Qolcom Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04049238 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

QOLCOM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

Mr K A C Reading

Mrs M Reading

Mr S W Stevens

Mr L J Needs

Mr E A McCabe

Mrs H Rollett

SECRETARY:

Mrs M Reading

REGISTERED OFFICE:

1 Andromeda House

Calleva Park

Aldermaston

Berks

RG7 8AP

REGISTERED NUMBER:

04049238 (England and Wales)

ACCOUNTANTS:

Dove Marsh & Jones

1 Andromeda House

Calleva Park

Aldermaston

Reading

Berkshire

RG7 8AP

FIXED ASSETS

Intangible assets

4

-

7,322

Tangible assets

5

9,699

4,915

9,699

12,237

CURRENT ASSETS

Stocks

6

84,587

123,304

Debtors

7

4,720,993

1,766,172

Cash at bank

1,965,455

1,257,011

6,771,035

3,146,487

CREDITORS

Amounts falling due within one year

8

4,958,109

1,858,804

NET CURRENT ASSETS

1,812,926

1,287,683

TOTAL ASSETS LESS CURRENT LIABILITIES

1,822,625

1,299,920

CAPITAL AND RESERVES

Called up share capital

37,038

37,038

Share premium

47,962

47,962

Retained earnings

1,737,625

1,214,920

SHAREHOLDERS' FUNDS

1,822,625

1,299,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 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 24 May 2021 and were signed on its behalf by:

Mr K A C Reading - Director

1.	STATUTORY INFORMATION

Qolcom 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2019 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2020

and 31 December 2020

21,966

AMORTISATION

At 1 January 2020

14,644

Amortisation for year

7,322

At 31 December 2020

21,966

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

7,322

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2020

10,403

51,407

99,167

160,977

Additions

-

-

10,860

10,860

At 31 December 2020

10,403

51,407

110,027

171,837

DEPRECIATION

At 1 January 2020

10,403

50,906

94,753

156,062

Charge for year

-

249

5,827

6,076

At 31 December 2020

10,403

51,155

100,580

162,138

NET BOOK VALUE

At 31 December 2020

-

252

9,447

9,699

At 31 December 2019

-

501

4,414

4,915

6.

STOCKS

31.12.20

31.12.19

£

£

Stocks

26,495

39,568

Work-in-progress

58,092

83,736

84,587

123,304

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

4,516,066

1,578,825

Deferred support costs

152,189

129,045

Other debtors

750

750

Prepayments

51,988

57,552

4,720,993

1,766,172

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

2,583,788

924,655

Tax

133,307

76,691

Social security and other taxes

72,860

79,017

VAT

372,811

166,790

Deferred maintenance income

1,248,465

546,079

Accrued expenses

546,878

65,572

4,958,109

1,858,804

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company are Mr K R Reading and Mrs M R Reading throughout the current and previous year.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Qolcom Limited for the year ended 31 December 2020 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Qolcom Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Qolcom Limited and state those matters that we have agreed to state to the Board of Directors of Qolcom Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Qolcom Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Qolcom Limited. You consider that Qolcom Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Qolcom Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dove Marsh & Jones

1 Andromeda House

Calleva Park

Aldermaston

Reading

Berkshire

RG7 8AP

24 May 2021