Elite Ice Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 12318967 (England and Wales)

Elite Ice Limited

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr O Hussein

Mrs S Hussein

SECRETARY:

Mrs S Hussein

REGISTERED OFFICE:

3b Laker Road

Rochester

Kent

ME1 3QX

REGISTERED NUMBER:

12318967 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

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 Statement of Financial Position. 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 Elite Ice Limited for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Elite Ice Limited, 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 Elite Ice Limited and state those matters that we have agreed to state to the Board of Directors of Elite Ice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elite Ice Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Elite Ice Limited 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 Elite Ice Limited. You consider that Elite Ice Limited 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 Elite Ice Limited. 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.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

27 March 2023

FIXED ASSETS

Property, plant and equipment

4

288,192

371,206

CURRENT ASSETS

Inventories

24,568

43,659

Debtors

5

72,617

43,292

Cash at bank and in hand

3,596

3,532

100,781

90,483

CREDITORS

Amounts falling due within one year

6

744,299

692,883

NET CURRENT LIABILITIES

(643,518

)

(602,400

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(355,326

)

(231,194

)

CREDITORS

Amounts falling due after more than one year

7

(35,061

)

(50,000

)

PROVISIONS FOR LIABILITIES

8

(31,087

)

(43,738

)

NET LIABILITIES

(421,474

)

(324,932

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(421,574

)

(325,032

)

SHAREHOLDERS' FUNDS

(421,474

)

(324,932

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 27 March 2023 and were signed on its behalf by:

Mrs S Hussein - Director

1.	STATUTORY INFORMATION

Elite Ice Limited is a private company, limited by shares , registered in England and Wales. 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the ordinary trading activities of the business and is recognised when client obtain the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

straight line over the life of the lease

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The financial statements have been prepared on the going concern basis on the grounds that the directors will continue to provide sufficient finance to meet the liabilities as they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2021

164,279

337,784

18,654

520,717

Disposals

-

-

(18,654

)

(18,654

)

At 31 March 2022

164,279

337,784

-

502,063

DEPRECIATION

At 1 April 2021

23,273

119,632

6,606

149,511

Charge for year

16,428

54,538

-

70,966

Eliminated on disposal

-

-

(6,606

)

(6,606

)

At 31 March 2022

39,701

174,170

-

213,871

NET BOOK VALUE

At 31 March 2022

124,578

163,614

-

288,192

At 31 March 2021

141,006

218,152

12,048

371,206

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

21,874

-

PAYE & NI over payments

431

1,253

VAT

50,312

41,708

Prepayments

-

331

72,617

43,292

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

11,100

-

Trade creditors

425,277

373,248

Net wages control account

1,246

-

Pensions control account

58

-

London Catering Services SE Lt

12,000

5,000

Directors' current accounts

291,573

313,035

Accrued expenses

3,045

1,600

744,299

692,883

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

11,100

-

Bank loans - 2-5 years

23,961

-

Bank loans more 5 yr by instal

-

50,000

35,061

50,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

50,000

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

31,087

43,738

Deferred

tax

£

Balance at 1 April 2021

43,738

Provided during year

(12,651

)

Balance at 31 March 2022

31,087

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2021

(325,032

)

Deficit for the year

(96,542

)

At 31 March 2022

(421,574

)

11.	OTHER FINANCIAL COMMITMENTS

Lease relating to 3b Laker Road, Rochester, under the lease agreement company paid rent of £39,000 (2021: £24,000) during the accounting period.

12.	RELATED PARTY DISCLOSURES

Transactions with Key Management Personnel:

Company owes £291,573 (2021:£313,035)at balance sheet date to related party. Interest free loan payable on demand and is presented within creditors:amounts falling due within one year.

Transactions with companies under joint and common control:

1.Company owes £12,000 (2021: £5,000) at balance sheet date to related party. The loan is Interest free, have no fixed date of repayment and is presented within creditors: amounts falling due within one year.

2. During the year, company's total commercial transactions with related party is nil (2021:£321,639).