Huq Consulting Limited Filleted accounts for Companies House (small and micro)

HUQ CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC387832

Huq Consulting Limited

Filleted Unaudited Financial Statements

31 December 2021

Huq Consulting Limited

Financial Statements

Year ended 31 December 2021

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Huq Consulting Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Huq Consulting Limited

Year ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Huq Consulting Limited for the year ended 31 December 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Huq Consulting Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Huq Consulting Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Huq Consulting Limited and its director for our work or for this report.

It is your duty to ensure that Huq Consulting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Huq Consulting Limited. You consider that Huq Consulting Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Huq Consulting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

16 December 2022

Huq Consulting Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		318	269

Current assets

Debtors	6	147,246	148,203
Cash at bank and in hand		2	51,502
		---------	---------
		147,248	199,705

Creditors: amounts falling due within one year	7	111,476		125,253
		---------		---------
Net current assets			35,772	74,452
			--------	--------
Total assets less current liabilities			36,090	74,721
			--------	--------
Net assets			36,090	74,721
			--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	36,089	74,720
	--------	--------
Shareholders funds	36,090	74,721
	--------	--------

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.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 December 2022 , and are signed on behalf of the board by:

Zia-Ul Huq
Director

Company registration number: SC387832

Huq Consulting Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Revenue recognition

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	33% reducing balance

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 5 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2021	4,880	4,880
Additions	208	208
	-------	-------
At 31 December 2021	5,088	5,088
	-------	-------
Depreciation
At 1 January 2021	4,611	4,611
Charge for the year	159	159
	-------	-------
At 31 December 2021	4,770	4,770
	-------	-------
Carrying amount
At 31 December 2021	318	318
	-------	-------
At 31 December 2020	269	269
	-------	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	146,720	146,604
Other debtors	526	1,599
	---------	---------
	147,246	148,203
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,002	24,172
Corporation tax	2,418	17,011
Social security and other taxes	40,668	29,762
Other Creditors - Pension	1,059	2,280
Other creditors	59,329	52,028
	---------	---------
	111,476	125,253
	---------	---------

8. Director's advances, credits and guarantees

As at 31 December 2021, Mr Z Huq, was owed £ 997 by the company (2020: owed the company £460).

9. Related party transactions

The company was under the control of Mr Z Huq throughout the current and previous period.