I.Q Therapies Ltd 07041241 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of therapist services. Digita Accounts Production Advanced 6.30.9574.0 true 07041241 2022-03-01 2023-02-28 07041241 2023-02-28 07041241 bus:Director1 1 2023-02-28 07041241 bus:Director2 1 2023-02-28 07041241 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-02-28 07041241 core:CurrentFinancialInstruments 2023-02-28 07041241 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07041241 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07041241 core:FurnitureFittingsToolsEquipment 2023-02-28 07041241 core:OtherPropertyPlantEquipment 2023-02-28 07041241 bus:SmallEntities 2022-03-01 2023-02-28 07041241 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07041241 bus:AbridgedAccounts 2022-03-01 2023-02-28 07041241 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07041241 bus:Director1 2022-03-01 2023-02-28 07041241 bus:Director1 1 2022-03-01 2023-02-28 07041241 bus:Director2 2022-03-01 2023-02-28 07041241 bus:Director2 1 2022-03-01 2023-02-28 07041241 bus:HighestPaidDirector 2022-03-01 2023-02-28 07041241 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-03-01 2023-02-28 07041241 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07041241 core:Goodwill 2022-03-01 2023-02-28 07041241 core:FurnitureFittings 2022-03-01 2023-02-28 07041241 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 07041241 core:OfficeEquipment 2022-03-01 2023-02-28 07041241 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 07041241 core:PlantMachinery 2022-03-01 2023-02-28 07041241 countries:EnglandWales 2022-03-01 2023-02-28 07041241 2022-02-28 07041241 bus:Director1 1 2022-02-28 07041241 bus:Director2 1 2022-02-28 07041241 core:FurnitureFittingsToolsEquipment 2022-02-28 07041241 core:OtherPropertyPlantEquipment 2022-02-28 07041241 2021-03-01 2022-02-28 07041241 2022-02-28 07041241 bus:Director1 1 2022-02-28 07041241 bus:Director2 1 2022-02-28 07041241 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-02-28 07041241 core:CurrentFinancialInstruments 2022-02-28 07041241 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 07041241 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 07041241 core:FurnitureFittingsToolsEquipment 2022-02-28 07041241 core:OtherPropertyPlantEquipment 2022-02-28 07041241 bus:Director1 1 2021-03-01 2022-02-28 07041241 bus:Director2 1 2021-03-01 2022-02-28 07041241 bus:HighestPaidDirector 2021-03-01 2022-02-28 07041241 bus:OrdinaryShareClass1 bus:CumulativeShares 2021-03-01 2022-02-28 07041241 bus:Director1 1 2021-02-28 07041241 bus:Director2 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07041241

I.Q Therapies Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 28 February 2023

 

I.Q Therapies Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 9

 

I.Q Therapies Ltd

(Registration number: 07041241)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

13,391

14,178

Tangible assets

4

3,115

3,622

 

16,506

17,800

Current assets

 

Debtors

5

32,525

11,792

Cash at bank and in hand

 

10,693

10,734

 

43,218

22,526

Prepayments and accrued income

 

560

2,102

Creditors: Amounts falling due within one year

(18,036)

(13,367)

Net current assets

 

25,742

11,261

Total assets less current liabilities

 

42,248

29,061

Creditors: Amounts falling due after more than one year

(7,833)

(9,833)

Provisions for liabilities

230

(206)

Accruals and deferred income

 

(1,004)

(921)

Net assets

 

33,641

18,101

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

33,639

18,099

Shareholders' funds

 

33,641

18,101

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges her 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

I.Q Therapies Ltd

(Registration number: 07041241)
Abridged Balance Sheet as at 28 February 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 October 2023
 

.........................................
Mrs Sally Louise McDonald Abel
Director

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

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

Plant and machinery

20% Reducing balance method

Fixtures and fittings

20% Reducing balance method

Office equipment

20% Reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4% Straight line basis

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

3

Intangible assets

Total
£

Cost or valuation

At 1 March 2022

19,692

At 28 February 2023

19,692

Amortisation

At 1 March 2022

5,514

Amortisation charge

787

At 28 February 2023

6,301

Carrying amount

At 28 February 2023

13,391

At 28 February 2022

14,178

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

6,928

2,727

9,655

Additions

271

-

271

At 28 February 2023

7,199

2,727

9,926

Depreciation

At 1 March 2022

5,236

797

6,033

Charge for the year

392

386

778

At 28 February 2023

5,628

1,183

6,811

Carrying amount

At 28 February 2023

1,571

1,544

3,115

At 28 February 2022

1,692

1,930

3,622

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

7

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary shares

 

-

 

-

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary shares

 

-

 

-

         

8

Related party transactions

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Other payments made to company by director
£

At 28 February 2023
£

Mrs Katie Ann Brammer

Directors loan

-

1,288

(1,288)

-

         
       

Mrs Sally Louise McDonald Abel

Directors loan

(3,639)

31,322

(37,728)

(10,045)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Other payments made to company by director
£

At 28 February 2022
£

Mrs Katie Ann Brammer

Directors loan

(4,482)

29,337

(24,856)

-

         
       

Mrs Sally Louise McDonald Abel

Directors loan

-

22,861

(26,500)

(3,639)

         
       

 

 

I.Q Therapies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

34,745

28,560

In respect of the highest paid director:

2023
£

2022
£

Remuneration

34,745

26,477