Icospec Limited - Filleted accounts

Icospec Limited - Filleted accounts

ICOSPEC LIMITED - Company Information

Print Friendly Version

Registered number
06063540
Icospec Limited
Filleted Accounts
31 May 2021
Icospec Limited
Registered number: 06063540
Balance Sheet
as at 31 May 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 4,600,000 4,600,000
Current assets
Debtors 4 1,500,282 1,496,172
Cash at bank and in hand 9,692 15,487
1,509,974 1,511,659
Creditors: amounts falling due within one year 5 (835,076) (827,640)
Net current assets 674,898 684,019
Total assets less current liabilities 5,274,898 5,284,019
Creditors: amounts falling due after more than one year 6 (1,952,453) (2,007,640)
Net assets 3,322,445 3,276,379
Capital and reserves
Called up share capital 12 12
Revaluation reserve 8 2,645,105 2,645,105
Profit and loss account 677,328 631,262
Shareholder's funds 3,322,445 3,276,379
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Alexandrou
Director
Approved by the board on 10 February 2022
Icospec Limited
Notes to the Accounts
for the year ended 31 May 2021
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Plant and machinery 25% straight line
Investment property Nil
Investment properties are re-valued annually at fair value and the aggregate surplus or deficit is transferred to the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS102. The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS102 in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.
Debtors
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.
Creditors
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.
Taxation
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.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost/Fair value
At 1 June 2020 4,600,000 2,970 4,602,970
At 31 May 2021 4,600,000 2,970 4,602,970
Depreciation
At 1 June 2020 - 2,970 2,970
At 31 May 2021 - 2,970 2,970
Net book value
At 31 May 2021 4,600,000 - 4,600,000
At 31 May 2020 4,600,000 - 4,600,000
Freehold land and buildings: 2021 2020
£ £
Historical cost 1,954,895 1,954,895
Cumulative depreciation based on historical cost - -
1,954,895 1,954,895
Investment properties were valued on an open market basis on 31 May 2021 by the directors Mr G Leonidas and Mr. A Alexandrou.
4 Debtors 2021 2020
£ £
Trade debtors 7,841 36,036
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,471,174 1,433,504
Other debtors 21,267 26,632
1,500,282 1,496,172
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 117,504 117,504
Trade creditors 33,720 29,717
Amounts owed to group undertakings and undertakings in which the company has a participating interest 594,016 579,016
Taxation and social security costs 12,315 23,901
Deferred income 6,196 6,877
Rent deposits 29,510 28,810
Directors loan 315 315
Other loans 40,000 40,000
Other creditors 1,500 1,500
835,076 827,640
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 1,952,453 2,007,640
7 Loans 2021 2020
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,432,437 1,487,624
Secured bank loans 2,019,947 2,075,144
The bank loans are secured by way of fixed and floating charge over all the assets of the company.
8 Revaluation reserve 2021 2020
£ £
At 1 June 2020 2,645,105 1,585,105
Gain on revaluation of land and buildings - 1,060,000
At 31 May 2021 2,645,105 2,645,105
9 Related party transactions
As at 31 May 2021 the company had been loaned the following:

Southern Territory Limited - £584,016 (2020 £574,016)
Atltantic Developments (Cudworth) Limited - £5,000 (2020 - £5,000)
STUK01 Ltd - £5,000 (2020 - £nil)

There is no set repayment date for these loans, however it has been agreed that these loans will be used to support the company and will only be repaid as and when free cash flow permits.

These amounts are shown within "amounts owed to group undertakings and undertakings in which the company has a participating interest".

As at 31 May 2021 the company had loaned the following:

Atlantic Hertford Limited - £63,992 (2020 - £63,992)
Aspire Nation Limited - £1,000 (2020 - £1,000)
Friday Hill House Limited - £218,000 (2020 - £218,000)
Southern Territory (UK) Limited - £275,594 (2020 - £248,594)
Atlantic Lodge (Housing) Limited - £899,588 (2020 - £901,918)
Parlous Limited £5,000 (2020 - £nil)
STUK03 Ltd £8,000 (2020 - £nil)

These amounts are shown within "amounts owed by group undertakings and undertakings in which the company has a participating interest".

Southern Territory Limited, Atlantic Developments (Cudworth) Limited, Aspire Nation Limited, Friday Hill House Limited, Atlantic Lodge (Housing) Limited, Parlous Limited and STUK03 Ltd are companies in which the directors A Alexandrou and G Leonidas hold an interest.
STUK01 Ltd and Southern Territory (UK) Limited are companies in which the director A Alexandrou holds an interest.
10 Controlling party
The ultimate controlling parties are A Alexandrou and G Leonidas who between them hold 100% of the issued share capital of the company.
11 Other information
Icospec Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlantic Business Centre
1 The Green
Chingford
London
E4 7ES
Icospec Limited 06063540 false 2020-06-01 2021-05-31 2021-05-31 VT Final Accounts April 2021 A Alexandrou No description of principal activity 06063540 2019-06-01 2020-05-31 06063540 core:RevaluationReserve core:LandBuildings 2019-06-01 2020-05-31 06063540 core:WithinOneYear 2020-05-31 06063540 core:AfterOneYear 2020-05-31 06063540 core:ShareCapital 2020-05-31 06063540 core:OtherReservesSubtotal 2020-05-31 06063540 core:RetainedEarningsAccumulatedLosses 2020-05-31 06063540 core:RevaluationReserve 2019-05-31 06063540 2020-06-01 2021-05-31 06063540 bus:PrivateLimitedCompanyLtd 2020-06-01 2021-05-31 06063540 bus:AuditExempt-NoAccountantsReport 2020-06-01 2021-05-31 06063540 bus:Director40 2020-06-01 2021-05-31 06063540 1 2020-06-01 2021-05-31 06063540 2 2020-06-01 2021-05-31 06063540 core:RevaluationReserve core:LandBuildings 2020-06-01 2021-05-31 06063540 countries:England 2020-06-01 2021-05-31 06063540 bus:FRS102 2020-06-01 2021-05-31 06063540 bus:FullAccounts 2020-06-01 2021-05-31 06063540 2021-05-31 06063540 core:WithinOneYear 2021-05-31 06063540 core:AfterOneYear 2021-05-31 06063540 core:ShareCapital 2021-05-31 06063540 core:OtherReservesSubtotal 2021-05-31 06063540 core:RetainedEarningsAccumulatedLosses 2021-05-31 06063540 core:LandBuildings 2021-05-31 06063540 core:PlantMachinery 2021-05-31 06063540 core:RevaluationReserve 2021-05-31 06063540 2020-05-31 06063540 core:LandBuildings 2020-05-31 06063540 core:PlantMachinery 2020-05-31 06063540 core:RevaluationReserve 2020-05-31 iso4217:GBP xbrli:pure