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Registration number: 12769229

Communication IQ Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Communication IQ Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Communication IQ Limited

(Registration number: 12769229)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

6,658

10,141

Current assets

 

Debtors

5

5,603

21,356

Cash at bank and in hand

 

122,128

137,018

 

127,731

158,374

Creditors: Amounts falling due within one year

6

(60,426)

(69,541)

Net current assets

 

67,305

88,833

Net assets

 

73,963

98,974

Capital and reserves

 

Called up share capital

3

3

Retained earnings

73,960

98,971

Shareholders' funds

 

73,963

98,974

For the financial year ending 31 March 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.

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

Mrs J G Sandford-Nedoszytko
Director

   
     
 

Communication IQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
The New Church
10 Henry Street
Bath
BA1 1JR

These financial statements were authorised for issue by the Board on 31 August 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

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

 

Communication IQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Prior period errors

During the preperation of the 2024 financial statements, it was identified that there were cut off errors relating to income recognition and assets which should have been reflected in the 2023 financial statements.The impact of these errors has been disclosed below.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Profit and loss account

-

8,344

-

Other Creditors

-

(8,344)

-

Office equipment

-

9,020

-

Trade Creditors

-

(9,020)

-

   

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 group operates and generates taxable income.

 

Communication IQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

3 Years Straight Line

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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 3).

 

Communication IQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Office equipment
£

(As restated)

Total
£

Cost or valuation

At 1 April 2023

10,448

10,448

At 31 March 2024

10,448

10,448

Depreciation

At 1 April 2023

307

307

Charge for the year

3,483

3,483

At 31 March 2024

3,790

3,790

Carrying amount

At 31 March 2024

6,658

6,658

At 31 March 2023

10,141

10,141

5

Debtors

2024
£

2023
£

Trade debtors

-

21,353

Other debtors

3

3

Income tax asset

5,600

-

5,603

21,356

6

Creditors

Due within one year

Note

2024
£

(As restated)

2023
£

 

Trade creditors

 

-

9,020

Amounts due to related parties

7

202

-

Other creditors

 

57,724

33,892

Accruals

 

2,500

2,240

Corporation tax liability

-

24,389

 

60,426

69,541

 

Communication IQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

Advanced

202

202

At end of period

202

202

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.