Quortus Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04276565 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

QUORTUS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A J Odgers

M A Bole

REGISTERED OFFICE:

Building A

Riverside Way

Camberley

GU15 3YL

REGISTERED NUMBER:

04276565 (England and Wales)

ACCOUNTANTS:

BDA Associates Limited

Chartered Accountants

Annecy Court

Ferry Works

Summer Road

Thames Ditton

Surrey

KT7 0QJ

FIXED ASSETS

Intangible assets

4

968,851

670,774

Tangible assets

5

197,633

26,460

1,166,484

697,234

CURRENT ASSETS

Stocks

44,355

200,000

Debtors

6

1,529,964

1,383,694

Cash at bank and in hand

316,727

523,056

1,891,046

2,106,750

CREDITORS

Amounts falling due within one year

7

1,454,632

910,462

NET CURRENT ASSETS

436,414

1,196,288

TOTAL ASSETS LESS CURRENT LIABILITIES

1,602,898

1,893,522

CREDITORS

Amounts falling due after more than one year

8

400,000

-

NET ASSETS

1,202,898

1,893,522

CAPITAL AND RESERVES

Called up share capital

11

1

1

Share premium

1,000,090

1,000,090

Retained earnings

202,807

893,431

SHAREHOLDERS' FUNDS

1,202,898

1,893,522

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 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 13 January 2020 and were signed on its behalf by:

M A Bole - Director

1.	STATUTORY INFORMATION

Quortus 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Improvements to property

-

equal instalments over period of lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks 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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2018 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2018

838,467

Additions

350,000

At 31 March 2019

1,188,467

AMORTISATION

At 1 April 2018

167,693

Charge for year

51,923

At 31 March 2019

219,616

NET BOOK VALUE

At 31 March 2019

968,851

At 31 March 2018

670,774

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2018

-

96,280

14,024

110,304

Additions

-

-

4,659

4,659

Reclassification/transfer

187,743

126,847

-

314,590

At 31 March 2019

187,743

223,127

18,683

429,553

DEPRECIATION

At 1 April 2018

-

74,442

9,402

83,844

Charge for year

18,774

47,205

5,055

71,034

Reclassification/transfer

32,646

44,396

-

77,042

At 31 March 2019

51,420

166,043

14,457

231,920

NET BOOK VALUE

At 31 March 2019

136,323

57,084

4,226

197,633

At 31 March 2018

-

21,838

4,622

26,460

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

as restated

£

£

Trade debtors

1,378,611

1,326,463

Other debtors

151,353

57,231

1,529,964

1,383,694

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

as restated

£

£

Hire purchase contracts (see note 9)

26,912

-

Trade creditors

578,610

147,579

Taxation and social security

54,018

60,372

Other creditors

795,092

702,511

1,454,632

910,462

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

as restated

£

£

Other creditors

400,000

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.19

31.3.18

as restated

£

£

Net obligations repayable:

Within one year

26,912

-

Non-cancellable

operating leases

31.3.19

31.3.18

as restated

£

£

Within one year

139,120

112,344

Between one and five years

173,900

442,754

313,020

555,098

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

as restated

£

£

Loan

400,000

-

Included within other creditors is a loan of £400,000 which is secured against the company's trade debtors. This

loan is repayable on demand and interest is charged at a rate of 8.95%.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

as restated

£

£

1,213,000

Ordinary

£1.21

1

1