PrintIQ Europe Limited - Period Ending 2022-08-01
PrintIQ Europe Limited - Period Ending 2022-08-01
Registration number:
PrintIQ Europe Limited
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PrintIQ Europe Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
PrintIQ Europe Limited
Company Information
Director |
K L Bird |
Registered office |
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Accountants |
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PrintIQ Europe Limited
Statement of Financial Position as at 1 August 2022
Note |
1 August 2022 |
31 March 2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Retained earnings |
18,803 |
(61,417) |
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Shareholders' funds/(deficit) |
19,003 |
(61,217) |
For the financial period ending 1 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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
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K L Bird
Director
Company registration number: 12376088
PrintIQ Europe Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 1 August 2022
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.
Disclosure of long or short period
Going concern
The company made a profit for the period ending 1 August 2022 and had net assets of £19,003 at that date, which included cash at bank of £123,146.
The order pipeline remains strong and the company continues to have the financial support from its parent company, which will ensure that the company has adequate access to working capital for at least 12 months from the date of these financial statements.
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 1 April 2022 to 1 August 2022
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
3 years straight line |
PrintIQ Europe Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 1 August 2022
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 1 April 2022 to 1 August 2022
Tangible assets |
Office Equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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At 1 August 2022 |
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Depreciation |
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At 1 April 2022 |
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Charge for the period |
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At 1 August 2022 |
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Carrying amount |
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At 1 August 2022 |
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At 31 March 2022 |
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Debtors |
1 August 2022 |
31 March 2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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PrintIQ Europe Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 1 August 2022
Creditors |
Creditors: amounts falling due within one year
1 August 2022 |
31 March 2022 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Commitments under operating leases |
The total of future minimum lease payments not included in the statement of financial position amounts to £1,432 (YE 31 March 2022: £7,160).
Related party transactions |
Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts due with group companies that have arisen under normal market conditions.