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Registered number: 01464233
THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
The following reproduces the text of the Independent chartered accountants' review report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 3 to 9) have been prepared.
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT
TO THE DIRECTORS OF THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2014
We have reviewed the financial statements of The Intercontinental Cooking & Tableware Company Limited for the year ended 31 December 2014, which comprise the Profit and loss account, the Balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 7 March 2013. Our review has been undertaken so that we might state to the company's directors those matters that we have agreed with them in our engagement letter 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 directors, as a body, for our work, for this report or the conclusions we have formed.
DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
ACCOUNTANTS' RESPONSIBILITY
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
SCOPE OF THE ASSURANCE REVIEW
A review of the financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT
TO THE DIRECTORS OF THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED (continued)
FOR THE YEAR ENDED 31 DECEMBER 2014
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
·so as to give a true and fair view of the state of the company's affairs as at 31 December 2014, and of its profit for the year then ended;
·in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
·in accordance with the requirements of the Companies Act 2006.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
11 August 2015
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
REGISTERED NUMBER: 01464233
ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2014
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Capital redemption reserve
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2014
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 10 July 2015.
The notes on pages 5 to 9 form part of these financial statements.
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised on despatch of goods to the customer.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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L/Term Leasehold Property
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Investments held as fixed assets are shown at cost less provision for impairment.
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Page 5
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1.ACCOUNTING POLICIES (continued)
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
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Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis and includes all direct costs and an appropriate proportion of fixed and variable overheads. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than stock.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Where there are related forward contracts in respect
of trading transactions, the rate of exchange specified in those contracts is used.
Transactions in foreign currencies are translated into sterling at an average rate for the year.
Exchange gains and losses are recognised in cost of sales.
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Page 6
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
2.INTANGIBLE FIXED ASSETS
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At 1 January 2014 and 31 December 2014
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At 1 January 2014 and 31 December 2014
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Page 7
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
3.TANGIBLE FIXED ASSETS
4.FIXED ASSET INVESTMENTS
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At 1 January 2014 and 31 December 2014
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At 1 January 2014 and 31 December 2014
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Subsidiary undertakings
The following were subsidiary undertakings of the company:
Page 8
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THE INTERCONTINENTAL COOKING & TABLEWARE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
4.FIXED ASSET INVESTMENTS (continued)
The aggregate of the share capital and reserves as at 31 December 2014 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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C'est Ca! Limited has an accounting year end of 31 March. On 1 April 2004 the company became dormant and has remained dormant since that date.
5.CREDITORS:
Amounts falling due within one year
Bank loans and overdrafts due within one year amounting to £383,772 (2012: £295,053) are secured.
6.CREDITORS:
Amounts falling due after more than one year
Bank loans due after more than one year amounting to £11,719 (2012: £nil) are secured.
7.SHARE CAPITAL
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Allotted, called up and fully paid
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99 (2013 - 106) Ordinary shares of £1 each
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8.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ultimate parent company is Hethel Properties Limited, incorporated in England and Wales. The ultimate controlling party is regarded as the trustees of the Mrs Chapman 1992 Life Interest Settlement.
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