Quality Safety Consultants Limited 27/02/2019 iXBRL

Quality Safety Consultants Limited 27/02/2019 iXBRL

QUALITY SAFETY CONSULTANTS LIMITED - Company Information

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Quality Safety Consultants Limited
Unaudited filleted financial statements
27 February 2019
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 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 420,881 472,210
_______ _______
420,881 472,210
Current assets
Debtors 7 763,652 755,006
Cash at bank and in hand 59,301 214,450
_______ _______
822,953 969,456
Creditors: amounts falling due
within one year 8 ( 812,393) ( 859,583)
_______ _______
Net current assets 10,560 109,873
_______ _______
Total assets less current liabilities 431,441 582,083
Creditors: amounts falling due
after more than one year 9 ( 243,045) ( 261,922)
Provisions for liabilities 10 ( 18,089) ( 17,304)
_______ _______
Net assets 170,307 302,857
_______ _______
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 170,207 302,757
_______ _______
Shareholders funds 170,307 302,857
_______ _______
For the year ending 27 February 2019 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 14 June 2019 , 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 2019
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 18 (2018: 33 ).
5. Loss/profit before taxation
Loss/profit before taxation is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 36,570 36,866
_______ _______
6. Tangible assets
Freehold property Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 28 February 2018 320,000 24,814 258,788 88,712 692,314
Additions - - 7,590 2,465 10,055
Disposals - ( 24,814) - - ( 24,814)
_______ _______ _______ _______ _______
At 27 February 2019 320,000 - 266,378 91,177 677,555
_______ _______ _______ _______ _______
Depreciation
At 28 February 2018 - - 155,932 64,172 220,104
Charge for the year - - 29,820 6,750 36,570
_______ _______ _______ _______ _______
At 27 February 2019 - - 185,752 70,922 256,674
_______ _______ _______ _______ _______
Carrying amount
At 27 February 2019 320,000 - 80,626 20,255 420,881
_______ _______ _______ _______ _______
At 27 February 2018 320,000 24,814 102,856 24,540 472,210
_______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 564,961 522,186
Other debtors 198,691 232,820
_______ _______
763,652 755,006
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 292,987 301,711
Trade creditors 53,178 126,205
Accruals and deferred income - 12,632
Corporation tax 8,020 15,664
Social security and other taxes 123,944 126,591
Obligations under finance leases 3,761 4,103
Director loan accounts 83,790 67,887
Other creditors 246,713 204,790
_______ _______
812,393 859,583
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 239,009 254,125
Obligations under finance leases 4,036 7,797
_______ _______
243,045 261,922
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 28 February 2018 17,304 17,304
Charges against provisions 785 785
_______ _______
At 27 February 2019 18,089 18,089
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 2018
£ £
Included in provisions (note 10) 18,089 17,304
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances 18,089 17,304
_______ _______
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
Later than 1 year and not later than 5 years - Motor vehicles 22,756 25,801
_______ _______
22,756 34,801
_______ _______
13. Controlling party
The ultimate controlling party is S Moore who owns 100% of the company's issued ordinary share capital.