IQ Metal Limited - Period Ending 2017-01-31

Registration number: 09958763

IQ Metal Limited

Annual Report and Unaudited Financial Statements

for the Period from 19 January 2016 to 31 January 2017

Sterling Grove Accountants Limited
Chartered Certified Accountants
Thames House
Bourne End Business Park
Cores End Road
Bourne End
Buckinghamshire
SL8 5AS

IQ Metal Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

IQ Metal Limited

Company Information

Directors

Mr Graham Thompson Mr Paul Alan Crawford

Registered office

Sky House Raans Road Amersham Buckinghamshire HP6 6JQ

Accountants

Sterling Grove Accountants Limited Chartered Certified Accountants Thames House Bourne End Business Park Cores End Road Bourne End Buckinghamshire SL8 5AS

Page 1

IQ Metal Limited

(Registration number: 09958763)
Balance Sheet as at 31 January 2017

	Note	2017 £
Fixed assets
Tangible assets	4	16,897
Current assets
Stocks	5	59,500
Debtors	6	119,860
Cash at bank and in hand		140,114
		319,474
Creditors: Amounts falling due within one year	7	(459,347)
Net current liabilities		(139,873)
Net liabilities		(122,976)
Capital and reserves
Called up share capital		1,000
Profit and loss account		(123,976)
Total equity		(122,976)

For the financial period ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	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.

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 Profit and Loss Account has been taken.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

IQ Metal Limited

(Registration number: 09958763)
Balance Sheet as at 31 January 2017

Approved and authorised by the Board on 17 October 2017 and signed on its behalf by:
 

.........................................

Mr Graham Thompson

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

IQ Metal Limited

Notes to the Financial Statements for the Period from 19 January 2016 to 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Sky House
Raans Road
Amersham
Buckinghamshire
HP6 6JQ
England

These financial statements were authorised for issue by the Board on 17 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company incurred a loss for the period and at the balance sheet date shows an insolvent position. However, due to the financial support it continues to receive from the directors and from other related parties, the directors are satisfied that the company is able to meet its liabilities as and when they fall due and as such the financial statements have been prepared on a going concern basis.

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:

Page 4

IQ Metal Limited

Notes to the Financial Statements for the Period from 19 January 2016 to 31 January 2017

Asset class	Depreciation method and rate
Plant and machinery	25% straight line
Furniture, fittings and office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9.

Page 5

IQ Metal Limited

Notes to the Financial Statements for the Period from 19 January 2016 to 31 January 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
Additions	9,269	9,863	19,132
At 31 January 2017	9,269	9,863	19,132
Depreciation
Charge for the	1,307	928	2,235
At 31 January 2017	1,307	928	2,235
Carrying amount
At 31 January 2017	7,962	8,935	16,897

5

Stocks

	2017 £
Stock	59,500

6

Debtors

	Note	2017 £
Trade debtors		17,844
Amounts due from related parties		4,351
Other debtors		90,151
Prepayments		7,514
Total current trade and other debtors		119,860

7

Creditors

Page 6

IQ Metal Limited

Notes to the Financial Statements for the Period from 19 January 2016 to 31 January 2017

	Note	2017 £
Due within one year
Trade creditors		40,607
Amounts due to related parties		341,826
Taxation and social security		42,437
Other creditors		5,613
Accrued expenses		28,864
		459,347

Page 7