2022-04-012023-03-312023-03-31false03397112IRQ Systems 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IRQ Systems Limited

Registered Number
03397112
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

IRQ Systems Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Ian Michael Ritchie

Registered Address

9 Brook Road
Ivybridge
PL21 0AX

Registered Number

03397112 (England and Wales)
IRQ Systems Limited
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets51,132298
1,132298
Current assets
Debtors7-32,146
Cash at bank and on hand46,3208,489
46,32040,635
Creditors amounts falling due within one year8(39,682)(29,423)
Net current assets (liabilities)6,63811,212
Total assets less current liabilities7,77011,510
Provisions for liabilities9(215)(57)
Net assets7,55511,453
Capital and reserves
Called up share capital33
Profit and loss account7,55211,450
Shareholders' funds7,55511,453
The financial statements were approved and authorised for issue by the Director on 16 August 2023, and are signed on its behalf by:
Ian Michael Ritchie
Director
Registered Company No. 03397112
IRQ Systems Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 223,7661,2675,033
Additions-972972
At 31 March 233,7662,2396,005
Depreciation and impairment
At 01 April 223,6261,1094,735
Charge for year21117138
At 31 March 233,6471,2264,873
Net book value
At 31 March 231191,0131,132
At 31 March 22140158298
6.Description of nature of transactions and balances with related parties
At the year end the company owed Ian Michael Ritchie, director £28266.00 (2022 - Company was owed £8950.00)
7.Debtors

2023

2022

££
Trade debtors / trade receivables-23,196
Other debtors-8,950
Total-32,146
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,00817,049
Taxation and social security9,43711,473
Other creditors28,266-
Accrued liabilities and deferred income971901
Total39,68229,423
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)21557
Total21557