Company Registration No. 12128696 (England and Wales)
HQI Studio Ltd
Unaudited accounts
for the year ended 31 July 2023
HQI Studio Ltd
Unaudited accounts
Contents
HQI Studio Ltd
Company Information
for the year ended 31 July 2023
Company Number
12128696 (England and Wales)
Registered Office
Westworks Building 195 Wood Lane
White City The Rotunda
London
W12 7FQ
United Kingdom
HQI Studio Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
21,694
15,670
Cash at bank and in hand
1,102
200
Creditors: amounts falling due within one year
(76,040)
(59,952)
Net current liabilities
(71,933)
(53,340)
Net liabilities
(50,239)
(37,670)
Called up share capital
1
1
Profit and loss account
(50,240)
(37,671)
Shareholders' funds
(50,239)
(37,670)
For the year ending 31 July 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 July 2024 and were signed on its behalf by
Mostafa Abdi
Director
Company Registration No. 12128696
HQI Studio Ltd
Notes to the Accounts
for the year ended 31 July 2023
HQI Studio Ltd is a private company, limited by shares, registered in England and Wales, registration number 12128696. The registered office is Westworks Building 195 Wood Lane, White City The Rotunda, London, W12 7FQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in GBP, which is the functional currency of the entity.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
25% straight line
Fixtures & fittings
20% straight line
Computer equipment
33.33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
HQI Studio Ltd
Notes to the Accounts
for the year ended 31 July 2023
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
16,847
2,597
-
19,444
Additions
10,242
158
2,031
12,431
At 31 July 2023
27,089
2,755
2,031
31,875
At 1 August 2022
3,401
373
-
3,774
Charge for the year
5,461
532
414
6,407
At 31 July 2023
8,862
905
414
10,181
At 31 July 2023
18,227
1,850
1,617
21,694
At 31 July 2022
13,446
2,224
-
15,670
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Other creditors
75,255
55,755
HQI Studio Ltd
Notes to the Accounts
for the year ended 31 July 2023
7
Transactions with related parties
As at 31 July 2023 HQI Studio Ltd owed a balance of £75,255 to Bazooka Search Limited. (2022 - £55,755)
Bazooka Search Limited is a related party of the company.
As at 31 July 2023 HQI Studio Ltd was owed a balance of £702 by HQI Foundation. (2022 - Nil)
HQI Foundation is a related party of the company.
As at 31 July 2023 HQI Studio Ltd was owed a balance of £628 by Tabreezee Ltd. (2022 - £628)
Tabreezee Ltd is a related party of the company.
As at 31 July 2023 HQI Studio Ltd was owed a balance of £1,243 by Director. (2022 - £814)
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).