Quipsound Group Limited - Accounts to registrar (filleted) - small 18.2

Quipsound Group Limited - Accounts to registrar (filleted) - small 18.2

QUIPSOUND GROUP LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v20.1.0.635 07193728 Board of Directors 1.9.18 31.8.19 31.8.19 0 0 true false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure071937282018-08-31071937282019-08-31071937282018-09-012019-08-31071937282017-08-31071937282017-09-012018-08-31071937282018-08-3107193728ns15:EnglandWales2018-09-012019-08-3107193728ns14:PoundSterling2018-09-012019-08-3107193728ns10:Director12018-09-012019-08-3107193728ns10:PrivateLimitedCompanyLtd2018-09-012019-08-3107193728ns10:SmallEntities2018-09-012019-08-3107193728ns10:AuditExempt-NoAccountantsReport2018-09-012019-08-3107193728ns10:SmallCompaniesRegimeForAccounts2018-09-012019-08-3107193728ns10:FullAccounts2018-09-012019-08-3107193728ns10:Director22018-09-012019-08-3107193728ns10:Director32018-09-012019-08-3107193728ns10:CompanySecretary12018-09-012019-08-3107193728ns10:RegisteredOffice2018-09-012019-08-3107193728ns5:ShareCapital2019-08-3107193728ns5:ShareCapital2018-08-3107193728ns5:RetainedEarningsAccumulatedLosses2019-08-3107193728ns5:RetainedEarningsAccumulatedLosses2018-08-3107193728ns5:CostValuation2018-08-3107193728ns5:Subsidiary12018-09-012019-08-31071937281ns5:Subsidiary12018-09-012019-08-3107193728ns5:Subsidiary12019-08-3107193728ns5:Subsidiary12018-08-3107193728ns5:Subsidiary12017-09-012018-08-3107193728ns5:Subsidiary22018-09-012019-08-31071937283ns5:Subsidiary22018-09-012019-08-3107193728ns5:Subsidiary22019-08-3107193728ns5:Subsidiary22018-08-3107193728ns5:Subsidiary22017-09-012018-08-3107193728ns5:CurrentFinancialInstruments2019-08-3107193728ns5:CurrentFinancialInstruments2018-08-31
REGISTERED NUMBER: 07193728 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Quipsound Group Limited
Quipsound Group Limited (Registered number: 07193728)






Contents of the Financial Statements
for the year ended 31 August 2019




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Quipsound Group Limited

Company Information
for the year ended 31 August 2019







DIRECTORS: B McGillivray
A E McGillivray
I McGillivray





SECRETARY: A E McGillivray





REGISTERED OFFICE: The Crown Building
London Road
Westerham
Kent
TN16 1UT





REGISTERED NUMBER: 07193728 (England and Wales)





ACCOUNTANTS: ah partnership
Chartered Accountants
Stanley House
49 Dartford Road
Sevenoaks
Kent
TN13 3TE
1
Quipsound Group Limited (Registered number: 07193728)

Statement of Financial Position
31 August 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,070 1,070

CURRENT ASSETS
Debtors 5 461,000 461,000
NET CURRENT ASSETS 461,000 461,000
TOTAL ASSETS LESS CURRENT
LIABILITIES
462,070
462,070

CAPITAL AND RESERVES
Called up share capital 1,070 1,070
Retained earnings 461,000 461,000
SHAREHOLDERS' FUNDS 462,070 462,070

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 and authorised for issue on 11 May 2020 and were
signed on its behalf by:





I McGillivray - Director


The notes form part of these financial statements

2
Quipsound Group Limited (Registered number: 07193728)

Notes to the Financial Statements
for the year ended 31 August 2019

1. STATUTORY INFORMATION

Quipsound Group 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Quipsound Group Limited as an individual company and do
not contain consolidated financial information as the parent of a group. The company is exempt under Section
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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.

3 continued...
Quipsound Group Limited (Registered number: 07193728)

Notes to the Financial Statements - continued
for the year ended 31 August 2019

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2018
and 31 August 2019 1,070
NET BOOK VALUE
At 31 August 2019 1,070
At 31 August 2018 1,070

The company's investments at the Statement of Financial Position date in the share capital of companies include
the following:

Quipsound Limited
Registered office: The Crown Building, London Road, Westerham, Kent TN16 1UT
Nature of business: Worldwide VAT recovery
%
Class of shares: holding
Ordinary 100.00
2019 2018
£    £   
Aggregate capital and reserves 2,211,323 2,065,277
Profit for the year 146,046 342,346

The Quipsound Corporation
Registered office: 2300 N. Field Street, Suite 1000, Dallas, Texas
Nature of business: Worldwide VAT recovery
%
Class of shares: holding
Ordinary 100.00
2019 2018
£    £   
Aggregate capital and reserves 308,110 262,375
Profit for the year 27,129 23,401

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Amounts owed by group undertakings 461,000 461,000

4 continued...
Quipsound Group Limited (Registered number: 07193728)

Notes to the Financial Statements - continued
for the year ended 31 August 2019

6. RELATED PARTY DISCLOSURES

The company received a dividend of £461,000 from The Quipsound Corporation (an American registered
subsidiary) in the year ended 31 August 2018. This amount is held by Quipsound Limited (a subsidiary
company, registered in England & Wales) at the year-end date, on behalf of this company, and forms the debit
balance on the intercompany account for both the current and comparative years.

7. ULTIMATE CONTROLLING PARTY

The controlling party is B McGillivray.

The ultimate controlling party is B McGillivray.

5