Q-Solution Limited - Period Ending 2022-03-31
Q-Solution Limited - Period Ending 2022-03-31
Registration number:
Q-Solution Limited
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Q-Solution Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Q-Solution Limited
Company Information
Directors |
K D Hoskins L A Flaxington S K Jennings |
Company secretary |
L A Flaxington |
Registered office |
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Accountants |
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Q-Solution Limited
Statement of Financial Position as at 31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
160 |
160 |
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Retained earnings |
790,967 |
580,473 |
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Shareholders' funds |
791,127 |
580,633 |
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Q-Solution Limited
Statement of Financial Position as at 31 March 2022
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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K D Hoskins
Director
Company registration number: 04863391
Q-Solution Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the provision of information technology services.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. After making enquiries the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. These enquiries included a detailed review of the potential impact upon the Company’s activities and ability to operate within its market, both of the ongoing Covid-19 pandemic and the current inflationary outlook on the UK economy.
Due to the nature of Company’s activities and services all key staff members have been able to continue delivering a full suite of IT development and support services to established clients with a minimum of disruption. Clients have demonstrated their continued demand for these services and associated cashflows remain in line with expectations. With new revenue opportunities in the pipeline, both revenue and underlying profitability have remained strong to date.
Post year end trading has seen continued profitability as demonstrated in the latest available monthly management accounts and the growth of potentially significant new income streams. Both the Company’s net asset position and liquidity remain healthy, and are further supported by the Directors’ continued vigilance over variable costs. The directors have considered the potential effect of Covid-19 and with no current restrictions in place in the UK, the directors are hopeful that the worst of the crisis is over and that any future impact upon the company will be manageable.
The Directors therefore remain confident that the company will continue to meet all its financial obligations as and when they fall due and therefore the financial statements have been prepared on the going concern basis.
Q-Solution Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Equipment |
25% reducing balance |
Q-Solution Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Finance leases and hire purchase
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Q-Solution Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Taxation |
Tax charged/(credited) in the income statement
2022 |
2021 |
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Current taxation |
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UK corporation tax |
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R&D tax credit |
( |
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96,562 |
106,577 |
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Deferred taxation |
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Arising from reclassification from equity to profit or loss |
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Tax expense in the income statement |
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Q-Solution Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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- |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Q-Solution Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £