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REGISTERED NUMBER: 06528082 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

IQ Engineers Limited

IQ Engineers Limited (Registered number: 06528082)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IQ Engineers Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R J Lewis
M J Strodder





SECRETARY: R J Lewis





REGISTERED OFFICE: Unit 2h Glaisdale Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU





REGISTERED NUMBER: 06528082 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

IQ Engineers Limited (Registered number: 06528082)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 20 14,540
Tangible assets 5 372,921 345,594
372,941 360,134

CURRENT ASSETS
Stocks 6 264,939 120,467
Debtors 7 573,958 486,666
Cash at bank 100,230 196,751
939,127 803,884
CREDITORS
Amounts falling due within one year 8 687,098 596,968
NET CURRENT ASSETS 252,029 206,916
TOTAL ASSETS LESS CURRENT
LIABILITIES

624,970

567,050

CREDITORS
Amounts falling due after more than one
year

9

(29,777

)

(121,106

)

PROVISIONS FOR LIABILITIES 12 (21,026 ) (14,242 )
NET ASSETS 574,167 431,702

CAPITAL AND RESERVES
Called up share capital 13 150 150
Capital redemption reserve 50 50
Retained earnings 573,967 431,502
SHAREHOLDERS' FUNDS 574,167 431,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IQ Engineers Limited (Registered number: 06528082)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





R J Lewis - Director


IQ Engineers Limited (Registered number: 06528082)

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

1. STATUTORY INFORMATION

IQ Engineers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Turnover is recognised at the point at which the risks and rewards of the goods are transferred to the customer and the services are rendered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 1A to ensure that the carrying value is not lower than the recoverable amount.

Government grants
Revenue based grants are credited to the profit and loss account when entitled.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss..

IQ Engineers Limited (Registered number: 06528082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Work in progress
Work in progress is valued at the lower of cost and net realisable value, based on time accrued for work performed but not yet invoiced.

Related party transactions
All transactions entered into with companies under common control were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1a.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group nor transactions with directors conducted at a market rate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 16 ) .

IQ Engineers Limited (Registered number: 06528082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Development Computer
costs software Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 62,500 6,120 68,620
AMORTISATION
At 1 April 2023 50,000 4,080 54,080
Amortisation for year 12,500 2,020 14,520
At 31 March 2024 62,500 6,100 68,600
NET BOOK VALUE
At 31 March 2024 - 20 20
At 31 March 2023 12,500 2,040 14,540

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 287,527 47,613 5,717
Additions - 592 1,334
Disposals - - -
At 31 March 2024 287,527 48,205 7,051
DEPRECIATION
At 1 April 2023 - 46,326 4,864
Charge for year - 750 449
Eliminated on disposal - - -
At 31 March 2024 - 47,076 5,313
NET BOOK VALUE
At 31 March 2024 287,527 1,129 1,738
At 31 March 2023 287,527 1,287 853

IQ Engineers Limited (Registered number: 06528082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 74,511 30,416 445,784
Additions 39,944 13,045 54,915
Disposals (14,495 ) - (14,495 )
At 31 March 2024 99,960 43,461 486,204
DEPRECIATION
At 1 April 2023 30,388 18,612 100,190
Charge for year 18,937 5,640 25,776
Eliminated on disposal (12,683 ) - (12,683 )
At 31 March 2024 36,642 24,252 113,283
NET BOOK VALUE
At 31 March 2024 63,318 19,209 372,921
At 31 March 2023 44,123 11,804 345,594

6. STOCKS
2024 2023
£    £   
Stocks 217,321 112,908
Work-in-progress 47,618 7,559
264,939 120,467

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 306,608 430,709
Amounts owed by group undertakings 1,100 -
Other debtors 209,530 8,168
Prepayments and accrued income 56,720 47,789
573,958 486,666

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 10,000 21,069
Other loans (see note 10) 23,193 23,193
Trade creditors 166,823 80,441
Taxation and social security 179,308 129,490
Other creditors 9,099 7,770
Directors' current accounts 294,215 330,193
Accruals and deferred income 4,460 4,812
687,098 596,968

IQ Engineers Limited (Registered number: 06528082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 15,000 78,311
Other loans (see note 10) 14,777 42,795
29,777 121,106

The bank loan is repayable over 6 years, with no repayment due for the first year, at an interest rate of 2.5% commencing after 1 year. The loan is due to mature in September 2026.

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Mortgages - 11,069
Bank loans 10,000 10,000
Other loans 23,193 23,193
33,193 44,262

Amounts falling due between one and two years:
Mortgages - 1-2 years - 53,311
Bank loans - 1-2 years 10,000 10,000
Other loans - 1-2 years 14,777 42,795
24,777 106,106

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,000 15,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 25,000 99,380
Other loans 37,970 65,988
62,970 165,368

The bank loan is repayable by instalments and is due to mature on 31 March 2026. The loan is secured by way of a fixed and floating charge.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,026 14,242

IQ Engineers Limited (Registered number: 06528082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 14,242
Provided during year 6,784
Balance at 31 March 2024 21,026

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
150 Ordinary £1 150 150

14. RELATED PARTY DISCLOSURES

2024 2023

£ £
Amount due to the directors 294,215 330,193

No interest has been charged.



15. ULTIMATE CONTROLLING PARTY

The ultimate controlling company at the date of approval is IQE Holdings Limited, a private company, limited by shares, registered in England and Wales. The company's registered office is Unit 2h Glaisdale Road, Northminster Business Park, Upper Poppleton, York, Y026 6QU.