| I LOVE ICECREAM LTD |
| Notes to the Accounts |
| for the year ended 31 October 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Functional and presentation currency |
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The financial statements are presented in Sterling, which is also the functional currency of the company and in compliance with FRS102. Monetary amounts in these financial statements are rounded to the nearest pound. |
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The Principal accounting policies are set out below. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office equipment |
over 3 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Going Concern |
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As of 31 October 2025, the company had net liabilities of £598,589 (2024: net assets £570,574) and incurred operating losses of £1,315,435 (2024: profits £97,697). The parent company – Zalando S.E. acquired the company during the year and was owed £1.3m at the year end. Within 7 months of the year end the parent company subscribed for additional shares in the company of £2m. This injection of funds has reduced the amount owed to the parent company by £837,000 with the remaining balance used for working capital. Had this capital injection been reflected at 31st October 2025, the company’s net liability position would have improved to that of net assets of £1.4m.
Notwithstanding the net liabilities position at the balance sheet date, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. This is on the basis of the capital injection of £2m received from the parent company, Zalando S.E., in December 2025 and May’26,together with its continued commitment to provide financial support as necessary. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
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Critical accounting estimates and judgements |
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The preparation of financial statements in conformity with FRS 102 requires the use of accounting estimates and exercise of judgement by the directors while applying the company's accounting policies. These estimates are based on the directors best knowledge of the events, which existed at the balance sheet date, however, the actual results may differ from these estimates. Management are of the view that the results of its subsidiaries listed in note 4 are not material, either individually or in aggregate, for the purpose of giving a true and fair view and have therefore excluded their results from consolidation as per FRS 102 paragraph 9.9A. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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| 3 |
Intangible fixed assets |
£ |
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Trademark: |
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Cost |
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Additions |
1,084 |
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At 31 October 2025 |
1,084 |
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Amortisation |
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Provided during the year |
94 |
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At 31 October 2025 |
94 |
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Net book value |
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At 31 October 2025 |
990 |
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The Trademark is being written off in equal annual instalments over its estimated useful life of 10 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 November 2024 |
47,774 |
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Additions |
88,805 |
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At 31 October 2025 |
136,579 |
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Depreciation |
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At 1 November 2024 |
35,187 |
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Charge for the year |
15,084 |
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At 31 October 2025 |
50,271 |
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Net book value |
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At 31 October 2025 |
86,308 |
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At 31 October 2024 |
12,587 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 1 November 2024 |
2,243 |
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At 31 October 2025 |
2,243 |
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Historical cost |
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At 1 November 2024 |
2,243 |
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At 31 October 2025 |
2,243 |
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The company owns 100% of the share capital [20,000 HRK, £2,243 GBP] in subsidiary DeepAR Technology D.O.O. (Croatia) since its incorporation in 2022. |
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| 6 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
4,413 |
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21,701 |
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Other debtors |
266,703 |
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45,379 |
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271,116 |
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67,080 |
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| 7 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
65,917 |
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290,187 |
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Taxation and social security costs |
- |
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155,199 |
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Other creditors |
838,493 |
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118,668 |
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904,410 |
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564,054 |
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| 8 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,300,731 |
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- |
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Other creditors |
- |
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191,461 |
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1,300,731 |
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191,461 |
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| 9 |
Events after the reporting date |
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Management are not aware of any post statement of financial position date events that are expected to have an impact on the financial statements, (other than reported in the Accounting Ploicies - Going Concern note 1) or that will impact the company's ability to continue operations in the future. |
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| 10 |
Related party transactions |
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The company has utilised the exemption in FRS 102 paragraph 33.1A from disclosing transactions with its wholly owned subsidiary, DeepAR Technology D.O.O. (Croatia). |
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| 11 |
Controlling party |
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The company is owned and controlled by Zalando SE. Registered Office Valeska-Gert-Strasse 5, 10243 Berlin, Germany. |
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| 12 |
Other information |
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I LOVE ICECREAM LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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C/O Tradebyte Software Limited, |
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Studio 8, Montpellier Street, |
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Cheltenham, |
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England |
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GL50 1SS |