Company Registration No. SC614596 (Scotland)
IMPAQ TECHNOLOGIES LIMITED
Unaudited accounts
for the year ended 31 December 2020
IMPAQ TECHNOLOGIES LIMITED
Unaudited accounts
Contents
IMPAQ TECHNOLOGIES LIMITED
Company Information
for the year ended 31 December 2020
Directors
Angus George Kerr
John Rodgers
Secretary
STRONACHS SECRETARIES LIMITED
Company Number
SC614596 (Scotland)
Registered Office
28 ALBYN PLACE
ABERDEEN
AB10 1YL
UNITED KINGDOM
Accountants
Aberdeen Accountants
3 Scotsmill Gardens
Blackburn
AB21 0GA
ICAS Membership M27164
IMPAQ TECHNOLOGIES LIMITED
Statement of financial position
as at
31 December 2020
Tangible assets
3,080
4,619
Inventories
23,984
35,542
Cash at bank and in hand
38,896
886
Creditors: amounts falling due within one year
(104,029)
(170,581)
Net current assets/(liabilities)
11,309
(24,661)
Net assets/(liabilities)
14,389
(20,042)
Called up share capital
100
100
Profit and loss account
14,289
(20,142)
Shareholders' funds
14,389
(20,042)
For the year ending 31 December 2020 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2021 and were signed on its behalf by
Angus George Kerr
Director
Company Registration No. SC614596
IMPAQ TECHNOLOGIES LIMITED
Notes to the Accounts
for the year ended 31 December 2020
IMPAQ TECHNOLOGIES LIMITED is a private company, limited by shares, registered in Scotland, registration number SC614596. The registered office is 28 ALBYN PLACE, ABERDEEN, AB10 1YL, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2020 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 26 November 2018.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
Straight line over three years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign currency transactions
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
IMPAQ TECHNOLOGIES LIMITED
Notes to the Accounts
for the year ended 31 December 2020
4
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
At 31 December 2020
4,619
Charge for the year
1,539
At 31 December 2020
1,539
At 31 December 2020
3,080
At 31 December 2019
4,619
Work in progress
23,984
35,542
6
Debtors: amounts falling due within one year
2020
2019
Amounts due from group undertakings etc.
-
35,294
Deferred tax asset
4,120
-
Accrued income and prepayments
-
4,996
Other debtors
4,358
42,447
7
Creditors: amounts falling due within one year
2020
2019
Trade creditors
-
159,332
Amounts owed to group undertakings and other participating interests
30,000
-
Deferred income
66,921
11,249
8
Average number of employees
During the year the average number of employees was 2 (2019: 2).