Icehouse Trading Company Limited Company Accounts

ICEHOUSE TRADING COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03271530

Icehouse Trading Company Limited

Filleted Unaudited Financial Statements

31 January 2017

Icehouse Trading Company Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Icehouse Trading Company Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Icehouse Trading Company Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Icehouse Trading Company Limited for the year ended 31 January 2017, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Icehouse Trading Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Icehouse Trading Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Icehouse Trading Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Icehouse Trading Company 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 profit of Icehouse Trading Company Limited. You consider that Icehouse Trading Company 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 Icehouse Trading Company 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.

HOLLINGDALE POOLEY Chartered accountant

Bramford House 23 Westfield Park Clifton Bristol BS6 6LT

31 October 2017

Icehouse Trading Company Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4		456,250	456,250

Current assets

Debtors	5	2,916		57,034

Creditors: amounts falling due within one year	6	( 13,124)		990
		--------		--------
Net current assets			16,040	56,044
			---------	---------
Total assets less current liabilities			472,290	512,294

Creditors: amounts falling due after more than one year	7	450,000	450,000
		---------	---------
Net assets		22,290	62,294
		---------	---------

Capital and reserves

Called up share capital	900	900
Capital redemption reserve	100	100
Profit and loss account	21,290	61,294
	--------	--------
Shareholders funds	22,290	62,294
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 October 2017 , and are signed on behalf of the board by:

B Coleman

Director

Company registration number: 03271530

Icehouse Trading Company Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o Hollingdale Pooley, Bramford House, Clifton, Bristol, BS6 6LT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 February 2016 and 31 January 2017	456,250
	---------
Impairment
At 1 February 2016 and 31 January 2017	–
	---------

Carrying amount
At 31 January 2017	456,250
	---------
At 31 January 2016	456,250
	---------

The company owns 100% of the issued share capital of MG Property UK Limited, and details of its results for the year are shown below-

Aggregate capital and reserves

At 31 January 2017: £1,369,497 (2016 restated: £1,348,423)

Profit and (loss) for the year

For the year ended 31 January 2017 profit before tax of £107,091 (2016 restated: £6,475) Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

5. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	12,085
Other debtors	2,916	44,949
	-------	--------
	2,916	57,034
	-------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	( 14,114)	–
Other creditors	990	990
	--------	----
	( 13,124)	990
	--------	----

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	450,000	450,000
	---------	---------

8. Prior period errors

There are no prior period errors or adjustment required upon transition to FRS 102

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs CA Cooke	–	–	–	–
Mr RM Cooke	854	–	–	854
B Coleman	–	–	–	–
S Coleman	44,095	967	( 43,000)	2,062
	--------	----	--------	-------
	44,949	967	( 43,000)	2,916
	--------	----	--------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs CA Cooke	20,881	32,045	( 52,926)	–
Mr RM Cooke	20,881	32,046	( 52,927)	–
B Coleman	854	–	–	854
S Coleman	1,095	43,000	–	44,095
	--------	---------	---------	--------
	43,711	107,091	( 105,853)	44,949
	--------	---------	---------	--------

10. Related party transactions

The company was under the control of Mrs S Coleman throughout the current and previous year. Mrs S Coleman is a director and the majority shareholder. The company was owed £14,114 (2016 - £14,114) by its 100% subsidiary company, MG Property UK Limited, at the year end/. The loan was interest free.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.