Company Registration No. 02226367 (England and Wales)
I Q STUDIO PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
I Q STUDIO PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
I Q STUDIO PRODUCTIONS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2019
- 1 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

I Q STUDIO PRODUCTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,795
5,167
Current assets
Debtors
3
4,960
21,151
Cash at bank and in hand
354,532
297,829
359,492
318,980
Creditors: amounts falling due within one year
4
(76,273)
(76,814)
Net current assets
283,219
242,166
Total assets less current liabilities
289,014
247,333
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
289,012
247,331
Total equity
289,014
247,333

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 21 October 2019
S N James
Director
Company Registration No. 02226367
I Q STUDIO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information

I Q Studio Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover represents amounts receivable for royalties net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

I Q STUDIO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
156,310
Additions
2,782
At 31 March 2019
159,092
Depreciation and impairment
At 1 April 2018
151,143
Depreciation charged in the year
2,154
At 31 March 2019
153,297
Carrying amount
At 31 March 2019
5,795
At 31 March 2018
5,167
I Q STUDIO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
4,718
21,151
Other debtors
242
-
4,960
21,151
4
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
9,639
15,081
Other taxation and social security
920
5,787
Other creditors
65,714
55,946
76,273
76,814
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2019-03-312018-04-01falseCCH SoftwareCCH Accounts Production 2019.200No description of principal activity23 October 2019S N JamesN C Francis022263672018-04-012019-03-31022263672019-03-31022263672018-03-3102226367core:OtherPropertyPlantEquipment2019-03-3102226367core:OtherPropertyPlantEquipment2018-03-3102226367core:CurrentFinancialInstruments2019-03-3102226367core:CurrentFinancialInstruments2018-03-3102226367core:ShareCapital2019-03-3102226367core:ShareCapital2018-03-3102226367core:RetainedEarningsAccumulatedLosses2019-03-3102226367core:RetainedEarningsAccumulatedLosses2018-03-3102226367bus:Director12018-04-012019-03-3102226367core:FurnitureFittings2018-04-012019-03-3102226367core:OtherPropertyPlantEquipment2018-03-3102226367core:OtherPropertyPlantEquipment2018-04-012019-03-3102226367bus:PrivateLimitedCompanyLtd2018-04-012019-03-3102226367bus:FRS1022018-04-012019-03-3102226367bus:AuditExemptWithAccountantsReport2018-04-012019-03-3102226367bus:SmallCompaniesRegimeForAccounts2018-04-012019-03-3102226367bus:CompanySecretary12018-04-012019-03-3102226367bus:FullAccounts2018-04-012019-03-31xbrli:purexbrli:sharesiso4217:GBP