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Registration number: 04074964

IXQ Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

IXQ Consulting Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

IXQ Consulting Limited

Company Information

Director

D M Booth

Company secretary

V A Booth

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

IXQ Consulting Limited

(Registration number: 04074964)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

43

51

Current assets

 

Stocks

5

5,475

5,475

Debtors

6

1,114

1,239

Cash at bank and in hand

 

765

3,190

 

7,354

9,904

Creditors: Amounts falling due within one year

7

(28,695)

(26,397)

Net current liabilities

 

(21,341)

(16,493)

Net liabilities

 

(21,298)

(16,442)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(21,398)

(16,542)

Shareholders' deficit

 

(21,298)

(16,442)

For the financial year ending 30 September 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 their 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.

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 11 April 2024
 

.........................................
D M Booth
Director

 

IXQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04074964.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

The principal place of business is:
Wold View
Park Lane
Bishop Wilton
York
Y042 1SS

These financial statements were authorised for issue by the director on 11 April 2024.

2

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 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 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The director recognises that there is significant concern over the ability of the company to continue as a going concern due to the net current liabilities of £21,341 and the insolvent balance sheet of £21,298.

The liability position is largely due to the company having the directors' loan account of £27,400 and the director has agreed not to seek repayment until there is available funds to do so.

The director has a reasonable expectation that the company's financial position will improve and the director and shareholder has confirmed he will continue to support the company and as a result the financial statements have been prepared on a going concern basis.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

IXQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an 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 the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

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

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

Office equipment

15% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 2).

 

IXQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

3,805

3,805

Disposals

(1,442)

(1,442)

At 30 September 2023

2,363

2,363

Depreciation

At 1 October 2022

3,754

3,754

Charge for the year

8

8

Eliminated on disposal

(1,442)

(1,442)

At 30 September 2023

2,320

2,320

Carrying amount

At 30 September 2023

43

43

At 30 September 2022

51

51

5

Stocks

2023
£

2022
£

Other inventories

5,475

5,475

6

Debtors

2023
£

2022
£

Other debtors

110

187

Prepayments

1,004

1,052

1,114

1,239

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

27,400

22,900

Taxation and social security

 

-

1,223

Accruals and deferred income

 

1,295

2,274

 

28,695

26,397

 

IXQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

27,400

22,900

Other borrowings relate to unsecured director loan accounts.

9

Related party transactions

Other transactions with the Director

At the year end the company owed the director £27,400 (2022: £22,900).
Loans made to the company by the director are unsecured, interest free and repayable on demand