6
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
31,792
31,792
17,953
625
18,578
8,567
5,021
13,588
4,990
9,386
xbrli:pure
xbrli:shares
iso4217:GBP
10004251
2020-04-01
2021-03-31
10004251
2021-03-31
10004251
2020-03-31
10004251
2019-04-01
2020-03-31
10004251
2020-03-31
10004251
bus:RegisteredOffice
2020-04-01
2021-03-31
10004251
bus:OrdinaryShareClass1
2020-04-01
2021-03-31
10004251
bus:LeadAgentIfApplicable
2020-04-01
2021-03-31
10004251
bus:Director2
2020-04-01
2021-03-31
10004251
bus:Director6
2020-04-01
2021-03-31
10004251
bus:Director7
2020-04-01
2021-03-31
10004251
bus:Director8
2020-04-01
2021-03-31
10004251
bus:Director9
2020-04-01
2021-03-31
10004251
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-03-31
10004251
core:WithinOneYear
2021-03-31
10004251
core:WithinOneYear
2020-03-31
10004251
core:ShareCapital
2021-03-31
10004251
core:ShareCapital
2020-03-31
10004251
core:SharePremium
2021-03-31
10004251
core:SharePremium
2020-03-31
10004251
core:RetainedEarningsAccumulatedLosses
2021-03-31
10004251
core:RetainedEarningsAccumulatedLosses
2020-03-31
10004251
core:BetweenOneFiveYears
2021-03-31
10004251
bus:SmallEntities
2020-04-01
2021-03-31
10004251
bus:AuditExempt-NoAccountantsReport
2020-04-01
2021-03-31
10004251
bus:FullAccounts
2020-04-01
2021-03-31
10004251
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
10004251
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
10004251
bus:OrdinaryShareClass1
2021-03-31
10004251
bus:OrdinaryShareClass1
2020-03-31
10004251
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-04-01
2021-03-31
10004251
core:ComputerEquipment
2020-03-31
10004251
core:ComputerEquipment
2020-04-01
2021-03-31
10004251
core:ComputerEquipment
2021-03-31
10004251
core:RetainedEarningsAccumulatedLosses
2020-04-01
2021-03-31
10004251
1
2020-04-01
2021-03-31
COMPANY REGISTRATION NUMBER:
10004251
Igloo Trading Solutions Limited
|
|
Filleted Unaudited Accounts
|
|
Igloo Trading Solutions Limited
|
|
Year ended 31 March 2021
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Igloo Trading Solutions Limited
|
|
Officers and Professional Advisers
|
|
The board of directors
|
T Harrison
|
|
J Welsh
|
|
C Regan
|
|
B J R Delahaye
|
|
A M Woolley
|
|
|
Registered office
|
Unit 4.14 The Frames
|
|
1 Phipp Street
|
|
Shoreditch
|
|
London
|
|
EC2A 4PS
|
|
|
Accountants
|
Shipleys LLP
|
|
Chartered accountants
|
|
10 Orange Street
|
|
Haymarket
|
|
London
|
|
WC2H 7DQ
|
|
|
Igloo Trading Solutions Limited
|
|
Statement of Financial Position
|
|
31 March 2021
Fixed assets
Tangible assets
|
6
|
4,990
|
9,386
|
|
|
|
|
Current assets
Debtors
|
7
|
236,541
|
175,978
|
Cash at bank and in hand
|
420,195
|
436,928
|
|
---------
|
---------
|
|
656,736
|
612,906
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
86,192
|
72,612
|
|
---------
|
---------
|
Net current assets
|
570,544
|
540,294
|
|
---------
|
---------
|
Total assets less current liabilities
|
575,534
|
549,680
|
|
---------
|
---------
|
Net assets
|
575,534
|
549,680
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
9
|
250
|
250
|
Share premium account
|
10
|
499,950
|
499,950
|
Profit and loss account
|
10
|
75,334
|
49,480
|
|
---------
|
---------
|
Shareholders funds
|
575,534
|
549,680
|
|
---------
|
---------
|
|
|
|
|
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Igloo Trading Solutions Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2021
These accounts were approved by the
board of directors
and authorised for issue on
7 December 2021
, and are signed on behalf of the board by:
Company registration number:
10004251
Igloo Trading Solutions Limited
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4.14 The Frames, 1 Phipp Street, Shoreditch, London, EC2A 4PS.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern and the accounts have been prepared on that basis. In forming this opinion, the directors have undertaken a thorough review of the business, giving due consideration to the impact that Covid-19 has had on the trading environment in which the company operates. The company has performed well in the period and has adapted to the changes in working practices to ensure the safety and wellbeing of its employees. A healthy balance sheet is is reported and the directors consider the company to be in a strong position, both structurally and financially, to be able to take full advantage of future opportunities as they arise.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenues from the issue of software licensing agreements are recognised in line with the terms of the underlying agreement and invoiced accordingly. Revenues from bespoke project work are recognised as each project progresses and revenues from periodical maintenance and software upgrades are recognised as the work is completed and invoiced.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs
|
-
|
3 years straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment
|
-
|
3 years straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2020:
6
).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 April 2020 and 31 March 2021
|
31,792
|
|
--------
|
Amortisation
|
|
At 1 April 2020 and 31 March 2021
|
31,792
|
|
--------
|
Carrying amount
|
|
At 31 March 2021
|
–
|
|
--------
|
At 31 March 2020
|
–
|
|
--------
|
|
|
6.
Tangible assets
|
Equipment
|
|
£
|
Cost
|
|
At 1 April 2020
|
17,953
|
Additions
|
625
|
|
--------
|
At 31 March 2021
|
18,578
|
|
--------
|
Depreciation
|
|
At 1 April 2020
|
8,567
|
Charge for the year
|
5,021
|
|
--------
|
At 31 March 2021
|
13,588
|
|
--------
|
Carrying amount
|
|
At 31 March 2021
|
4,990
|
|
--------
|
At 31 March 2020
|
9,386
|
|
--------
|
|
|
7.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
222,573
|
134,111
|
Other debtors
|
13,968
|
41,867
|
|
---------
|
---------
|
|
236,541
|
175,978
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
26,594
|
26,809
|
Corporation tax
|
9,809
|
–
|
Social security and other taxes
|
33,206
|
41,302
|
Other creditors
|
16,583
|
4,501
|
|
--------
|
--------
|
|
86,192
|
72,612
|
|
--------
|
--------
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
Ordinary A shares of £ 0.01 each
|
25,000
|
250
|
25,000
|
250
|
|
--------
|
----
|
--------
|
----
|
|
|
|
|
|
10.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021
|
2020
|
|
£
|
£
|
Not later than 1 year
|
64,200
|
–
|
Later than 1 year and not later than 5 years
|
32,100
|
–
|
|
--------
|
----
|
|
96,300
|
–
|
|
--------
|
----
|
|
|
|
12.
Events after the end of the reporting period
On 13th October 2021, Brady Trading Ltd acquired 100% of the issued Ordinary A shares to become the parent company and controlling party.
13.
Related party transactions
In the opinion of the directors the ultimate controlling party is Mr
T Harrison
, a director and majority shareholder of the company. There are no related party transactions or balances that require disclosure under FRS102 Section 1A.