Ifteq Software Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07620258 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

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)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Unit 2.02 High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

FIXED ASSETS

Tangible assets

4

32,033

42,693

CURRENT ASSETS

Debtors

5

96,668

21,305

Prepayments and accrued income

3,613

4,889

Cash at bank

32,317

56,450

132,598

82,644

CREDITORS

Amounts falling due within one year

6

33,945

22,305

NET CURRENT ASSETS

98,653

60,339

TOTAL ASSETS LESS CURRENT LIABILITIES

130,686

103,032

CREDITORS

Amounts falling due after more than one year

7

28,934

33,610

NET ASSETS

101,752

69,422

CAPITAL AND RESERVES

Called up share capital

8

10

10

Retained earnings

9

101,742

69,412

SHAREHOLDERS' FUNDS

101,752

69,422

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 January 2024 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Motor & Vehicle - 25% on reducing balance

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 June 2022

497

868

44,035

9,296

54,696

Additions

-

-

-

519

519

At 31 May 2023

497

868

44,035

9,815

55,215

Depreciation

At 1 June 2022

496

780

2,473

8,254

12,003

Charge for year

1

52

10,391

735

11,179

At 31 May 2023

497

832

12,864

8,989

23,182

Net book value

At 31 May 2023

-

36

31,171

826

32,033

At 31 May 2022

1

88

41,562

1,042

42,693

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 June 2022

and 31 May 2023

44,035

Depreciation

At 1 June 2022

2,473

Charge for year

10,391

At 31 May 2023

12,864

Net book value

At 31 May 2023

31,171

At 31 May 2022

41,562

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

11,340

Other debtors

96,668

9,965

96,668

21,305

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

3,401

3,401

Trade creditors

3,356

1,690

Taxation and social security

27,188

4,849

Other creditors

-

12,365

33,945

22,305

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

28,934

33,610

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£0.10

10

10

9.

RESERVES

Retained

earnings

£

At 1 June 2022

69,412

Profit for the year

57,330

Dividends

(25,000

)

At 31 May 2023

101,742

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Iftakhar Ahmed Qayyum.