PrintIQ Europe Limited - Period Ending 2021-03-31
PrintIQ Europe Limited - Period Ending 2021-03-31
Registration number:
|
PrintIQ Europe Limited
|
|
|
PrintIQ Europe Limited
Contents
|
Company Information |
|
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
PrintIQ Europe Limited
Company Information
|
Directors |
A P Lew M D Rowan R C Smith A Harbison A D I Fleming P Horseman |
|
Registered office |
|
|
Accountants |
|
PrintIQ Europe Limited
Statement of Financial Position as at 31 March 2021
|
Note |
2021 |
|
|
Current assets |
||
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
|
|
Net liabilities |
( |
|
|
Capital and reserves |
||
|
Called up share capital |
200 |
|
|
Profit and loss account |
(66,948) |
|
|
Shareholders' deficit |
(66,748) |
For the financial period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
A P Lew
Director
Company registration number: 12376088
PrintIQ Europe Limited
Notes to the Unaudited Financial Statements for the Period from 23 December 2019 to 31 March 2021
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of a software license reseller.
|
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a loss for the period and had net liabilities at 31 March 2021 of £66,748, which included cash at bank of £285,070.
The directors feel this is a satisfactory position for a start-up venture setting up amidst a pandemic. The order pipeline remains strong and the directors are confident that once a more stable economic climate exists, orders will follow. Although there is no certainty as to when this will be, the directors' view is that the impact will be manageable. Continued financial support from PrintIQ New Zealand has been sought and granted ensuring liquidity.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continues to adopt the going concern basis in preparing the financial statements.
PrintIQ Europe Limited
Notes to the Unaudited Financial Statements for the Period from 23 December 2019 to 31 March 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services and sale of software licences in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured by reference to stage
of completion, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. When the outcome cannot be reliably estimated, revenue is recognised to the extent that expenses recognised are recoverable.
Revenues from support contracts are recognised rateably over the term of the contract. Revenues from hosting activities are recognised over the period of usage.
Revenues from multi component contracts are broken down based upon the contractual terms and rates set out in the contracts, derived from the standalone sales prices published in the company price list. Revenues from each component is then recognised based upon the accounting policies stated above.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other
resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If
contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Staff numbers |
The average number of persons employed by the company during the period, was
PrintIQ Europe Limited
Notes to the Unaudited Financial Statements for the Period from 23 December 2019 to 31 March 2021
|
Debtors |
|
2021 |
|
|
Trade debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
2021 |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|