REGISTERED NUMBER: 02672825 (England and Wales)

IQUAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2025

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Blundell

S J Perry

REGISTERED OFFICE:

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

REGISTERED NUMBER:

02672825 (England and Wales)

ACCOUNTANTS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

FIXED ASSETS

Tangible assets

4

14,809

38,088

CURRENT ASSETS

Debtors

778,358

686,950

Cash at bank

265,249

395,871

1,043,607

1,082,821

CREDITORS

Amounts falling due within one year

559,813

633,889

NET CURRENT ASSETS

483,794

448,932

TOTAL ASSETS LESS CURRENT LIABILITIES

498,603

487,020

CREDITORS

Amounts falling due after more than one year

-

24,453

NET ASSETS

498,603

462,567

CAPITAL AND RESERVES

Called up share capital

9,837

9,837

Retained earnings

488,766

452,730

SHAREHOLDERS' FUNDS

498,603

462,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2025 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31 May 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

S J Perry - Director

1.	STATUTORY INFORMATION

Iqual 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Due to the extended accounting period in the current period, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Turnover

Turnover is measured at the value of the consideration received or receivable, net of discounts and value added taxes, from the rendering of IT consultancy and repairs services and sale of IT products. Turnover is recognised according to the stage of completion of the contract and when the significant risks and rewards of ownership of the goods has transferred to the buyer. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated costs of completing the contract. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings

-

25% on cost

Motor vehicles

-

25% on cost

Office equipment

-

25% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

Hire purchase and leasing commitments

Assets obtained under Hire Purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance lease are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 11 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2023

108,481

Additions

250

Disposals

(9,249

)

At 31 May 2025

99,482

DEPRECIATION

At 1 December 2023

70,393

Charge for period

23,188

Eliminated on disposal

(8,908

)

At 31 May 2025

84,673

NET BOOK VALUE

At 31 May 2025

14,809

At 30 November 2023

38,088

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31/5/25

30/11/23

£

£

Net obligations repayable:

Within one year

6,019

6,288

Between one and five years

-

9,401

6,019

15,689

Non-cancellable

operating leases

31/5/25

30/11/23

£

£

Within one year

-

20,250

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

£33,350 (2023: £14,666) was advanced to Mr SJ Perry, a director, during the period, £Nil (2023: £12,310) was repaid during the period and interest of £4,109 (2023: £1,843) was charged at 2.25%. The amount owed to the company at 31 May 2025 was £128,662 (2023: £91,204).

7.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The ultimate parent company is Othello (UK) Limited. Consolidated accounts are not prepared for the group.