Quantum Seating Limited Filleted accounts for Companies House (small and micro)

QUANTUM SEATING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09053058

Quantum Seating Limited

Filleted Unaudited Financial Statements

31 January 2021

Quantum Seating Limited

Statement of Financial Position

31 January 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		108,494	108,514

Current assets

Stocks		82,957	85,648
Debtors	5	114,905	137,658
Cash at bank and in hand		44,079	32,136
		--------	--------
		241,941	255,442

Prepayments and accrued income	507		1,050

Creditors: amounts falling due within one year	6	164,925		218,563
		--------		--------
Net current assets			77,523	37,929
			--------	--------
Total assets less current liabilities			186,017	146,443

Provisions

Taxation including deferred tax	20,614	20,618
	--------	--------
Net assets	165,403	125,825
	--------	--------

Capital and reserves

Called up share capital	85	85
Capital redemption reserve	15	15
Profit and loss account	165,303	125,725
	--------	--------
Shareholders funds	165,403	125,825
	--------	--------

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 Section 1A of 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 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

Quantum Seating Limited

Statement of Financial Position (continued)

31 January 2021

These financial statements were approved by the board of directors and authorised for issue on 1 June 2021 , and are signed on behalf of the board by:

B Townsend

Director

Company registration number: 09053058

Quantum Seating Limited

Notes to the Financial Statements

Year ended 31 January 2021

1. General information

The company is a private company limited by shares (registration number 09053058 ), registered and trading in England and Wales. The address of the registered office is 8 Jury Street, Warwick, CV34 4EW.

2. 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 company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2020: 6 ).

4. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 February 2020	295,355	295,355
Additions	27,103	27,103
	--------	--------
At 31 January 2021	322,458	322,458
	--------	--------
Depreciation
At 1 February 2020	186,841	186,841
Charge for the year	27,123	27,123
	--------	--------
At 31 January 2021	213,964	213,964
	--------	--------
Carrying amount
At 31 January 2021	108,494	108,494
	--------	--------
At 31 January 2020	108,514	108,514
	--------	--------

5. Debtors

	2021	2020
	£	£
Trade debtors	114,820	134,511
Other debtors	85	3,147
	--------	--------
	114,905	137,658
	--------	--------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	59,199	93,441
Social security and other taxes	28,934	12,420
Other creditors	76,792	112,702
	--------	--------
	164,925	218,563
	--------	--------

7. Controlling party

The company was under the control of J. Sandford and B. Townsend during the current and previous period.