MXQ SOLUTIONS LTD SC424846 false true 2015-06-01 2016-05-31 2016-05-31 SC424846 2015-06-01 2016-05-31 SC424846 2016-05-31 SC424846 uk-bus:OrdinaryShareClass1 uk-bus:Non-cumulativeShares 2016-05-31 SC424846 uk-bus:Director1 2015-06-01 2016-05-31 SC424846 uk-bus:OrdinaryShareClass1 uk-bus:Non-cumulativeShares 2015-06-01 2016-05-31 SC424846 uk-bus:EntityAccountantsOrAuditors 2015-06-01 2016-05-31 SC424846 uk-gaap:OfficeEquipment 2015-06-01 2016-05-31 SC424846 2015-05-31 SC424846 2015-05-31 SC424846 uk-bus:OrdinaryShareClass1 uk-bus:Non-cumulativeShares 2015-05-31 iso4217:GBP xbrli:shares

Registration number: SC424846

MXQ SOLUTIONS LTD

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

A M Scott & Co., Chartered Accountants
151 KIRKINTILLOCH ROAD,
BISHOPBRIGGS,
GLASGOW
G64 2LS

 

MXQ SOLUTIONS LTD
(Registration number: SC424846)
Abbreviated Balance Sheet at 31 May 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

581

   

911

 

Current assets

 

             

Debtors

 

   

36,541

   

33,477

 

Cash at bank and in hand

 

   

56,691

   

24,225

 
   

   

93,232

   

57,702

 

Creditors: Amounts falling due within one year

 

   

(36,402)

   

(30,714)

 

Net current assets

 

   

56,830

   

26,988

 

Total assets less current liabilities

 

   

57,411

   

27,899

 

Provisions for liabilities

 

   

(116)

   

(182)

 

Net assets

 

   

57,295

   

27,717

 

Capital and reserves

 

             

Called up share capital

 

3

   

1

   

1

 

Profit and loss account

 

   

57,294

   

27,716

 

Shareholders' funds

 

   

57,295

   

27,717

 

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

 

MXQ SOLUTIONS LTD
(Registration number: SC424846)
Abbreviated Balance Sheet at 31 May 2016
......... continued

For the year ending 31 May 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 director acknowledges his 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 director on 4 November 2016

.........................................
Mr Ian Johnstone
Director

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

 

MXQ SOLUTIONS LTD
Notes to the Abbreviated Accounts for the Year Ended 31 May 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers. Unbilled turnover on client assignments at the year end are included as "services rendered to be invoiced" within debtors.

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

Office equipment

33% p.a. straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

MXQ SOLUTIONS LTD
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 June 2015

 

3,734

   

3,734

 

Additions

 

871

   

871

 

At 31 May 2016

 

4,605

   

4,605

 

Depreciation

           

At 1 June 2015

 

2,823

   

2,823

 

Charge for the year

 

1,201

   

1,201

 

At 31 May 2016

 

4,024

   

4,024

 

Net book value

           

At 31 May 2016

 

581

   

581

 

At 31 May 2015

 

911

   

911

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

1

   

1

   

1

   

1

 
                         

4

Related party transactions

Director's advances and credits

 

2016
Advance/ Credit
£

2016
Repaid
£

2015
Advance/ Credit
£

2015
Repaid
£

Mr Ian Johnstone

Interest free unsecured advance

-

1,384

1,384

1,224

         
         

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