IQX Ltd - Limited company - abbreviated - 11.9
IQX Ltd - Limited company - abbreviated - 11.9
| REGISTERED NUMBER: |
| IQX Ltd |
| Abbreviated Accounts |
| for the Year Ended 31st January 2015 |
| IQX Ltd (Registered number: SC171786) |
| Contents of the Abbreviated Accounts |
| for the year ended 31st January 2015 |
| Page |
| Company information | 1 |
| Abbreviated balance sheet | 2 |
| Notes to the abbreviated accounts | 3 |
| IQX Ltd |
| Company Information |
| for the year ended 31st January 2015 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| IQX Ltd (Registered number: SC171786) |
| Abbreviated Balance Sheet |
| 31st January 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 2 |
| Tangible assets | 3 |
| Current assets |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 4 |
| Profit and loss account |
| 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. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| IQX Ltd (Registered number: SC171786) |
| Notes to the Abbreviated Accounts |
| for the year ended 31st January 2015 |
| 1. | Accounting policies |
| Accounting convention |
| The financial statements are prepared under the historical cost convention and in accordance with |
| applicable accounting standards, and in accordance with the Financial Reporting Standard for Smaller |
| Entities (effective April 2008) |
| Turnover |
| Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
| In respect of long-term contracts and contracts for on-going services, turnover represents the value of |
| work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term |
| contracts and contracts for on-going services is recognised by reference to the stage of completion. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated |
| to write off the cost less residual value of each asset over its expected useful life, as follows: |
| Equipment - 33.33% straight line |
| Stock |
| Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and |
| appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated |
| selling prices less further costs expected to be incurred in bringing stock to completion. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date where transactions or events have occurred at that date that will result in an |
| obligation to pay more, or a right to pay less or to receive more tax. |
| Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
| periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
| enacted at the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
| over the period of the lease. |
| 2. | Intangible fixed assets |
| Total |
| £ |
| Cost |
| At 1st February 2014 |
| and 31st January 2015 |
| Amortisation |
| At 1st February 2014 |
| and 31st January 2015 |
| Net book value |
| At 31st January 2015 |
| At 31st January 2014 |
| IQX Ltd (Registered number: SC171786) |
| Notes to the Abbreviated Accounts - continued |
| for the year ended 31st January 2015 |
| 3. | Tangible fixed assets |
| Total |
| £ |
| Cost |
| At 1st February 2014 |
| Additions |
| At 31st January 2015 |
| Depreciation |
| At 1st February 2014 |
| Charge for year |
| At 31st January 2015 |
| Net book value |
| At 31st January 2015 |
| At 31st January 2014 |
| 4. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary shares | £1 |
| 5. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 31st January 2015 |
| and 31st January 2014: |
| 2015 | 2014 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |
| These loans are unsecured and interest free with no fixed date for repayment. |