Company Registration No. SC340824 (Scotland)
QUVENT LIMITED
Unaudited accounts
for the year ended 31 March 2020
QUVENT LIMITED
Unaudited accounts
Contents
QUVENT LIMITED
Company Information
for the year ended 31 March 2020
Directors
Usman Qureshi
Shafea Qureshi
Company Number
SC340824 (Scotland)
Registered Office
31 THORN ROAD
BEARSDEN
GLASGOW
G61 4BS
SCOTLAND
Accountants
Callan Accountancy
21 - 23 Woodside Place
Glasgow
G3 7QF
QUVENT LIMITED
Statement of financial position
as at 31 March 2020
Tangible assets
12,971
20,898
Cash at bank and in hand
175,533
179,759
Creditors: amounts falling due within one year
(414,020)
(249,697)
Net current assets
538,069
225,100
Total assets less current liabilities
551,040
245,998
Creditors: amounts falling due after more than one year
(221,036)
(72,833)
Provisions for liabilities
Deferred tax
(2,465)
(3,553)
Net assets
327,539
169,612
Called up share capital
20
20
Profit and loss account
327,519
169,592
Shareholders' funds
327,539
169,612
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2021 and were signed on its behalf by
Usman Qureshi
Director
Company Registration No. SC340824
QUVENT LIMITED
Notes to the Accounts
for the year ended 31 March 2020
QUVENT LIMITED is a private company, limited by shares, registered in Scotland, registration number SC340824. The registered office is 31 THORN ROAD, BEARSDEN, GLASGOW, G61 4BS, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% SL, 15%RB
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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.
QUVENT LIMITED
Notes to the Accounts
for the year ended 31 March 2020
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2019
11,424
43,992
55,416
Disposals
(11,424)
(17,548)
(28,972)
At 31 March 2020
-
38,113
38,113
At 1 April 2019
-
34,518
34,518
Charge for the year
-
8,192
8,192
On disposals
-
(17,568)
(17,568)
At 31 March 2020
-
25,142
25,142
At 31 March 2020
-
12,971
12,971
At 31 March 2019
11,424
9,474
20,898
Accrued income and prepayments
2,323
-
Other debtors
774,233
295,038
Total debtors less than one year
776,556
295,038
Total debtors
776,556
295,038
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
35,891
19,000
Other creditors
293,541
216,157
Loans from directors
78,220
664
7
Creditors: amounts falling due after more than one year
2020
2019
QUVENT LIMITED
Notes to the Accounts
for the year ended 31 March 2020
8
Transactions with related parties
During the year to 31 March, the director has provided company with interest free loan of £78.220 (2019, £664). There is no fixed terms of repayment.
Transactions with related parties:
During the year to 31 March 2020 the company owed to related parties £293,541 (2019, £212,162). There is no fixed terms of repayment.
During the year to 31 March 2020, the company was owed by related parties £769,508 (2019, £291,562). There is no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 1 (2019: 2).
