14 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05361055 2023-04-01 2024-03-31 05361055 2024-03-31 05361055 2023-03-31 05361055 2022-04-01 2023-03-31 05361055 2023-03-31 05361055 2022-03-31 05361055 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 05361055 core:PlantMachinery 2023-04-01 2024-03-31 05361055 core:MotorVehicles 2023-04-01 2024-03-31 05361055 bus:Director1 2023-04-01 2024-03-31 05361055 bus:Director2 2023-04-01 2024-03-31 05361055 bus:Director3 2023-04-01 2024-03-31 05361055 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 05361055 core:PlantMachinery 2023-03-31 05361055 core:FurnitureFittingsToolsEquipment 2023-03-31 05361055 core:MotorVehicles 2023-03-31 05361055 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 05361055 core:PlantMachinery 2024-03-31 05361055 core:FurnitureFittingsToolsEquipment 2024-03-31 05361055 core:MotorVehicles 2024-03-31 05361055 core:WithinOneYear 2024-03-31 05361055 core:WithinOneYear 2023-03-31 05361055 core:AfterOneYear 2024-03-31 05361055 core:AfterOneYear 2023-03-31 05361055 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05361055 core:ShareCapital 2024-03-31 05361055 core:ShareCapital 2023-03-31 05361055 core:SharePremium 2024-03-31 05361055 core:SharePremium 2023-03-31 05361055 core:CapitalRedemptionReserve 2024-03-31 05361055 core:CapitalRedemptionReserve 2023-03-31 05361055 core:RetainedEarningsAccumulatedLosses 2024-03-31 05361055 core:RetainedEarningsAccumulatedLosses 2023-03-31 05361055 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 05361055 core:PlantMachinery 2023-03-31 05361055 core:FurnitureFittingsToolsEquipment 2023-03-31 05361055 core:MotorVehicles 2023-03-31 05361055 bus:Director1 2023-03-31 05361055 bus:Director1 2024-03-31 05361055 bus:Director2 2024-03-31 05361055 bus:Director3 2023-03-31 05361055 bus:Director1 2022-03-31 05361055 bus:Director1 2023-03-31 05361055 bus:Director3 2022-03-31 05361055 bus:Director3 2023-03-31 05361055 bus:SmallEntities 2023-04-01 2024-03-31 05361055 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05361055 bus:FullAccounts 2023-04-01 2024-03-31 05361055 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05361055 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Company registration number: 05361055
The IQ Digital House Limited
Unaudited filleted financial statements
31 March 2024
The IQ Digital House Limited
Contents
Statement of financial position
Notes to the financial statements
The IQ Digital House Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 64,101 105,018
_______ _______
64,101 105,018
Current assets
Stocks 13,897 19,832
Debtors 6 602,367 636,967
Cash at bank and in hand 50,522 32,333
_______ _______
666,786 689,132
Creditors: amounts falling due
within one year 7 ( 581,559) ( 470,736)
_______ _______
Net current assets 85,227 218,396
_______ _______
Total assets less current liabilities 149,328 323,414
Creditors: amounts falling due
after more than one year 8 ( 94,259) ( 290,792)
Provisions for liabilities ( 11,331) ( 18,943)
_______ _______
Net assets 43,738 13,679
_______ _______
Capital and reserves
Called up share capital 1,050 1,050
Share premium account 6,448 6,448
Capital redemption reserve 10 10
Profit and loss account 36,230 6,171
_______ _______
Shareholders funds 43,738 13,679
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr G D Chilcott
Director
Company registration number: 05361055
The IQ Digital House Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 The Brook Trading Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4XB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
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 sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
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:
Short leasehold property - 10 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 & 25% straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 15 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 55,244 490,945 245,400 7,106 798,695
Additions - 2,679 7,307 - 9,986
Disposals - ( 2,095) ( 8,110) - ( 10,205)
_______ _______ _______ _______ _______
At 31 March 2024 55,244 491,529 244,597 7,106 798,476
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 49,930 412,256 231,066 425 693,677
Charge for the year 849 40,654 9,400 - 50,903
Disposals - ( 2,095) ( 8,110) - ( 10,205)
_______ _______ _______ _______ _______
At 31 March 2024 50,779 450,815 232,356 425 734,375
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 4,465 40,714 12,241 6,681 64,101
_______ _______ _______ _______ _______
At 31 March 2023 5,314 78,689 14,334 6,681 105,018
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 256,444 215,185
Other debtors 345,923 421,782
_______ _______
602,367 636,967
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 185,556 185,556
Trade creditors 236,565 139,620
Social security and other taxes 23,745 34,579
Other creditors 135,693 110,981
_______ _______
581,559 470,736
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 94,259 279,815
Other creditors - 10,977
_______ _______
94,259 290,792
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr G D Chilcott ( 171) - ( 171)
Mr D Larkham - 10,000 10,000
Mr I M Savage ( 87) 87 -
_______ _______ _______
( 258) 10,087 9,829
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr G D Chilcott ( 171) - ( 171)
Mr D Larkham - - -
Mr I M Savage ( 87) - ( 87)
_______ _______ _______
( 258) - ( 258)
_______ _______ _______