Ice Factor International Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC341569 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2021

for

ICE FACTOR INTERNATIONAL LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

J W Smith

P A McCully

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC341569 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

1

60,232

Investments

6

710,001

710,001

710,002

770,233

CURRENT ASSETS

Stocks

-

80,500

Debtors

7

12,212

37,128

Cash at bank

21,286

571,153

33,498

688,781

CREDITORS

Amounts falling due within one year

8

1,107,857

1,384,249

NET CURRENT LIABILITIES

(1,074,359

)

(695,468

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(364,357

)

74,765

CREDITORS

Amounts falling due after more than one year

9

92,268

163,052

NET LIABILITIES

(456,625

)

(88,287

)

CAPITAL AND RESERVES

Called up share capital

1,588,799

1,588,799

Retained earnings

(2,045,424

)

(1,677,086

)

SHAREHOLDERS' FUNDS

(456,625

)

(88,287

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 25 April 2022 and were signed on its behalf by:

J W Smith - Director

1.	STATUTORY INFORMATION

Ice Factor International Ltd. is a private company, limited by shares , registered in Scotland. The company's 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Although there are net current liabilities, the accounts have been prepared on a going concern basis as the company is being supported through inter-company loans which do not require repayment until profits and cashflow allow. The director has also agreed to support the company through his director's loan account.

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 is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

35% straight line on cost and 20% on cost

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2020

64,862

Disposals

(63,403

)

At 30 November 2021

1,459

DEPRECIATION

At 1 December 2020

4,629

Eliminated on disposal

(3,171

)

At 30 November 2021

1,458

NET BOOK VALUE

At 30 November 2021

1

At 30 November 2020

60,233

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 December 2020

38,571

Disposals

(38,571

)

At 30 November 2021

-

DEPRECIATION

At 1 December 2020

1,929

Eliminated on disposal

(1,929

)

At 30 November 2021

-

NET BOOK VALUE

At 30 November 2021

-

At 30 November 2020

36,642

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2020

and 30 November 2021

710,001

NET BOOK VALUE

At 30 November 2021

710,001

At 30 November 2020

710,001

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/21

30/11/20

£

£

Trade debtors

-

33,128

Other debtors

12,212

4,000

12,212

37,128

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/21

30/11/20

£

£

Bank loans and overdrafts

31,584

126,298

Hire purchase contracts

-

22,032

Trade creditors

513,550

477,175

Amounts owed to group undertakings

156,309

263,894

Taxation and social security

2,346

12,951

Other creditors

404,068

481,899

1,107,857

1,384,249

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/21

30/11/20

£

£

Bank loans

42,477

28,843

Hire purchase contracts

-

36,217

Other creditors

49,791

97,992

92,268

163,052

10.	SECURED DEBTS

The following secured debts are included within creditors:

30/11/21

30/11/20

£

£

Bank loans

74,061

155,141

Hire purchase contracts

-

58,249

74,061

213,390

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.

The hire purchase liabilities are secured over the assets being financed.

11.	CONTINGENT LIABILITIES

There are in place unlimited inter-company guarantees in respect of debts of parent company, Ice Factor GP Limited and subsidiary company Ice Factor (Kinlochleven) Limited. The total amounts due at the year end are as follows:

Ice Factor GP Limited £236,549 (2020: £326,036)

Ice Factor (Kinlochleven) Limited £nil (2020: £459,451)

The company is in dispute with its former landlords over rent payable by the company as guarantor of the company's previous subsidiary Snow Factor Ltd, and the potential offset of this rent payable for amounts due to the company for the maintenance of the plant used in the previous subsidiary's trade but owned by the landlord. Should it be established that the landlord does not own the plant or that the company has to fully maintain the plant as part of the lease agreement, outstanding rents amounting to £672,371 would become payable. No provision has been made for this in the current financial statements as the director believes that no amount will be payable once this dispute is resolved.

12.	RELATED PARTY DISCLOSURES

Ice Factor GP Limited is the parent company of Ice Factor International Limited. During the year, bank loan repayments totalling £102,861 were paid on behalf of Ice Factor GP Limited. Management fees of £13,373 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 £343,451 (2020: £253,962). This balance is unsecured, interest free and has no fixed repayment terms.

Ice Factor (Kinlochleven) Limited is a subsidiary company. During the year, as well as various other transactions between the companies, management fees of £nil were charged by Ice Factor (Kinlochleven) Limited. The balance due to Ice Factor (Kinlochleven) Limited at the year end was £266,101 (2020: £543,196).This balance is unsecured, interest free and has no fixed repayment terms.

SF Ops Ltd is a subsidiary of the company. During the year bank transfers and other expenses were incurred by SF Ops Ltd on behalf of the company. The balance due from SF Ops Ltd at the year end was £234,758 (2020 - £nil).

The company operates a loan account with a director, JW Smith. The amount due from JW Smith at the year end was £3,949 (2020: due to £50,617). This loan is unsecured, interest free and has no fixed repayment terms.

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 2021 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 loss 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.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

25 April 2022