IAG Technology Limited - Accounts to registrar (filleted) - small 18.2
IAG Technology Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2021 |
| for |
| IAG Technology Limited |
| IAG Technology Limited (Registered number: 04537418) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| IAG Technology Limited |
| Company Information |
| for the Year Ended 31 March 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 7 Merlin Courtyard |
| Gatehouse Close |
| Aylesbury |
| Buckinghamshire |
| HP19 8DP |
| IAG Technology Limited (Registered number: 04537418) |
| Balance Sheet |
| 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| IAG Technology Limited (Registered number: 04537418) |
| Balance Sheet - continued |
| 31 March 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| IAG Technology Limited (Registered number: 04537418) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| IAG Technology Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Intangible fixed assets |
| Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
| Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
| Development costs over four years. |
| Amortisation commences from the date the asset comes into use. |
| Research and development expenditures |
| In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives. |
| If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| IAG Technology Limited (Registered number: 04537418) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Grants of a revenue nature are recognised in "other income "within profit or loss in the same period as the related expenditure. This includes the Government COVID19 Coronavirus Job Retention Scheme ('Furlough') payments. The company has also benefitted from other forms of COVID19 business support assistance. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| Additions |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| IAG Technology Limited (Registered number: 04537418) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Accruals |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 31,525 | 19,314 |
| Other creditors |
| Directors' current accounts | 55,703 | 31,402 |
| Accruals and deferred income |
| Accrued expenses |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| IAG Technology Limited (Registered number: 04537418) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 9. | RELATED PARTY DISCLOSURES |
| Included in the directors' current account is £27,545 (2020: £15,701) due to director, M Terzino and £28,158(2020: £15,701) due to director G R Wade. This is an unsecured interest free loan repayable on demand. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |