Tax allowances in excess of depreciation | 12,731 | 22,204 |
| Other short term timing differences | (7,001 | ) | (4,264 | ) |
| 5,730 | 17,940 |
| The clawback provision of £316,027 is made in accordance with the company's accounting policies disclosed in note 3. |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,508 | 1,508 |
| A Ordinary | £1 | 32 | 32 |
| 1,540 | 1,540 |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 22. | ULTIMATE PARENT COMPANY |
| Ice Comms Holdings Ltd (incorporated in England & Wales ) is regarded by the directors as being the company's ultimate parent company. |
| The smallest and largest group in which the results of Ice Telecommunications Ltd are consolidated is that headed by Ice Comms Holdings Ltd. Copies of the Ice Comms Holdings Ltd consolidated financial statements can be obtained from the registered office at Crewe House, 4 Oak Street, Crewe, CW2 7DB. |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 December 2024 and 30 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest has been charged on advances to directors at 2.25% |
| Ice Telecommunications Ltd (Registered number: 09180490) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2024 |
| 24. | RELATED PARTY DISCLOSURES |
| Transactions with related Parties |
| During the year the company entered into the following transactions with related parties: |
| Development Costs |
| 2024 | 2023 |
| £ | £ |
| Purchases from other related parties | 730,576 | 325,280 |
| Other related parties are entities with common directorship and/or entities where the Company directors exercise a significant control over the management of the related party entity. |
| All transactions are carried out at arm's length basis. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The names of the ultimate controlling parties are Mr J S Ward, Mr S W Bonell and Mr J A Taylor. |