Quantum Electrical and Design Limited - Accounts to registrar (filleted) - small 18.2
Quantum Electrical and Design Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2020 |
| for |
| Quantum Electrical and Design Limited |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Quantum Electrical and Design Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Statement of Financial Position |
| 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Statement of Financial Position - continued |
| 31 March 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on and were signed on its behalf by: |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Quantum Electrical and Design Limited is a |
| England and Wales. The company's registered number and registered office address can be found on |
| the Company Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention and are presented |
| in Pounds Sterling (£) being the functional currency. |
| The financial statements have been prepared on the assumption that the company is able to carry |
| on business as a going concern, which the directors consider appropriate having regard to the |
| company's current and expected performance. |
| Particular consideration has been given to the impact of the Coronavirus on the company's ability to |
| operate for the foreseeable future. In arriving at this assessment of the going concern status of the |
| company the directors have made key judgements about the ability of the company to agree |
| deferred payment terms on HMRC debts and the returning level of demand for the services provided |
| by the company. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
| 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
| related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in |
| non-convertible preference and non-puttable ordinary shares which are measured at fair value, with |
| changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost |
| and thereafter at fair value with changes recognised in profit or loss. |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
| Income and Retained Earnings, 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant |
| period. The capital element of the future payments is treated as a liability. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 April 2019 |
| Transfer to ownership | (16,190 | ) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Transfer to ownership | (16,157 | ) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts | 18,927 | 27,971 |
| Hire purchase contracts are secured against the asset to which they relate. |
| 10. | POST BALANCE SHEET EVENTS |
| In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the |
| spread of the virus the Government has imposed significant restrictions on the movement of people |
| and the ability of businesses to continue to trade. This event occurred during the company's |
| reporting period and so is considered to be an adjusting event, however there has been no |
| significant impact on the results to March 2020. |
| The Coronavirus has resulted in a severe contraction of the UK economy and the imposition of social |
| distancing rules has meant that demand for the company's services has been slightly impacted. |
| The directors are not able to make a reliable estimate of the financial impact of the Coronavirus |
| outbreak in the reporting period to 31 March 2021, although there are no concerns about the future |
| viability of the company, for the reasons stated in the directors report. |
| Quantum Electrical and Design Limited (Registered number: 05079754) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 11. | PENSION COMMITMENTS |
| The company operates a defined contribution 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 £4,809 (2019 |
| - £2,402). There were no contributions payable to the fund at the balance sheet date. |