IXQ Consulting Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04074964 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

IXQ CONSULTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D M Booth

SECRETARY:

V A Booth

REGISTERED OFFICE:

The Counting House

Nelson Street

Hull

HU1 1XE

REGISTERED NUMBER:

04074964 (England and Wales)

ACCOUNTANTS:

Graybrowne Limited

Chartered Accountants

The Counting House

Nelson Street

Hull

HU1 1XE

FIXED ASSETS

Tangible assets

4

604

1,100

CURRENT ASSETS

Stocks

14,050

16,333

Debtors

5

332

215

Cash at bank

44,488

27,343

58,870

43,891

CREDITORS

Amounts falling due within one year

6

13,647

10,733

NET CURRENT ASSETS

45,223

33,158

TOTAL ASSETS LESS CURRENT LIABILITIES

45,827

34,258

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

45,727

34,158

SHAREHOLDERS' FUNDS

45,827

34,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 19 January 2018 and were signed by:

D M Booth - Director

1.	STATUTORY INFORMATION

IXQ Consulting 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and Companies Act 2006. There were no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A small

entities.

Turnover

Turnover represents amounts receivable, excluding value added tax, by the company for services provided

during the year.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided at the following annual rates calculated to write off the cost, less estimated residual value, of each asset

over its expected useful life.

Plant and machinery etc - 33% on cost and 15% on reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered a impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in

profit or loss.

Stock

Stock is valued at the lower of cost and net realisable value, less provisions for obsolete stock, and slow moving

items.

Financial instruments

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or

loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Work-in-progress

Work in progress has been calculated by reviewing unbilled matters ongoing at the year end, and then taking an

appropriate percentage of the final bill.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

and 30 September 2017

2,794

DEPRECIATION

At 1 October 2016

1,694

Charge for year

496

At 30 September 2017

2,190

NET BOOK VALUE

At 30 September 2017

604

At 30 September 2016

1,100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Other debtors

332

215

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Taxation and social security

11,009

8,042

Other creditors

2,638

2,691

13,647

10,733

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £7,800 (2016: £5,850) were paid to the director.

8.	FIRST YEAR ADOPTION

This is the first financial year that the company has presented its financial statements in accordance with FRS

102 'The Financial Reporting Framework Applicable in the UK and Republic of Ireland' ('FRS 102'). For

financial years up to and including the year ending 30 September 2016, the company prepared its financial

statements in accordance with old UK GAAP.

The company's date of transition to FRS 102 is therefore 1 October 2015. This note sets out the changes to

accounting policies and the transitional adjustments that are required to be made for first-time transition to FRS

102. The company's opening equity position at 1 October 2015 and its previously published financial statements

for the year ended 30 September 2016 have been restated from old UK GAAP.

In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions as

permitted by section 35 Transition to this FRS.

Transitional adjustments

There have been no transitional adjustments that would require consequential equity or profit and loss movement

therefore the reconciliation of equity and reconciliation of profit have not been disclosed in the accounts.