QC Engineering Solutions Ltd - Period Ending 2018-10-31

QC Engineering Solutions Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2018

Registration number: 10605661

QC Engineering Solutions Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

QC Engineering Solutions Ltd

Balance Sheet

31 October 2018

	Note	2018 £	2017 £
Current assets
Debtors	4	19,183	-
Cash at bank and in hand		2,001	1
		21,184	1
Creditors: Amounts falling due within one year	5	(9,578)	-
Net assets		11,606	1
Capital and reserves
Called up share capital		1	1
Profit and loss account		11,605	-
Total equity		11,606	1

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

QC Engineering Solutions Ltd

Balance Sheet

31 October 2018

For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 June 2019 and signed on its behalf by:
 

......................................... Mr H Drake Director

......................................... Mr T Russell Director

......................................... Mr S Russell Director

Company Registration Number: 10605661

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

QC Engineering Solutions Ltd

Notes to the Financial Statements

Year Ended 31 October 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA
United Kingdom

The principal place of business is:
Unit 19
Wolseley Close
Plymouth
Devon
PL2 3BY
United Kingdom

These financial statements were authorised for issue by the Board on 7 June 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

QC Engineering Solutions Ltd

Notes to the Financial Statements

Year Ended 31 October 2018

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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QC Engineering Solutions Ltd

Notes to the Financial Statements

Year Ended 31 October 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

4

Debtors

	Note	31 October 2018  £
Amounts due from group undertakings		15,983
Other debtors		3,200
		19,183

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QC Engineering Solutions Ltd

Notes to the Financial Statements

Year Ended 31 October 2018

5

Creditors

Creditors: amounts falling due within one year

	31 October 2018  £
Due within one year
Corporation tax	4,228
Social security and other taxes	4,600
Accrued expenses	750
	9,578

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary A shares of £0.01 (2017 - £0) each	25	0.13	-	-
Ordinary B shares of £0.01 (2017 - £0) each	75	0.38	-	-
Ordinary of £0 (2017 - £0.01) each	-	-	100	0.50
	100	1	100	1

7	Parent and ultimate parent undertaking

The company's immediate parent is QC Engineering Group Limited, incorporated in United Kingdom.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ

 

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