ConnectIQ Ltd 04770233 digital products false 1 January 2022 04770233 2022-01-01 2023-03-31 04770233 2021-12-31 04770233 2023-03-31 04770233 2021-01-01 2021-12-31 04770233 2020-12-31 04770233 2021-12-31 04770233 frs102-bus:FRS102 2022-01-01 2023-03-31 04770233 frs102-bus:PrivateLimitedCompanyLtd 2022-01-01 2023-03-31 04770233 frs102-bus:FullAccounts 2022-01-01 2023-03-31 04770233 frs102-bus:AuditExemptWithAccountantsReport 2022-01-01 2023-03-31 04770233 frs102-core:CurrentFinancialInstruments 2023-03-31 04770233 frs102-core:CurrentFinancialInstruments 2021-12-31 04770233 frs102-core:ShareCapital 2023-03-31 04770233 frs102-core:ShareCapital 2021-12-31 04770233 frs102-core:RevaluationReserve 2023-03-31 04770233 frs102-core:RevaluationReserve 2021-12-31 04770233 frs102-core:RetainedEarningsAccumulatedLosses 2023-03-31 04770233 frs102-core:RetainedEarningsAccumulatedLosses 2021-12-31 04770233 frs102-bus:Director1 2022-01-01 2023-03-31 04770233 frs102-core:FurnitureFittings 2022-01-01 2023-03-31 04770233 frs102-core:LandBuildings 2022-01-01 2023-03-31 04770233 frs102-core:Vehicles 2022-01-01 2023-03-31 04770233 frs102-core:PlantMachinery 2022-01-01 2023-03-31 04770233 frs102-core:FurnitureFittings 2021-12-31 04770233 frs102-core:LandBuildings 2021-12-31 04770233 frs102-core:Vehicles 2021-12-31 04770233 frs102-core:PlantMachinery 2021-12-31 04770233 frs102-core:FurnitureFittings 2023-03-31 04770233 frs102-core:LandBuildings 2023-03-31 04770233 frs102-core:Vehicles 2023-03-31 04770233 frs102-core:PlantMachinery 2023-03-31 04770233 frs102-core:FurnitureFittings 2021-12-31 04770233 frs102-core:LandBuildings 2021-12-31 04770233 frs102-core:Vehicles 2021-12-31 04770233 frs102-core:PlantMachinery 2021-12-31 04770233 frs102-core:DeferredTaxation 2023-03-31 04770233 frs102-core:DeferredTaxation 2021-12-31 04770233 frs102-bus:OrdinaryShareClass1 2023-03-31 04770233 frs102-bus:OrdinaryShareClass1 2021-12-31 04770233 frs102-bus:OrdinaryShareClass1 2022-01-01 2023-03-31 xbrli:pure iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares
Registered number
04770233
ConnectIQ Ltd
Unaudited Accounts
for the period
1 January 2022 to 31 March 2023
ConnectIQ Ltd
Balance Sheet
as at 31 March 2023
Notes
2023
£
2021
£
Fixed assets
Tangible assets 3 88,383 98,061
88,383 98,061
Current assets
Stocks 98,366 78,566
Debtors 4 169,783 146,576
Cash at bank and in hand 360,900 455,046
629,049 680,188
Prepayments and accrued income: 29,381 9,771
Creditors: amounts falling due within one year 5 (66,828) (57,099)
Net current assets / (liabilities) 591,602 632,860
Total assets less current liabilities 679,985 730,921
Provisions for liabilities 6 (16,793) (18,632)
Accruals and deferred income (528) (1,750)
Total net assets (liabilities) 662,664 710,539
Capital and reserves
Called up share capital 7 102 102
Revaluation reserve 15,469 22,500
Profit and loss account 647,093 687,937
Shareholders' funds 662,664 710,539

ConnectIQ Ltd
Balance Sheet
as at 31 March 2023



These accounts have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The directors have not delivered a copy of the company's Profit and Loss account as permitted by s444(5A) of the Companies Act 2006.

For the period ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors

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

Mr K Barry

Director


Approved by the board on 14 November 2023

Company Number: 04770233 (a Private Company Limited by Shares registered in England and Wales)

Registered Office:

Block 50
Upper Mills Trading Estate
Stonehouse
GL10 2BJ
England

ConnectIQ Ltd
Notes to the Accounts
for the period 1 January 2022 to 31 March 2023

1. Accounting policies

Basis of preparation of financial statements
These financial statements have been prepared under the historic cost convention in accordance with the accounting policies set out below and with section 1A of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The presentation currency is sterling.
Going concern basis
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Tangible fixed assets depreciation policy
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided, after taking account of any grants receivable, at rates calculated to write off the cost of fixed assets, less the estimated residual value, over their estimated useful lives.
Fixtures & Fittings 31.3% Reducing Balance
Land & buildings 31.3% Reducing Balance
Vehicles 31.3% Reducing Balance
Plant & machinery 31.3% Reducing Balance
Impairment reviews for fixed assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication of impairment losses. If so, the recoverable amount of an asset is estimated to determine the extent of the loss. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Stocks
Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.
Deferred taxation
Taxation represents the sum of tax currently payable and deferred tax. Current tax is calculated using tax rates that have been enacted or substantially enacted at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of part of the asset to be recovered.
Foreign currencies
Transactions in foreign currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary assets and liabilities in foreign currencies are translated at the rates prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items measured at historic cost in a foreign currency are recorded at that historic value.
Leases and hire purchase contracts
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful economic lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme, with contributions charged to the profit and loss account for the year in which they are payable to the scheme.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares that are measured at fair value. Derivative financial instruments are initially recorded at cost and thereafter at fair value. All changes in fair value are recognised in the profit or loss account in the period in which they occurred.
2. Employees
2023 2021
Average number of employees during the period 11 10

3. Tangible fixed assets
Fixtures & Fittings Land & buildings Vehicles Plant & machinery Total
Cost or valuation £ £ £ £ £
At 1 January 2022 16,835 24,313 92,042 166,359 299,549
Additions 4,266 0 35,672 0 39,938
Disposals (4,173) (0) (42,062) (0) (46,235)
At 31 March 2023 16,928 24,313 85,652 166,359 293,252
Depreciation
At 1 January 2022 11,800 4,861 64,338 120,489 201,488
Charge for the period 2,237 6,079 7,890 14,342 30,548
On disposals (1,826) (0) (25,341) (0) (27,167)
At 31 March 2023 12,211 10,940 46,887 134,831 204,869
Net book value
At 31 March 2023 4,717 13,373 38,765 31,528 88,383
At 31 December 2021 5,035 19,452 27,704 45,870 98,061

4. Debtors
2023 2021
£ £
Trade debtors 119,504 108,202
Other debtors 50,279 38,374
169,783 146,576

5. Creditors: amounts falling due within one year
2023 2021
£ £
Trade creditors 41,949 34,186
Taxation & social security 24,879 22,913
66,828 57,099

6. Provisions
2023 2021
£ £
Deferred tax 16,793 18,632
16,793 18,632

7. Share capital
2023 2021
£ £
Allotted, called up and fully paid:
102 (2021: 102) Ordinary shares of £1.00 each 102 102
102 102

8. Related party disclosures

During the period of accounts a transaction occurred between this company and a related party, Mr K Barry. The relationship between the parties is director. The director has a loan account with the company. Interest of £693 was charged on the loan. At the balance sheet date the related party owed the company £39,554 (2021 - £27,649).


Commitments, guarantees and contingencies
2023 2021
£ £
Total commitments, guarantees and contingencies, of which: 52,500 40,000