QUANTOXPATH_LTD - Accounts

QUANTOXPATH LTD - Company Information

Print Friendly Version

Company Registration No. 02873976 (England and Wales)

QUANTOXPATH LTD

ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2014

QUANTOXPATH LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

QUANTOXPATH LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

1,340

1,576

Current assets

Debtors

1,385

Cash at bank and in hand

4,312

8,084

5,697

9,469

Creditors: amounts falling due within one year

(1,058)

(724)

Net current assets

4,639

8,745

Total assets less current liabilities

5,979

10,321

Capital and reserves

Called up share capital

Profit and loss account

5,977

10,319

Shareholders' funds

5,979

10,321

For the financial year ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 February 2015

Dr C V Howard

Director

Company Registration No. 02873976

QUANTOXPATH LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Equipment

15% reducing balance

1.5

Deferred taxation

Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.

Fixed assets

Tangible assets

Cost

At 1 June 2013 & at 31 May 2014

2,985

Depreciation

At 1 June 2013

1,409

Charge for the year

236

At 31 May 2014

1,645

Net book value

At 31 May 2014

1,340

At 31 May 2013

1,576

QUANTOXPATH LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 3 -

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary Shares of £1 each