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REGISTERED NUMBER: 09180490 (England and Wales)












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: S W Bonell
J A Taylor
J S Ward


REGISTERED OFFICE: Crewe House
4 Oak Street
Crewe
Cheshire
CW2 7DB


REGISTERED NUMBER: 09180490 (England and Wales)


SENIOR STATUTORY AUDITOR: Stuart Banks BSc, FCA


AUDITORS: Banks Sheridan (Statutory Auditor)
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF


BANKERS: Barclays Bank plc
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:





J S Ward - Director


7 August 2025

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.

S W Bonell
J A Taylor
J S Ward

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:





J S Ward - Director


7 August 2025

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.




Stuart Banks BSc, FCA (Senior Statutory Auditor)
for and on behalf of Banks Sheridan (Statutory Auditor)
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF

7 August 2025

Ice Telecommunications Ltd (Registered number: 09180490)

Statement of Comprehensive
Income
for the year ended 30 December 2024

2024 2023
Notes £    £   

TURNOVER 4 19,246,654 17,003,298

Cost of sales (12,271,719 ) (10,276,450 )
GROSS PROFIT 6,974,935 6,726,848

Administrative expenses (6,658,026 ) (6,505,428 )
316,909 221,420

Other operating income 5 95,364 7,405
OPERATING PROFIT 7 412,273 228,825

Interest receivable and similar income 18,357 19,815
430,630 248,640
Amounts written off investments 8 (1 ) -
430,629 248,640

Interest payable and similar expenses 9 (47,779 ) (54,410 )
PROFIT BEFORE TAXATION 382,850 194,230

Tax on profit 10 19,346 10,782
PROFIT FOR THE FINANCIAL YEAR 402,196 205,012

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

402,196
Prior year adjustment (1,634,897 )
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 11 885,443 386,712
Tangible assets 12 60,941 102,174
Investments 13 10 11
946,394 488,897

CURRENT ASSETS
Debtors: amounts falling due within one
year

14

3,594,256

3,461,268
Debtors: amounts falling due after more than
one year

14

739,803

720,555
Cash at bank and in hand 934,826 279,380
5,268,885 4,461,203
CREDITORS
Amounts falling due within one year 15 (5,181,938 ) (5,707,487 )
NET CURRENT ASSETS/(LIABILITIES) 86,947 (1,246,284 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,033,341

(757,387

)

CREDITORS
Amounts falling due after more than one
year

16

(1,903,828

)

(559,452

)

PROVISIONS FOR LIABILITIES 20 (321,757 ) (277,601 )
NET LIABILITIES (1,192,244 ) (1,594,440 )

CAPITAL AND RESERVES
Called up share capital 21 1,540 1,540
Capital redemption reserve 76 76
Retained earnings (1,193,860 ) (1,596,056 )
SHAREHOLDERS' FUNDS (1,192,244 ) (1,594,440 )

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2025 and were signed on its behalf by:





J S Ward - Director


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 1,540 (166,171 ) 76 (164,555 )
Prior year adjustment - (1,634,897 ) - (1,634,897 )
As restated 1,540 (1,801,068 ) 76 (1,799,452 )

Changes in equity
Profit for the year - 205,012 - 205,012
Total comprehensive income - 205,012 - 205,012
Balance at 30 December 2023 1,540 (1,596,056 ) 76 (1,594,440 )

Changes in equity
Profit for the year - 402,196 - 402,196
Total comprehensive income - 402,196 - 402,196
Balance at 30 December 2024 1,540 (1,193,860 ) 76 (1,192,244 )

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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 are being amortised evenly over their estimated useful life of four years.

Computer software is being amortised evenly over its estimated useful life of three years.

