QA Corporate Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02636392 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

QA Corporate Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P W Scroggs

REGISTERED OFFICE:

Unit 83 Eden Office Park

Macrae Road

Pill

Bristol

BS20 0DD

REGISTERED NUMBER:

02636392 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Tangible assets

4

22,498

25,217

CURRENT ASSETS

Stocks

4,853

2,996

Debtors

5

1,080,785

680,538

Cash at bank

272,472

470,717

1,358,110

1,154,251

CREDITORS

Amounts falling due within one year

6

596,029

483,818

NET CURRENT ASSETS

762,081

670,433

TOTAL ASSETS LESS CURRENT LIABILITIES

784,579

695,650

PROVISIONS FOR LIABILITIES

3,660

4,112

NET ASSETS

780,919

691,538

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

780,917

691,536

SHAREHOLDERS' FUNDS

780,919

691,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 May 2022 and were signed by:

P W Scroggs - Director

1.	STATUTORY INFORMATION

QA Corporate Ltd 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.

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

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33.33% on cost, 25% on cost and 20% on cost

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is

reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions

are met. Where a grant does not specify performance conditions it is recognised in income when the

proceeds are received or receivable. A grant received before the recognition criteria are satisfied is

recognised as a liability.

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

The group has elected to apply the provisions of Section 11 "Basic financial Instruments".

Financial instruments are recognised in the groups' balance sheet when the group becomes party to the

contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable

are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs

using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and

other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at

amortised costs using the effective interest method.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Going concern

The company's financial statements have been prepared on a going concern basis based on current and

forecast work and projections and consider this more than adequate to meet the company's needs. The

directors have considered a period of twelve months from the date of approval of the financial

statements and have considered the uncertainty relating to the impact of the coronavirus pandemic and

consider the company able to meet liabilities as they fall due.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial

statements in the reporting period in which the dividends are declared.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services

are received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2020

3,522

26,871

41,065

71,458

Additions

502

-

1,834

2,336

Disposals

-

-

(27,738

)

(27,738

)

At 31 August 2021

4,024

26,871

15,161

46,056

DEPRECIATION

At 1 September 2020

176

6,941

39,124

46,241

Charge for year

705

2,687

1,663

5,055

Eliminated on disposal

-

-

(27,738

)

(27,738

)

At 31 August 2021

881

9,628

13,049

23,558

NET BOOK VALUE

At 31 August 2021

3,143

17,243

2,112

22,498

At 31 August 2020

3,346

19,930

1,941

25,217

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

294,978

168,836

Amounts owed by group undertakings

76,994

116,444

Other debtors

-

500

VAT

47,461

-

Prepayments and accrued income

661,352

394,758

1,080,785

680,538

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade creditors

314,505

271,621

Tax

30,796

17,940

Social security and other taxes

9,177

9,611

VAT

-

82,346

Other creditors

5,561

2,341

Directors' current accounts

226

625

Accrued expenses

235,764

99,334

596,029

483,818

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.21

31.8.20

£

£

Within one year

7,927

20,899

Between one and five years

-

7,572

7,927

28,471

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

2

Ordinary

£1

2

2

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P W Scroggs.