Quasar Business Solutions Limited Filleted accounts for Companies House (small and micro)

QUASAR BUSINESS SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06661365

Quasar Business Solutions Limited

Filleted Unaudited Financial Statements

31 July 2019

Quasar Business Solutions Limited

Officers and Professional Advisers

Director	Mrs J Evans

Company Secretary	A Lane

Registered Office	Unit 9, Aston Science Park
	Holt Court South
	Gennens Road
	Birmingham
	B7 4EJ

Accountants	Downham Mayer Clarke Limited
	Chartered Accountants
	41 Greek Street
	Stockport
	Cheshire
	SK3 8AX

Quasar Business Solutions Limited

Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed Assets

Tangible assets	5		7,122	8,379

Current Assets

Debtors	6	139,849	118,782
Cash at bank and in hand		18,392	16,951
		---------	---------
		158,241	135,733

Creditors: amounts falling due within one year	7	162,012		139,209
		---------		---------
Net Current Liabilities			3,771	3,476
			-------	-------
Total Assets Less Current Liabilities			3,351	4,903
			-------	-------
Net Assets			3,351	4,903
			-------	-------

Capital and Reserves

Called up share capital	1	1
Profit and loss account	3,350	4,902
	-------	-------
Shareholders Funds	3,351	4,903
	-------	-------

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 .

Quasar Business Solutions Limited

Statement of Financial Position (continued)

31 July 2019

These financial statements were approved by the board of directors and authorised for issue on 28 April 2020 , and are signed on behalf of the board by:

Mrs J Evans
Director

Company registration number: 06661365

Quasar Business Solutions 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 Unit 9, Aston Science Park, Holt Court South, Gennens Road, Birmingham, B7 4EJ.

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 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.

Revenue Recognition

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.

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:

	Plant and machinery	-	15% 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.

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 as a finance cost 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 8 (2018: 8 ).

5. Tangible Assets

	Plant and machinery	Total
	£	£
Cost
At 1 August 2018 and 31 July 2019	26,072	26,072
	--------	--------
Depreciation
At 1 August 2018	17,693	17,693
Charge for the year	1,257	1,257
	--------	--------
At 31 July 2019	18,950	18,950
	--------	--------
Carrying amount
At 31 July 2019	7,122	7,122
	--------	--------
At 31 July 2018	8,379	8,379
	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	20,340	( 13,226)
Amounts owed by group undertakings and undertakings in which the company has a participating interest	107,647	120,322
Other debtors	11,862	11,686
	---------	---------
	139,849	118,782
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	79,602	45,037
Social security and other taxes	2,846	5,581
Other creditors	79,564	88,591
	---------	---------
	162,012	139,209
	---------	---------

8. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs J Evans	5,911	–	( 1,769)	4,142
	-------	----	-------	-------

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs J Evans	–	5,911	–	5,911
	----	-------	----	-------

9. Related Party Transactions

The company was under the control of Mrs J Evans by virtue of her controlling interest. The company received management services of £15,000 (2018 £45,000) from Utility Hive Limited and received management services of £31,000 (2018 - £6,000) from Business Data and Mobile Solutions Limited. At the balance sheet date the company was owed £119,016 (2018 - £112,129) from Utility Hive Limited, £4,730 (2018 - £275) From Clearwater Communications UK Limited, £2,000 (2018 - £2,000) from Xpress and £9 (2018 - £9) from S Evans. The company was also owed £0 (2018 -£5,918) from Business Data and Mobile Solutions Limited. The company owed £18,099 (2018 - £0) to Business Data and Mobile Solutions Limited. These companies are either controlled by close family members or have common directors and shareholders.