Quassia (Electronics) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01298871 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2018

for

Quassia (Electronics) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTORS:

R T J Kitchen

L D Sykes

SECRETARY:

R T J Kitchen

REGISTERED OFFICE:

Quassia House

Bearwalden Industrial Estate

Wendens Ambo

Saffron Walden

Essex

CB11 4JX

REGISTERED NUMBER:

01298871 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

FIXED ASSETS

Tangible assets

4

-

627

CURRENT ASSETS

Stocks

761

2,552

Debtors

5

39,383

31,735

Cash in hand

82

82

40,226

34,369

CREDITORS

Amounts falling due within one year

6

45,849

54,425

NET CURRENT LIABILITIES

(5,623

)

(20,056

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,623

)

(19,429

)

CAPITAL AND RESERVES

Called up share capital

9

20,086

20,086

Retained earnings

(25,709

)

(39,515

)

SHAREHOLDERS' FUNDS

(5,623

)

(19,429

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 31 May 2019 and were signed on its behalf by:

R T J Kitchen - Director

1.	STATUTORY INFORMATION

Quassia (Electronics) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In carrying out their duties in respect of going concern the directors have carried out a review of the company's

financial position and cash flow forecast for a period of 12 months from the date of signing these financial

statements. These have been based on a comprehensive review of revenue, expenditure and cash flows taking

into account specific business risks and uncertainties brought about by the current economic environment. The

company is supported by its directors who provide funds as needed to enable the company to meets its

day-to-day working capital requirements.

Having taken all the above factors into consideration the directors have reached a conclusion that the company

is able to manage its business risks and have therefore continued to adopt the going concern basis of accounting

in preparing these financial statements.therefore believe that it is appropriate for the financial statement to be

prepared on the going concern basis.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from the manufacture of printed circuit boards is only recognised when the outcome of a transaction can

be estimated reliably and is then recognised according to the stage of completion of the transaction at the end of

the reporting period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stock

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making

due allowance for obsolete and slow moving items.

The cost of inventories includes all costs of purchase, costs of conversion and other costs incurred in bringing the

inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant

risk of change in value.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measure at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 September 2017

and 31 August 2018

142,217

2,104

144,321

DEPRECIATION

At 1 September 2017

141,733

1,961

143,694

Charge for year

484

143

627

At 31 August 2018

142,217

2,104

144,321

NET BOOK VALUE

At 31 August 2018

-

-

-

At 31 August 2017

484

143

627

5.

DEBTORS

31.8.18

31.8.17

£

£

Amounts falling due within one year:

Trade debtors

8,847

5,376

Other debtors

24,018

18,996

32,865

24,372

Amounts falling due after more than one year:

Other debtors

6,518

7,363

Aggregate amounts

39,383

31,735

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

9,472

9,413

Trade creditors

24,781

24,288

Taxation and social security

9,857

1,075

Other creditors

1,739

19,649

45,849

54,425

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Bank overdrafts

9,472

9,413

8.	DEFERRED TAX

£

Balance at 1 September 2017

(7,363

)

Charge to Income Statement during year

845

Balance at 31 August 2018

(6,518

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

20,086

Ordinary

£1

20,086

20,086

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2018 and

31 August 2017:

31.8.18

31.8.17

£

£

L D Sykes

Balance outstanding at start of year

18,490

10,489

Amounts advanced

28,028

18,490

Amounts repaid

(22,500

)

(10,489

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,018

18,490

The loan to a director is interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is R T J Kitchen.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Quassia (Electronics) Limited for the year ended 31 August 2018 which comprise the Statement

of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Quassia (Electronics) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quassia (Electronics) Limited and state those matters that we have agreed to state to the Board of Directors of Quassia (Electronics) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quassia (Electronics) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Quassia (Electronics) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quassia (Electronics) Limited. You consider that Quassia (Electronics) Limited 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 financial statements of Quassia (Electronics) Limited. 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 financial statements.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

31 May 2019