|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 30 November 2017 |
|
for |
|
ICE FACTOR INTERNATIONAL LTD. |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 30 November 2017 |
|
for |
|
ICE FACTOR INTERNATIONAL LTD. |
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 November 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 8 |
ICE FACTOR INTERNATIONAL LTD. |
|
Company Information |
for the Year Ended 30 November 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
29 Brandon Street |
Hamilton |
ML3 6DA |
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
Balance Sheet |
30 November 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
Balance Sheet - continued |
30 November 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
Notes to the Financial Statements |
for the Year Ended 30 November 2017 |
|
1. | STATUTORY INFORMATION |
|
Ice Factor International Ltd. is a
|
registered number and registered office address 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 |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Ice Factor International Ltd. as an individual company and |
do not contain consolidated financial information as the parent of a group. The company has taken the option |
under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and |
accumulated impairment loss. |
|
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is |
not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
|
Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets |
below this threshold is charged directly to the income statement in the period it is incurred. |
|
Investments in subsidiaries |
Investments, being shares held in unlisted subsidiary companies, are stated at cost less any provision for |
impairment. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
|
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
|
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet 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. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2016 |
and 30 November 2017 |
|
DEPRECIATION |
At 1 December 2016 |
and 30 November 2017 |
|
NET BOOK VALUE |
At 30 November 2017 |
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2016 |
and 30 November 2017 |
|
NET BOOK VALUE |
At 30 November 2017 |
|
At 30 November 2016 |
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
The bank loan and overdraft is secured by a fixed and floating charge over the assets of the company. HSBC |
bank also holds a Mortgage of Life Policy in favour of Ice Factor International Limited in relation to the |
director, JW Smith. The bank also holds an Agreement to Postpone Repayment of Director Loan Accounts |
limited to £154,000. |
|
11. | CONTINGENT LIABILITIES |
|
There are in place unlimited inter-company guarantees in respect of debts of parent company, Ice Factor GP |
Limited and subsidiary companies Snow Factor Limited and Ice Factor (Kinlochleven) Limited. The total |
amounts due at the year end are as follows: |
|
Ice Factor GP Limited £475,691 (2016: £NIL) |
Snow Factor Limited £NIL (2016: £NIL) |
Ice Factor (Kinlochleven) Limited £114,786 (2016: £NIL) |
ICE FACTOR INTERNATIONAL LTD. (REGISTERED NUMBER: SC341569) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
|
12. | RELATED PARTY DISCLOSURES |
|
Snow Factor Limited is a subsidiary company. During the year, management fees of £312,085 were charged to |
Snow Factor Limited. The balance due from Snow Factor Limited at the year end was £486,861 (2016: |
£348,946). This balance is unsecured, interest free and has no fixed repayment terms. |
|
Ice Factor GP Limited is the parent company of Ice Factor International Limited. During the year, £625,000 was |
advanced to Ice Factor GP Limited and £45,000 was repaid. A bank loan advance and associated repayments |
were also received/paid on behalf of Ice Factor GP Limited. Management fees of £19,795 were also charged to |
the company by Ice Factor GP Limited during the year. The balance due from Ice Factor GP Limited at the year |
end was £104,309 (2016: £NIL). This balance is unsecured, interest free and has no fixed repayment terms. |
|
Ice Factor (Kinlochleven) Limited is a subsidiary company. During the year, management fees of £88,363 were |
charged by Ice Factor (Kinlochleven) Limited. The balance due to Ice Factor (Kinlochleven) Limited at the year |
end was £578,472 (2016: £264,697).This balance is unsecured, interest free and has no fixed repayment terms. |
|
The company operates a loan account with the directors, PA McCully and JW Smith. During the year, as part of |
a share purchase agreement in respect of shares issued in new parent company Ice Factor GP Limited, PA |
McCully agreed to write off £39,043 from his loan account balance. The amount due to PA McCully at the year |
end was £NIL (2016: £84,044). The amount due to JW Smith at the year end was £62,958 (2016: £72,960). |
These loans are unsecured, interest free and have no fixed repayment terms. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Ice Factor International Ltd. |
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Ice Factor International Ltd. for the year ended 30 November 2017 which comprise the Income |
Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records |
and from information and explanations you have given us. |
|
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
|
This report is made solely to the Board of Directors of Ice Factor International Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ice Factor International Ltd. and state those matters that we have agreed to state to the Board of Directors of Ice Factor International Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Ice Factor International Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ice Factor International Ltd.. You consider that Ice Factor International Ltd. is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Ice Factor International Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
29 Brandon Street |
Hamilton |
ML3 6DA |
|
|
|