ACCOUNTS - Final Accounts

Caseware UK (AP4) 2018.0.196 2018.0.196 2020-01-312020-01-31No description of principal activityfalse2019-02-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue SC277991 2019-02-01 2020-01-31 SC277991 2018-02-01 2019-01-31 SC277991 2020-01-31 SC277991 2019-01-31 SC277991 c:PriorPeriodIncreaseDecrease 2019-02-01 2020-01-31 SC277991 d:CompanySecretary1 2019-02-01 2020-01-31 SC277991 d:Director1 2019-02-01 2020-01-31 SC277991 d:Director2 2019-02-01 2020-01-31 SC277991 d:RegisteredOffice 2019-02-01 2020-01-31 SC277991 d:Agent1 2019-02-01 2020-01-31 SC277991 c:Buildings 2019-02-01 2020-01-31 SC277991 c:Buildings 2019-01-31 SC277991 c:Buildings c:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 SC277991 c:PlantMachinery 2019-02-01 2020-01-31 SC277991 c:PlantMachinery 2019-01-31 SC277991 c:PlantMachinery c:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 SC277991 c:MotorVehicles 2019-02-01 2020-01-31 SC277991 c:MotorVehicles 2019-01-31 SC277991 c:MotorVehicles c:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 SC277991 c:FurnitureFittings 2019-02-01 2020-01-31 SC277991 c:FurnitureFittings 2019-01-31 SC277991 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 SC277991 c:OfficeEquipment 2019-02-01 2020-01-31 SC277991 c:OfficeEquipment 2019-01-31 SC277991 c:OfficeEquipment c:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 SC277991 c:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 SC277991 c:CurrentFinancialInstruments 2020-01-31 SC277991 c:CurrentFinancialInstruments 2019-01-31 SC277991 c:Non-currentFinancialInstruments 2020-01-31 SC277991 c:Non-currentFinancialInstruments 2019-01-31 SC277991 c:CurrentFinancialInstruments c:WithinOneYear 2020-01-31 SC277991 c:CurrentFinancialInstruments c:WithinOneYear 2019-01-31 SC277991 c:Non-currentFinancialInstruments c:AfterOneYear 2020-01-31 SC277991 c:Non-currentFinancialInstruments c:AfterOneYear 2019-01-31 SC277991 c:ShareCapital 2020-01-31 SC277991 c:ShareCapital 2019-01-31 SC277991 c:RetainedEarningsAccumulatedLosses 2020-01-31 SC277991 c:RetainedEarningsAccumulatedLosses 2019-01-31 SC277991 d:OrdinaryShareClass1 2019-02-01 2020-01-31 SC277991 d:OrdinaryShareClass1 2020-01-31 SC277991 d:OrdinaryShareClass1 2019-01-31 SC277991 d:FRS102 2019-02-01 2020-01-31 SC277991 d:AuditExemptWithAccountantsReport 2019-02-01 2020-01-31 SC277991 d:FullAccounts 2019-02-01 2020-01-31 SC277991 d:PrivateLimitedCompanyLtd 2019-02-01 2020-01-31 SC277991 c:Buildings c:PriorPeriodIncreaseDecrease 2019-02-01 2020-01-31 SC277991 c:PlantMachinery c:PriorPeriodIncreaseDecrease 2019-02-01 2020-01-31 SC277991 c:MotorVehicles c:PriorPeriodIncreaseDecrease 2019-02-01 2020-01-31 SC277991 c:FurnitureFittings c:PriorPeriodIncreaseDecrease 2019-02-01 2020-01-31 SC277991 c:OfficeEquipment c:PriorPeriodIncreaseDecrease 2019-02-01 2020-01-31 SC277991 c:AcceleratedTaxDepreciationDeferredTax 2020-01-31 SC277991 c:AcceleratedTaxDepreciationDeferredTax 2019-01-31 SC277991 2 2019-02-01 2020-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC277991

Q-MASS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2020

Q-MASS LIMITED

COMPANY INFORMATION

Directors	Ronald Robertson
	John Harvey


Company secretary	Ronald Robertson


Registered number	SC277991


Registered office	1A Langlands Drive
	Kelvin South Business Park
	East Kilbride
	G75 0YH


Trading Address	1A Langlands Drive
	Kelvin South Business Park
	East Kilbride
	G75 0YH



Accountants	Findlays
	Chartered Accountants
	11 Dudhope Terrace
	Dundee
	DD3 6TS


Bankers	Royal Bank of Scotland
	82 Murray Place
	Stirling
	FK8 2DR

Q-MASS LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Financial Statements	4 - 12

Q-MASS LIMITED

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF Q-MASS LIMITED
FOR THE YEAR ENDED 31 JANUARY 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Q-Mass Limited for the year ended 31 January 2020 which comprise the 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 the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.

