2023-04-012024-03-312024-03-31false03397112IRQ Systems 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IRQ Systems Limited

Registered Number
03397112
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

IRQ Systems Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Ian Michael Ritchie

Company Secretary

Susan Mary Higson

Registered Address

9 Brook Road
Ivybridge
PL21 0AX

Registered Number

03397112 (England and Wales)
IRQ Systems Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,4001,132
2,4001,132
Current assets
Debtors43,490-
Cash at bank and on hand16,94946,320
20,43946,320
Creditors amounts falling due within one year5(7,796)(39,682)
Net current assets (liabilities)12,6436,638
Total assets less current liabilities15,0437,770
Provisions for liabilities6(456)(215)
Net assets14,5877,555
Capital and reserves
Called up share capital33
Profit and loss account14,5847,552
Shareholders' funds14,5877,555
The financial statements were approved and authorised for issue by the Director on 19 September 2024, 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 2024

1.Accounting policies
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.
Statement of compliance
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings15-
Office Equipment-3
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 233,7662,2396,005
Additions-1,7751,775
Disposals-(685)(685)
At 31 March 243,7663,3297,095
Depreciation and impairment
At 01 April 233,6471,2264,873
Charge for year18288306
On disposals-(484)(484)
At 31 March 243,6651,0304,695
Net book value
At 31 March 241012,2992,400
At 31 March 231191,0131,132
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables3,490-
Total3,490-
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables4581,008
Taxation and social security6,0219,437
Other creditors31428,266
Accrued liabilities and deferred income1,003971
Total7,79639,682
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)456215
Total456215
7.Related party transactions
At the year end the company owed Ian Michael Ritchie, director £314 (2023 - Company was owed £28,266)