Quality Safety Consultants Limited 27/02/2018 iXBRL

Quality Safety Consultants Limited 27/02/2018 iXBRL

QUALITY SAFETY CONSULTANTS LIMITED - Company Information

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Quality Safety Consultants Limited
Unaudited filleted financial statements
27 February 2018
Company registration number: 03972842 (England and Wales)
Quality Safety Consultants Limited
Contents
Statement of financial position
Notes to the financial statements
Quality Safety Consultants Limited
Statement of financial position
27 February 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 6 472,210 123,738
_______ _______
472,210 123,738
Current assets
Debtors 7 755,006 653,770
Cash at bank and in hand 214,450 38,771
_______ _______
969,456 692,541
Creditors: amounts falling due
within one year 8 ( 738,083) ( 522,774)
_______ _______
Net current assets 231,373 169,767
_______ _______
Total assets less current liabilities 703,583 293,505
Creditors: amounts falling due
after more than one year 9 ( 261,922) ( 11,274)
Provisions for liabilities 10 ( 17,304) ( 17,396)
_______ _______
Net assets 424,357 264,835
_______ _______
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 424,257 264,735
_______ _______
Shareholders funds 424,357 264,835
_______ _______
For the year ending 27 February 2018 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2018 , and are signed on behalf of the board by:
S. Moore
Director
Company registration number: 03972842
Quality Safety Consultants Limited
Notes to the financial statements
Year ended 27 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Leopold Villa, 45 Leopold Street, Derby, DE1 2HF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - Over period of the lease
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 in finance costs 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 33 (2017: 15 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2018 2017
£ £
Depreciation of tangible assets 36,866 27,884
_______ _______
6. Tangible assets
Freehold property Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2017 - 24,814 193,450 88,712 306,976
Additions 320,000 - 65,338 - 385,338
_______ _______ _______ _______ _______
At 27 February 2018 320,000 24,814 258,788 88,712 692,314
_______ _______ _______ _______ _______
Depreciation
At 1 March 2017 - - 127,248 55,990 183,238
Charge for the year - - 28,684 8,182 36,866
_______ _______ _______ _______ _______
At 27 February 2018 - - 155,932 64,172 220,104
_______ _______ _______ _______ _______
Carrying amount
At 27 February 2018 320,000 24,814 102,856 24,540 472,210
_______ _______ _______ _______ _______
At 27 February 2017 - 24,814 66,202 32,722 123,738
_______ _______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 522,186 410,892
Other debtors 232,820 242,878
_______ _______
755,006 653,770
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 301,711 73,348
Trade creditors 126,205 89,397
Corporation tax 44,164 18,004
Social security and other taxes 126,591 153,835
Obligations under finance leases 4,103 3,193
Director loan accounts 67,887 -
Other creditors 67,422 173,791
_______ _______
738,083 522,774
_______ _______
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 254,125 -
Other creditors 7,797 11,274
_______ _______
261,922 11,274
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 March 2017 17,396 17,396
Charges against provisions ( 92) ( 92)
_______ _______
At 27 February 2018 17,304 17,304
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018 2017
£ £
Included in provisions (note 10) 17,304 17,396
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances 17,304 17,396
_______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - Land and buildings 9,000 16,500
Later than 1 year and not later than 5 years - Motor vehicles 25,801 53,625
_______ _______
34,801 70,125
_______ _______
13. Controlling party
The ultimate controlling party is S Moore who owns 100% of the company's issued ordinary share capital.