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
£    £   
Indirect 12,965,064 10,241,925
Wholesale 3,336,331 2,718,690
Other 2,945,259 4,042,683
19,246,654 17,003,298

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 19,246,654 17,003,298
19,246,654 17,003,298

5. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 15,364 7,405
Management charges receivable 80,000 -
95,364 7,405

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,396,379 3,681,779
Social security costs 415,774 344,237
Other pension costs 80,361 83,407
4,892,514 4,109,423

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
134 119

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 119,149 124,783
Directors' pension contributions to money purchase schemes 29,638 46,139

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

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 422,911 315,320
Depreciation - owned assets 51,909 66,777
Profit on disposal of fixed assets (506 ) -
Development costs amortisation 301,464 89,213
Computer software amortisation 102,781 89,549
Auditors' remuneration 17,053 18,800
Auditors remuneration - non audit work 33,962 18,202

AUDITORS' REMUNERATION

20242023
££
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 company6,3005,750
- Audit of trading subsidiaries3002,300
- Taxation compliance1,1001,000
- Accountancy and assurance26,2629,152
33,96218,202

8. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Amounts w/o invs 1 -

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 1
Interest on late payments 30,650 33,620
Funding circle interest paid 17,129 20,789
47,779 54,410

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 (12,211 ) (10,782 )
Tax on profit (19,346 ) (10,782 )

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 382,850 194,230
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

95,713

48,558

Effects of:
Expenses not deductible for tax purposes 28,735 27,412


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 7,166 475,280 307,631 790,077
Additions - 754,046 178,930 932,976
At 30 December 2024 7,166 1,229,326 486,561 1,723,053
AMORTISATION
At 31 December 2023 7,166 164,213 231,986 403,365
Amortisation for year - 301,464 102,781 404,245
Impairments - 30,000 - 30,000
At 30 December 2024 7,166 495,677 334,767 837,610
NET BOOK VALUE
At 30 December 2024 - 733,649 151,794 885,443
At 30 December 2023 - 311,067 75,645 386,712

12. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 31 December 2023 80,136 161,481 104,173 345,790
Additions - 6,649 4,821 11,470
Disposals - (1,300 ) - (1,300 )
At 30 December 2024 80,136 166,830 108,994 355,960
DEPRECIATION
At 31 December 2023 40,068 105,243 98,305 243,616
Charge for year 20,034 25,800 6,075 51,909
Eliminated on disposal - (506 ) - (506 )
At 30 December 2024 60,102 130,537 104,380 295,019
NET BOOK VALUE
At 30 December 2024 20,034 36,293 4,614 60,941
At 30 December 2023 40,068 56,238 5,868 102,174

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 11
Impairments (1 )
At 30 December 2024 10
NET BOOK VALUE
At 30 December 2024 10
At 30 December 2023 11

14. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 853,586 1,446,081
Other debtors 70,558 55,002
Interest bearing loans to
group companies 144,000 45,000
Tax 88,309 55,701
S455 tax recoverable - 68,378
Prepayments and accrued income 2,437,803 1,791,106
3,594,256 3,461,268

Amounts falling due after more than one year:
Amounts owed by group undertakings 288,603 154,841
Interest bearing loans to
group companies 58,554 248,588
Directors' loan accounts 294,599 238,135
S455 tax recoverable 98,047 78,991
739,803 720,555

Aggregate amounts 4,334,059 4,181,823

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) 87,361 26,091
Trade creditors 334,706 305,764
Customer rebates and buyouts 3,498,727 3,508,527
Tax 19,056 364,124
Social security and other taxes 105,721 162,763
VAT 584,792 666,063
Other creditors 350,047 296,470
Accruals and deferred income 201,528 377,685
5,181,938 5,707,487

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 17) 36,398 129,936
Customer rebates and buyouts 1,867,430 429,516
1,903,828 559,452

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 87,361 26,091

Amounts falling due between one and two years:
Other loans - 1-2 years 36,398 129,936

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 397,250 321,750
Between one and five years 102,000 283,500
499,250 605,250

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
321,757 277,601

Deferred Commission
tax clawbacks
£    £   
Balance at 31 December 2023 17,940 259,661
Provided during year (12,210 ) 316,027
Utilised during year - (259,661 )
Balance at 30 December 2024 5,730 316,027

The deferred tax liability consists of
20242023
££
Tax allowances in excess of depreciation12,73122,204
Other short term timing differences(7,001)(4,264)
5,73017,940

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: £    £   
1,508 Ordinary £1 1,508 1,508
32 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
£    £   
J A Taylor
Balance outstanding at start of year 183,743 110,379
Amounts advanced 38,821 73,364
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 222,564 183,743

J S Ward
Balance outstanding at start of year 53,012 -
Amounts advanced 17,315 53,012
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 70,327 53,012

S W Bonell
Balance outstanding at start of year 1,380 -
Amounts advanced 328 1,380
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,708 1,380

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.