Q-Box Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 05592292

Q-Box Limited

Filleted Unaudited Financial Statements

31 July 2019

Q-Box Limited

Financial Statements

Year ended 31 July 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Q-Box Limited

Statement of Financial Position

31 July 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	5,959	4,181

Current assets

Debtors	6	167,408	161,809
Cash at bank and in hand		33,555	28,947
		---------	---------
		200,963	190,756

Creditors: amounts falling due within one year	7	22,222	10,513
		---------	---------
Net current assets		178,741	180,243
		---------	---------
Total assets less current liabilities		184,700	184,424

Provisions

Taxation including deferred tax	936	555
	---------	---------
Net assets	183,764	183,869
	---------	---------

Capital and reserves

Called up share capital	200	200
Profit and loss account	183,564	183,669
	---------	---------
Shareholders funds	183,764	183,869
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 July 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Q-Box Limited

Statement of Financial Position (continued)

31 July 2019

These financial statements were approved by the board of directors and authorised for issue on 26 March 2020 , and are signed on behalf of the board by:

A. Poonie
Director

Company registration number: 05592292

Q-Box Limited

Notes to the Financial Statements

Year ended 31 July 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 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer 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.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax. Deferred tax assets are not recognised. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 August 2018	17,781	17,781
Additions	3,493	3,493
	---------	---------
At 31 July 2019	21,274	21,274
	---------	---------
Depreciation
At 1 August 2018	13,600	13,600
Charge for the year	1,715	1,715
	---------	---------
At 31 July 2019	15,315	15,315
	---------	---------
Carrying amount
At 31 July 2019	5,959	5,959
	---------	---------
At 31 July 2018	4,181	4,181
	---------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	10,275	13,300
Other debtors	157,133	148,509
	---------	---------
	167,408	161,809
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	3,641	1,574
Corporation tax	8,251	4,457
Social security and other taxes	7,498	1,790
Other creditors	2,832	2,692
	---------	---------
	22,222	10,513
	---------	---------

8. Director's advances, credits and guarantees

During the year there were no advances, credits or guarantees to the director. Amounts due from the director at the year end amounted to £35,449 (2018: £26,979).

9. Related party transactions

The company was under the control of the director throughout the current and previous year.