ACCOUNTS - Final Accounts

QUANTUM PURSUITS (UK) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.332021-01-01falseNo description of principal activitytruetrue 02974399 2021-01-01 2021-12-31 02974399 2020-01-01 2020-12-31 02974399 2021-12-31 02974399 2020-12-31 02974399 c:Director1 2021-01-01 2021-12-31 02974399 d:Buildings 2021-01-01 2021-12-31 02974399 d:Buildings 2021-12-31 02974399 d:Buildings 2020-12-31 02974399 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02974399 d:PlantMachinery 2021-01-01 2021-12-31 02974399 d:PlantMachinery 2021-12-31 02974399 d:PlantMachinery 2020-12-31 02974399 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02974399 d:OfficeEquipment 2021-01-01 2021-12-31 02974399 d:OfficeEquipment 2021-12-31 02974399 d:OfficeEquipment 2020-12-31 02974399 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02974399 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02974399 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 02974399 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 02974399 d:CurrentFinancialInstruments 2021-12-31 02974399 d:CurrentFinancialInstruments 2020-12-31 02974399 d:Non-currentFinancialInstruments 2021-12-31 02974399 d:Non-currentFinancialInstruments 2020-12-31 02974399 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02974399 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 02974399 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 02974399 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 02974399 d:ShareCapital 2021-12-31 02974399 d:ShareCapital 2020-12-31 02974399 d:RetainedEarningsAccumulatedLosses 2021-12-31 02974399 d:RetainedEarningsAccumulatedLosses 2020-12-31 02974399 c:FRS102 2021-01-01 2021-12-31 02974399 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 02974399 c:FullAccounts 2021-01-01 2021-12-31 02974399 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 02974399

QUANTUM PURSUITS (UK) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 December 2021

QUANTUM PURSUITS (UK) LIMITED

Registered number: 02974399

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021

		2021		2020
Note		£		£

Fixed assets
Intangible assets	4		2,110		2,110
Tangible assets	5		22,996		3,003
			25,106		5,113
Current assets
Stocks		3,116		3,116
Debtors: amounts falling due within one year	6	27,471		28,067
Cash at bank and in hand		30,323		41,254
		60,910		72,437
Creditors: amounts falling due within one year	7	(14,293)		(12,886)
Net current assets			46,617		59,551
Total assets less current liabilities			71,723		64,664
Creditors: amounts falling due after more than one year	8		(42,500)		(45,833)

Net assets			29,223		18,831

Capital and reserves
Called up share capital	100	100
Profit and loss account	29,123	18,731
	29,223	18,831

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QUANTUM PURSUITS (UK) LIMITED

Registered number: 02974399

STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 31 December 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2022.

J M Plaché

Director

The notes on pages 3 to 7 form part of these financial statements.

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QUANTUM PURSUITS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2021

1.	General information

Quantum Pursuits Limited (registered number 02974399) is a private company limited by shares and incorporated in England and Wales. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in GBP rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

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QUANTUM PURSUITS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2021

2.Accounting policies (continued)

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Leasehold property	-	20% straight line
Plant & machinery	-	20% reducing balance
Office equipment	-	20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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QUANTUM PURSUITS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2021

2.Accounting policies (continued)

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

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QUANTUM PURSUITS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2021

4.	Intangible assets

		Development expenditure
		£
	Cost
	At 1 January 2021	2,110
	At 31 December 2021	2,110

	Net book value
	At 31 December 2021	2,110
	At 31 December 2020	2,110

5.	Tangible fixed assets

	Leasehold property	Plant & machinery	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2021	19,089	-	28,400	47,489
Additions	-	21,303	-	21,303
At 31 December 2021	19,089	21,303	28,400	68,792
Depreciation
At 1 January 2021	19,089	-	25,396	44,485
Charge for the year on owned assets	-	710	601	1,311
At 31 December 2021	19,089	710	25,997	45,796
Net book value
At 31 December 2021	-	20,593	2,403	22,996
At 31 December 2020	-	-	3,003	3,003

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QUANTUM PURSUITS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2021

Debtors

					2021	2020
					£	£


Trade debtors	27,270	23,214
Other debtors	(3)	1,114
Prepayments and accrued income	204	3,739
	27,471	28,067

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loans	4,167	4,167
Trade creditors	4,088	3,278
Corporation tax	-	30
Other taxation and social security	930	2,736
Other creditors	3,308	875
Accruals and deferred income	1,800	1,800
	14,293	12,886

8.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loans	42,500	45,833
	42,500	45,833

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