Ifteq Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07620258 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

IFTEQ SOFTWARE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Iftakhar Ahmed Qayyum

REGISTERED OFFICE:

93 Rose Hill

Oxford

OX4 4HT

REGISTERED NUMBER:

07620258 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,703

1,476

CURRENT ASSETS

Debtors

5

51,152

65,920

Cash at bank

32,988

3,284

84,140

69,204

CREDITORS

Amounts falling due within one year

6

16,481

10,457

NET CURRENT ASSETS

67,659

58,747

TOTAL ASSETS LESS CURRENT LIABILITIES

69,362

60,223

PROVISIONS FOR LIABILITIES

7

324

737

NET ASSETS

69,038

59,486

CAPITAL AND RESERVES

Called up share capital

8

10

10

Retained earnings

9

69,028

59,476

SHAREHOLDERS' FUNDS

69,038

59,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 25 February 2019 and were signed by:

Iftakhar Ahmed Qayyum - Director

1.	STATUTORY INFORMATION

Ifteq Software 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 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.

The preparation of financial statements in conformity with FRS 102 Section 1A requires the use of certain critical

accounting estimates. It also requires management to exercise judgement in applying the company's accounting

policies.

ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, management were not required to make any estimates or judgements which

materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when

paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting.Dividends on shares recognised as liabilities are recognised as expenses and classified within interest

payable.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in

order to write off each asset over its estimated useful life.

Computer equipment - 25% on cost

Furniture & Fixture - 25% on cost

Plant & machinery - 25% on 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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the financial

position 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.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially

at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method, less any impairment.

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of

not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months

from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of

change in value.

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 June 2017

-

609

6,026

6,635

Additions

497

-

341

838

At 31 May 2018

497

609

6,367

7,473

Depreciation

At 1 June 2017

-

609

4,550

5,159

Charge for year

47

-

564

611

At 31 May 2018

47

609

5,114

5,770

Net book value

At 31 May 2018

450

-

1,253

1,703

At 31 May 2017

-

-

1,476

1,476

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

9,485

9,120

Other debtors

41,667

56,800

51,152

65,920

Other debtors includes the debit balance of director' loan account £31,702 (2017- £46,835).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

16,481

10,457

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

324

737

Deferred

tax

£

Balance at 1 June 2017

737

Provided during year

(413

)

Balance at 31 May 2018

324

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£0.10

10

10

9.

RESERVES

Retained

earnings

£

At 1 June 2017

59,476

Profit for the year

44,552

Dividends

(35,000

)

At 31 May 2018

69,028

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £35,000 (2017 - £21,000) were paid to the director .

As at balance sheet date, there is an amount due from director, Iftakhar Ahmed Qayyum of £31,702 (2017-

£46,835 ).This is an interest free advance from the company and does not have a fixed date of repayment.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Iftakhar Ahmed Qayyum.