ICE Insurance Services Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03155942 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

INTERNATIONAL COMMERCIAL & ENGINEERING

(ICE) INSURANCE SERVICES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R W A Lewis

SECRETARY:

L Stander

REGISTERED OFFICE:

2nd Floor

109 Uxbridge Road

London

W5 5TL

REGISTERED NUMBER:

03155942 (England and Wales)

AUDITORS:

Johnsons, Chartered Accountants

Statutory Auditor

2nd Floor

109 Uxbridge Road

Ealing

London

W5 5TL

BANKERS:

Barclays Bank Plc

1 Churchill Place

Canary Wharf

London

E14 5HP

FIXED ASSETS

Tangible assets

4

472

1,523

CURRENT ASSETS

Debtors

1,066,384

552,811

Cash at bank and in hand

505,922

806,914

1,572,306

1,359,725

CREDITORS

Amounts falling due within one year

1,117,808

1,208,625

NET CURRENT ASSETS

454,498

151,100

TOTAL ASSETS LESS CURRENT LIABILITIES

454,970

152,623

CAPITAL AND RESERVES

Called up share capital

5

1,900,000

1,400,000

Retained earnings

(1,445,030

)

(1,247,377

)

SHAREHOLDERS' FUNDS

454,970

152,623

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 6 March 2018 and were signed by:

R W A Lewis - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

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.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

13,505

DEPRECIATION

At 1 January 2017

11,982

Charge for year

1,051

At 31 December 2017

13,033

NET BOOK VALUE

At 31 December 2017

472

At 31 December 2016

1,523

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,900,000

Ordinary

£1

1,900,000

1,400,000

(2016 - 1,400,000 )

500,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

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

The Report of the Auditors was unqualified.

David Turner (Senior Statutory Auditor)

for and on behalf of Johnsons, Chartered Accountants

7.	RELATED PARTY DISCLOSURES

At 31 December 2017 the company was owed £1,040,588 (2016: £454,336) on the trading account by ICE

Seguros SA (Mozambique), a group company.

The company received an unsecured loan of US$ 500,000 on 7 December 2017 from its parent company ICE

Insurance Holdings Limited. At 31 December 2017 the balance of the loan outstanding was £370,000 (2016:

£417,544). No interest is charged on the loan.

The company received an unsecured loan of US$ 1 million on 12 December 2017 from The RJL Trust in which

the director RWA Lewis has a beneficial interest. Interest is charged on this loan at 2% per annum. At 31

December 2017 the balance of the loan outstanding was £740,000.

8.	ULTIMATE PARENT COMPANY

The parent company ICE Insurance Holdings Limited, a company incorporated in Isle of Man, is the ultimate

parent company.

The registered office of ICE Insurance Holdings Limited is 69 Athol Street, Douglas, Isle of Man IM1 1JE.