Assetiq Ltd - Period Ending 2016-08-31

Registration number: NI073464

Assetiq Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

Assetiq Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Assetiq Ltd
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Assetiq Ltd for the year ended 31 August 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements.

This report is made solely to the Board of Directors of Assetiq Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Assetiq Ltd and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Assetiq Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Assetiq Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Assetiq Ltd. You consider that Assetiq Ltd 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 accounts of Assetiq Ltd. 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 accounts.

......................................

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

22 May 2017

Page 1

Assetiq Ltd
(Registration number: NI073464)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					279			419
Current assets
Stocks					-			560
Debtors					134			17
Cash at bank and in hand					79			425
					213			1,002
Creditors: Amounts falling due within one year					(4,048)			(3,676)
Net current liabilities					(3,835)			(2,674)
Net liabilities					(3,556)			(2,255)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(3,557)			(2,256)
Shareholders' deficit					(3,556)			(2,255)

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 May 2017 and signed on its behalf by:

.........................................
Mr Stephen Seawright
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Assetiq Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

Following a review of the cash flow the directors are of the opinion that the company can continue to trade as a going concern,

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and Machinery	20% straight line

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		18,839			18,839
At 31 August 2016		18,839			18,839
Depreciation
At 1 September 2015		18,420			18,420
Charge for the year		140			140
At 31 August 2016		18,560			18,560
Net book value
At 31 August 2016		279			279
At 31 August 2015		419			419

Page 3

Assetiq Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 4