IXQ Consulting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04074964 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

IXQ CONSULTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D M Booth

SECRETARY:

V A Booth

REGISTERED OFFICE:

The Counting House

Nelson Street

Hull

HU1 1XE

REGISTERED NUMBER:

04074964 (England and Wales)

ACCOUNTANTS:

Forrester Boyd Robson

Chartered Accountants

The Counting House

Nelson Street

Hull

HU1 1XE

FIXED ASSETS

Tangible assets

4

552

898

CURRENT ASSETS

Stocks

5,610

7,074

Debtors

5

5,963

16,817

Cash at bank

25,555

26,657

37,128

50,548

CREDITORS

Amounts falling due within one year

6

3,877

7,174

NET CURRENT ASSETS

33,251

43,374

TOTAL ASSETS LESS CURRENT LIABILITIES

33,803

44,272

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

33,703

44,172

SHAREHOLDERS' FUNDS

33,803

44,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 February 2021 and were signed by:

D M Booth - Director

1.	STATUTORY INFORMATION

IXQ Consulting 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 Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going Concern

The impact of the Covid-19 pandemic has meant that the company has not been as profitable as in previous periods due to a decrease in demand for products. The company has not relied upon local or national government funded grants in respect of Covid-19 during the year.

The directors are satisfied that the entity can continue to operate as a going concern.

Turnover

Turnover arises from the provision of services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the rendering of services in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the provision of services is recognised when the service is performed.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life.

Plant and machinery etc - 33% on cost and 15% on reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stock

Stock is valued at the lower of cost and net realisable value, less provisions for obsolete stock, and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Work-in-progress

Work in progress has been calculated by reviewing unbilled matters ongoing at the year end, and then taking an appropriate percentage of the final bill.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

and 30 September 2020

3,805

DEPRECIATION

At 1 October 2019

2,907

Charge for year

346

At 30 September 2020

3,253

NET BOOK VALUE

At 30 September 2020

552

At 30 September 2019

898

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

-

16,000

Other debtors

5,963

817

5,963

16,817

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Taxation and social security

1,485

4,578

Other creditors

2,392

2,596

3,877

7,174

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £Nil (2019: £3,705) were paid to the director.