Q4 (Scotland) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC357095 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Q4 (SCOTLAND) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

J Gargan

REGISTERED OFFICE:

Unit A, 98/5 Eastfield Drive

Penicuik

Midlothian

EH26 8DN

REGISTERED NUMBER:

SC357095 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

4

15,398

18,568

CURRENT ASSETS

Debtors

5

7,450

7,190

Cash at bank

69

89

7,519

7,279

CREDITORS

Amounts falling due within one year

6

216,483

214,813

NET CURRENT LIABILITIES

(208,964

)

(207,534

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(193,566

)

(188,966

)

CAPITAL AND RESERVES

Called up share capital

7

600

600

Retained earnings

(194,166

)

(189,566

)

SHAREHOLDERS' FUNDS

(193,566

)

(188,966

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Statement has not been delivered.

The financial statements were approved by the director on 13 December 2019 and were signed by:

J Gargan - Director

1.	STATUTORY INFORMATION

Q4 (Scotland) Ltd is a private company, limited by shares , registered in Scotland. The company's registered

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

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis on the understanding that the creditors

voluntary arrangement continues to be successfully administered and all required payments are made.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS102 requires the use of certain critical

accounting estimates. It also requires management to exercise judgement in applying the company's accounting

policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting

estimates or judgements used in the preparation of these financial statements.

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

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition

necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

Plant and Machinery - 20% reducing balance

Fixtures & Fittings - 15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. if such indication

exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and

its value in use.

Any impairment loss is recognised immediately as an expense within profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss 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.

Company voluntary arrangement (cva)

The company entered a CVA under Part 1 of the Insolvency Act 1986 in May 2012. The CVA was initally set up

for a duration of 60 months and was expected to end in May 2017. As the company defaulted on the payment

plan, the CVA has been extended until the agreed contributions can be met and there is no fixed date for when

the CVA will end. Accordingly, the CVA creditors are reduced each year by payments made by the company

under the arrangement. At the end of the arrangement, once all payments have been made and the company is

then released from these debts, any remaining CVA creditor balance will be written off to the company profit and

loss account.

Basic financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and

other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to

initial recognition they are measured at amortised cost using the effective interest method, less any impairment

losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment

is deferred beyond normal business terms, then it is measured at the present value of future payments discounted

at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within

profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference

between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's

original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

the asset's carrying amount and the best estimate of the amount that the company would receive for the asset if it

were to be sold at the balance sheet date.

Provisions

A provision is recognised when a company has a legal or constructive obligation as a result of a past event and it

is probable that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

22,725

39,915

62,640

DEPRECIATION

At 1 April 2018

15,034

29,038

44,072

Charge for year

1,538

1,632

3,170

At 31 March 2019

16,572

30,670

47,242

NET BOOK VALUE

At 31 March 2019

6,153

9,245

15,398

At 31 March 2018

7,691

10,877

18,568

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

S455 tax

1,320

1,320

Directors' current accounts

5,349

5,349

VAT

781

521

7,450

7,190

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Q4 Laundry Limited

34,371

30,832

Trade creditors

1

-

CVA creditors

180,681

182,681

Accrued expenses

1,430

1,300

216,483

214,813

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

600

Ordinary

£1

600

600

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

J Gargan

Balance outstanding at start of year

5,350

5,350

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,350

5,350

Interest is charged at 3% on the loan balance when it exceeds £10,000. There is no fixed date of repayment for

this loan.

9.	ULTIMATE CONTROLLING PARTY

John Gargan is the sole director of the company and he and his wife, Elaine Gargan, together own 50% of the

issued share capital of the company. Together they are the largest single shareholder group and have

management control of the company and are therefore considered to be the ultimate controlling parties.

The following reproduces the text of the report prepared for the director 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 Director 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 Q4 (Scotland) Ltd for the year ended 31 March 2019 which comprise the Profit and Loss

Statement, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Q4 (Scotland) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Q4 (Scotland) Ltd and state those matters that we have agreed to state to the director of Q4 (Scotland) Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Q4 (Scotland) Ltd 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 loss of Q4 (Scotland) Ltd. You consider that Q4 (Scotland) Ltd 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 Q4 (Scotland) Ltd. 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.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

13 December 2019