IRIS Accounts Production v23.3.1.45 10090617 director 1.3.22 28.2.23 28.2.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh100906172022-02-28100906172023-02-28100906172022-03-012023-02-28100906172021-02-28100906172021-03-012022-02-28100906172022-02-2810090617ns10:Originalns15:EnglandWales2022-03-012023-02-2810090617ns14:PoundSterlingns10:Original2022-03-012023-02-2810090617ns10:Originalns10:Director12022-03-012023-02-2810090617ns10:Original2022-03-012023-02-2810090617ns10:Original2023-02-2810090617ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-2810090617ns10:Originalns10:SmallEntities2022-03-012023-02-2810090617ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2810090617ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2810090617ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-2810090617ns10:Originalns10:FullAccounts2022-03-012023-02-2810090617ns10:Originalns10:RegisteredOffice2022-03-012023-02-2810090617ns10:Original2022-02-2810090617ns10:Originalns5:CurrentFinancialInstruments2023-02-2810090617ns10:Originalns5:CurrentFinancialInstruments2022-02-2810090617ns10:Originalns5:Non-currentFinancialInstruments2023-02-2810090617ns10:Originalns5:Non-currentFinancialInstruments2022-02-2810090617ns5:ShareCapitalns10:Original2023-02-2810090617ns5:ShareCapitalns10:Original2022-02-2810090617ns10:Originalns5:FurtherSpecificReserve1ComponentTotalEquity2023-02-2810090617ns10:Originalns5:FurtherSpecificReserve1ComponentTotalEquity2022-02-2810090617ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2810090617ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2810090617ns10:Originalns5:FurnitureFittings2022-03-012023-02-2810090617ns10:Original2021-03-012022-02-2810090617ns10:Originalns5:FurnitureFittings2022-02-2810090617ns10:Originalns5:FurnitureFittings2023-02-2810090617ns10:Originalns5:FurnitureFittings2022-02-2810090617ns10:Original2022-02-2810090617ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2810090617ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2810090617ns5:Securedns10:Original2023-02-2810090617ns5:Securedns10:Original2022-02-2810090617ns10:Originalns5:DeferredTaxation2022-02-2810090617ns10:Originalns5:DeferredTaxation2023-02-28
REGISTERED NUMBER: 10090617 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

IQ UK PROJECTS LIMITED

IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IQ UK PROJECTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: P L Laney





REGISTERED OFFICE: Fiddlers Green
Bell Lane
Cocking
Midhurst
West Sussex
GU29 0HU





REGISTERED NUMBER: 10090617 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS

IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 4,150,000 4,150,000
4,150,000 4,150,000

CURRENT ASSETS
Debtors 6 3,749 3,749
Cash at bank 53,203 124,453
56,952 128,202
CREDITORS
Amounts falling due within one year 7 1,689,787 1,758,721
NET CURRENT LIABILITIES (1,632,835 ) (1,630,519 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,517,165

2,519,481

CREDITORS
Amounts falling due after more than one year 8 (2,220,000 ) (2,220,000 )

PROVISIONS FOR LIABILITIES 10 (5,044 ) (10,092 )
NET ASSETS 292,121 289,389

CAPITAL AND RESERVES
Called up share capital 10 10
Other reserves 87,292 115,814
Retained earnings 204,819 173,565
292,121 289,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2023 and were signed by:





P L Laney - Director


IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

IQ UK Projects 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 presentational currency of the financial statements is in Pound Sterling (£) which is rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rents receivable and services provided during the year.

Rental income from operating leases is recognised on an accruals basis. Initial direct costs incurred in negotiating and arranging an operating lease are reflected in the profit and loss account on the basis the lease agreements are on a rolling basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Investment property
Investment properties are included at fair value. Gains are recongnised in the income statement. Deferred taxation is provided on these gains at the rate expected if the property was to be sold.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 1A. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
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.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 March 2022
and 28 February 2023 50,829
DEPRECIATION
At 1 March 2022
and 28 February 2023 50,829
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 March 2022 4,150,000
Additions 33,570
Revaluations (33,570 )
At 28 February 2023 4,150,000
NET BOOK VALUE
At 28 February 2023 4,150,000
At 28 February 2022 4,150,000

IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. INVESTMENT PROPERTY - continued

Fair value at 28 February 2023 is represented by:
£
Valuation in 2017 83,884
Valuation in 2018 (49,886 )
Valuation in 2019 (83,407 )
Valuation in 2020 (35,960 )
Valuation in 2021 (88,085 )
Valuation in 2022 299,360
Valuation in 2023 (33,570 )
Cost 4,057,664
4,150,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 4,057,664 4,024,094

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 3,749 3,749

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed to group undertakings 1,665,913 1,739,306
Other creditors 23,874 19,415
1,689,787 1,758,721

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 2,220,000 2,220,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 2,220,000 2,220,000

HSBC Bank PLC holds a charge over the company's assets in respect of loans and mortgages provided.

IQ UK PROJECTS LIMITED (REGISTERED NUMBER: 10090617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


10. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 5,044 10,092

Deferred tax
£
Balance at 1 March 2022 10,092
Provision for tax on sale of
properties (5,048 )
Balance at 28 February 2023 5,044

11. RELATED PARTY DISCLOSURES

Throughout the current year and previous period the company was under the control of Mr S. Khaliq by virtue of his 100% shareholding in the ultimate parent company.

The company maintains a loan account with the parent company IQ UK Properties Limited. At the balance sheet date the company owed £1,664,923 (2022: £1,738,316 ) to the parent company.

The company maintains a loan account with IQ UK Homes Limited, a company under common control. At the balance sheet date the company owed £990 (2022: £990) to IQ UK Homes Limited.