This report is made solely to the Board of Directors of Q-Mass Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Q-Mass Limited and state those matters that we have agreed to state to the Board of Directors of Q-Mass Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Q-Mass Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Q-Mass Limited 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 profit of Q-Mass Limited. You consider that Q-Mass Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Q-Mass Limited. 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.

Findlays

Chartered Accountants

11 Dudhope Terrace

Dundee

DD3 6TS

24 March 2020

Page 1

Q-MASS LIMITED

REGISTERED NUMBER: SC277991

BALANCE SHEET

AS AT 31 JANUARY 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		4,916,640		5,158,760
			4,916,640		5,158,760
Current assets
Stocks		50,000		50,000
Debtors: amounts falling due within one year	5	1,876,591		1,643,196
Cash at bank and in hand	6	662,836		290,029
		2,589,427		1,983,225
Creditors: amounts falling due within one year	7	(1,113,611)		(1,296,505)
Net current assets			1,475,816		686,720
Total assets less current liabilities			6,392,456		5,845,480
Creditors: amounts falling due after more than one year	8		(1,786,522)		(1,942,203)
Provisions for liabilities
Deferred tax	9	(115,096)		(125,910)
			(115,096)		(125,910)
Net assets			4,490,838		3,777,367

Capital and reserves
Called up share capital	10	50,000	50,000
Profit and loss account		4,440,838	3,727,367
		4,490,838	3,777,367

Page 2

Q-MASS LIMITED

REGISTERED NUMBER: SC277991

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2020.

Ronald Robertson

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

1.	General information

Q-Mass Limited is a private company limited by shares, incorporated in Scotland within the United Kingdom (company number SC277991). The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

2.Accounting policies (continued)

2.3

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	Straight line over 50 years
Plant and machinery	-	Straight line over 15 years
Motor vehicles	-	20% straight line
Fixtures and fittings	-	15% straight line
Office equipment	-	15% straight line

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Page 6

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

2.Accounting policies (continued)

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 7

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

2.Accounting policies (continued)

2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees


	The average monthly number of employees, including directors, during the year was 45 (2019 - 38).

Page 8


		Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

	4.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 February 2019	3,756,972	6,693,575	-	80,484	31,745	10,562,776
Additions	27,380	46,251	8,250	4,033	6,527	92,441
At 31 January 2020	3,784,352	6,739,826	8,250	84,517	38,272	10,655,217
Depreciation
At 1 February 2019	207,387	5,099,818	-	65,638	31,173	5,404,016
Charge for the year on owned assets	64,948	260,435	1,650	6,329	1,199	334,561
At 31 January 2020	272,335	5,360,253	1,650	71,967	32,372	5,738,577
Net book value
At 31 January 2020	3,512,017	1,379,573	6,600	12,550	5,900	4,916,640
At 31 January 2019	3,549,585	1,593,757	-	14,846	572	5,158,760

Page 9

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

Debtors

					2020	2019
					£	£


Trade debtors	1,076,347	1,040,133
Other debtors	-	781
Prepayments and accrued income	800,244	602,282
	1,876,591	1,643,196

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	662,836	290,029
	662,836	290,029

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank loans	38,255	36,633
Trade creditors	373,987	778,954
Corporation tax	222,153	-
Other taxation and social security	293,149	302,679
Obligations under finance lease and hire purchase contracts	110,072	117,833
Other creditors	35,502	41,368
Accruals and deferred income	40,493	19,038
	1,113,611	1,296,505

The company has granted secuirty of £1,589,367 (2019 - £1,626,000) of these debts. The security is in the form of a bond and floating charge over all the assets of the company and standard securities on property.
.

Page 10

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

8.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Bank loans	1,551,112	1,589,367
Net obligations under finance leases and hire purchase contracts	235,410	352,836
	1,786,522	1,942,203

The following liabilities were secured:
	2020	2019
	£	£


Bank loans	1,589,367	1,589,367
	1,589,367	1,589,367

Details of security provided:

The security is in the form of a bond and floating charge over all the assets of the company and standard securities on property.

Page 11

Q-MASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

9.	Deferred taxation

		2020
		£

	At beginning of year	(125,910)
	Charged to the profit or loss	10,814
	At end of year	(115,096)

The provision for deferred taxation is made up as follows:
	2020	2019
	£	£

	Accelerated capital allowances	(115,096)	(125,910)
		(115,096)	(125,910)

10.	Share capital
		2020	2019
		£	£

Authorised, allotted, called up and fully paid

50,000 (2019 - 50,000) Ordinary shares of £1 each	50,000	50,000

11.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £55,470 (2019 - £50,388). Contributions totalling £10,117 (2019 - £16,439) were payable to the fund at the balance sheet date.

Page 12