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Registration number: 08487024

AIQ Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

AIQ Consulting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

AIQ Consulting Limited

Company Information

Directors

D M Allen

D G Tooth

A S Todd

Registered office

Unit 30a Innovation Centre Cranfield University Technology Park
University Way
Cranfield
MK43 0BT

Accountants

WoodWhite Accountants Ltd
Unit 4 City Limits
Danehill
Reading
Berkshire
RG6 4UP

 

AIQ Consulting Limited

(Registration number: 08487024)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

13,670

57,857

Tangible assets

5

14,960

4,919

 

28,630

62,776

Current assets

 

Debtors

6

213,860

172,852

Cash at bank and in hand

 

65,351

10,219

 

279,211

183,071

Creditors: Amounts falling due within one year

7

(52,833)

(111,734)

Net current assets

 

226,378

71,337

Total assets less current liabilities

 

255,008

134,113

Creditors: Amounts falling due after more than one year

7

-

(24,281)

Net assets

 

255,008

109,832

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

254,908

109,732

Shareholders' funds

 

255,008

109,832

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

AIQ Consulting Limited

(Registration number: 08487024)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
A S Todd
Director

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 30a Innovation Centre Cranfield University Technology Park
University Way
Cranfield
MK43 0BT

These financial statements were authorised for issue by the Board on 26 July 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Fixtures and fittings

25% straight line

Computers

50% straight line

Website

33% straight line

Software licences

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain criteria are met in order to demonstrate the asset will generate probable economic benefits and that its costs can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

5 years

Development costs

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 6).

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Development costs
 £

Intellectual property
 £

Total
£

Cost or valuation

At 1 May 2023

497,757

30,000

527,757

At 30 April 2024

497,757

30,000

527,757

Amortisation

At 1 May 2023

439,900

30,000

469,900

Amortisation charge

44,187

-

44,187

At 30 April 2024

484,087

30,000

514,087

Carrying amount

At 30 April 2024

13,670

-

13,670

At 30 April 2023

57,857

-

57,857

5

Tangible assets

Website
£

Plant and machinery
£

Software licences
£

Total
£

Cost or valuation

At 1 May 2023

42,344

51,160

16,000

109,504

Additions

-

15,777

-

15,777

At 30 April 2024

42,344

66,937

16,000

125,281

Depreciation

At 1 May 2023

40,792

47,794

16,000

104,586

Charge for the year

810

4,925

-

5,735

At 30 April 2024

41,602

52,719

16,000

110,321

Carrying amount

At 30 April 2024

742

14,218

-

14,960

At 30 April 2023

1,553

3,366

-

4,919

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

85,152

105,453

Prepayments

12,834

5,883

Other debtors

115,874

61,516

213,860

172,852

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

10,716

Trade creditors

 

13,062

30,994

Taxation and social security

 

35,002

23,772

Accruals and deferred income

 

1,873

1,748

Other creditors

 

2,896

44,504

 

52,833

111,734

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

24,281

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

75

75

75

75

Ordinary B of £1 each

15

15

15

15

Ordinary C of £1 each

10

10

10

10

 

100

100

100

100

 

AIQ Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

24,281

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

10,716

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £830 (2023 - £17,430).