| ICE Development Limited |
| Notes to the Accounts |
| for the year ended 30 June 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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The company did not trade duing the year. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 2 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
| £ |
£ |
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Other creditors (Note 4) |
23,692 |
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23,692 |
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| 3 |
Other information |
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ICE Development Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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158 Buckingham Palace Road |
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London |
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SW1W 9TR |
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| 4 |
Transactions with the director |
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During the year, the company operated a loan account with the directors, as shown in creditors. There was no movement on this loan account during the year. At the balance sheet date, ICE Development Limited were indebted to the directors in the amount of £2,172 (2016 £2,172). |
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The directors of ICE Development Limited, are also directors and majority shareholders of ICE Motor Company Limited, a company registered in England and Wales. During the year an intercompany loan was in place. At the balance sheet date, as shown in creditors, ICE Development Ltd were indebted to ICE Motor company in the amount of £21,520 (2016 £21,520) There was no movement on this loan account during the year. |
