ICE Insurance Services Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03155942 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

INTERNATIONAL COMMERCIAL & ENGINEERING

(ICE) INSURANCE SERVICES LTD

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

DIRECTORS:

Ms K F Wilkinson

J Newton

G N Wild

IAOC Lewis

REGISTERED OFFICE:

1-2 Craven Road

London

W5 2UA

REGISTERED NUMBER:

03155942 (England and Wales)

AUDITORS:

Johnsons, Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

FIXED ASSETS

Intangible assets

4

1,021,329

10,020,424

Tangible assets

5

5,138

14,475

Investments

6

5

5

1,026,472

10,034,904

CURRENT ASSETS

Debtors

7

80,422

1,642,616

Cash at bank and in hand

287,315

7,287,609

367,737

8,930,225

CREDITORS

Amounts falling due within one year

8

(233,703

)

(7,322,904

)

NET CURRENT ASSETS

134,034

1,607,321

TOTAL ASSETS LESS CURRENT LIABILITIES

1,160,506

11,642,225

PROVISIONS FOR LIABILITIES

-

(8,019

)

NET ASSETS

1,160,506

11,634,206

CAPITAL AND RESERVES

Called up share capital

9

14,374,820

14,374,820

Retained earnings

(13,214,314

)

(2,740,614

)

SHAREHOLDERS' FUNDS

1,160,506

11,634,206

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 4 September 2023 and were signed on its behalf by:

G N Wild - Director

1.	STATUTORY INFORMATION

International Commercial & Engineering (ICE) Insurance Services Ltd 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.

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

Turnover represents brokerage fees charged on contracts of insurance and fees received for management services. Turnover is attributable to geographical markets both inside and outside the UK.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income statement, following an assessment at the Balance sheet date indicating the recoverable amount was less than its carrying value.

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Contracts are being amortised evenly over their estimated useful life of ten years.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

IMPAIRMENT

The company assesses at each balance sheet date whether there is any indication that the value of its fixed assets is impaired. If any such indication exists, the company estimates the recoverable amount of such assets. The recoverable amount of the asset is the higher of its net realisable value and value in use. If the recoverable amount of the asset is less than its carrying value, an impairment loss is recognised in the profit and loss account and the carrying value of these assets is reduced by the amount of the loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

12,515,128

Additions

15,551

Impairments

(7,762,355

)

At 31 December 2022

4,768,324

AMORTISATION

At 1 January 2022

2,494,704

Charge for year

1,252,291

At 31 December 2022

3,746,995

NET BOOK VALUE

At 31 December 2022

1,021,329

At 31 December 2021

10,020,424

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2022

2,532

30,817

33,349

Disposals

(2,532

)

(13,216

)

(15,748

)

At 31 December 2022

-

17,601

17,601

DEPRECIATION

At 1 January 2022

2,532

16,342

18,874

Charge for year

-

7,477

7,477

Eliminated on disposal

(2,532

)

(11,356

)

(13,888

)

At 31 December 2022

-

12,463

12,463

NET BOOK VALUE

At 31 December 2022

-

5,138

5,138

At 31 December 2021

-

14,475

14,475

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

5

NET BOOK VALUE

At 31 December 2022

5

At 31 December 2021

5

On 1 January 2021 the company acquired the entire share capital of Askari Fintech Insurance Consultants (Pty) Limited (formerly called One Risk Africa (Pty) Ltd), a company registered in South Africa.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

7,759

115,078

Other debtors

17,978

99,211

Amount owed by group undertakings

48,758

372,238

VAT

396

894

Deferred tax asset

Tax losses carried forward

-

1,047,956

Prepayments

5,531

7,239

80,422

1,642,616

.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

742

Trade creditors

104,742

180,929

Other creditors

116,461

1,252,780

Amounts owed to group undertakings

-

5,868,875

Accrued expenses

12,500

19,578

233,703

7,322,904

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

13,969,820

A Ordinary

£1

13,969,820

13,969,820

8,100,000

B Ordinary

£0.05

405,000

405,000

14,374,820

14,374,820

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Edmund Cartwright FMAAT FCCA (Senior Statutory Auditor)

for and on behalf of Johnsons, Chartered Accountants

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	POST BALANCE SHEET EVENTS

The company has ceased to trade on 31 December 2022. 13,969,820 A Ordinary shares of £1 each and 8,100,000 B Ordinary shares of £0.05 each constituting 100% of the entire issued shares in the Company were sold on 30 August 2023 to The Wild Family Trust. From 1 January 2023 all insurance business, Askari fee for insurance and all insurance debtors and premium creditors are now accounted for in the Republic of South Africa subsidiary Fintech Askari Insurance. Ice UK revenue will only be from IP licencing fees from 2023 going forward.

13.	ULTIMATE PARENT COMPANY

As at 31 December 2022, the immediate and ultimate parent company is ICE Insurance Holdings Limited, a company incorporated in Isle of Man. The registered office of ICE Insurance Holdings Limited is 69 Athol Street, Douglas, Isle of Man IM1 1JE.