Q1 Professional Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07246142 (England and Wales)

Financial Statements

For The Year Ended 31 December 2020

for

Q1 Professional Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N F Burnand

Mr R G Burnand

SECRETARY:

Ms T Cooney

REGISTERED OFFICE:

Thamesbourne Lodge

Station Road

Bourne End

Buckinghamshire

SL8 5QH

REGISTERED NUMBER:

07246142 (England and Wales)

AUDITORS:

Cottons Accountants LLP

Statutory Auditors

The Stables

Church Walk

Daventry

Northamptonshire

NN11 4BL

FIXED ASSETS

Tangible assets

4

4,065

10,097

CURRENT ASSETS

Debtors

5

1,871,035

1,539,773

Cash at bank

465,983

360,500

2,337,018

1,900,273

CREDITORS

Amounts falling due within one year

6

395,598

136,467

NET CURRENT ASSETS

1,941,420

1,763,806

TOTAL ASSETS LESS CURRENT LIABILITIES

1,945,485

1,773,903

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,945,484

1,773,902

SHAREHOLDERS' FUNDS

1,945,485

1,773,903

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 Board of Directors and authorised for issue on 29 May 2021 and were signed on its behalf by:

Mr R G Burnand - Director

1.	STATUTORY INFORMATION

Q1 Professional Services 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.

Turnover

Turnover represents net invoiced sales of services.

Tangible fixed assets

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

Motor vehicles

-

25% on cost

Government grants

Amounts receivable under the Coronavirus Job Retention Scheme are accounted for under the performance model.

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.

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 11 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2020

and 31 December 2020

24,129

DEPRECIATION

At 1 January 2020

14,032

Charge for year

6,032

At 31 December 2020

20,064

NET BOOK VALUE

At 31 December 2020

4,065

At 31 December 2019

10,097

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Trade debtors

124,087

74,739

Amounts owed by group undertakings

1,738,613

1,416,937

Other debtors

-

62

Deferred tax asset

1,583

954

Prepayments and accrued income

6,752

47,081

1,871,035

1,539,773

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Trade creditors

886

-

Amounts owed to group undertakings

258,200

6,570

Tax

46,808

55,249

Social security and other taxes

8,222

8,479

VAT

76,811

60,792

Other creditors

903

1,609

Accruals and deferred income

3,768

3,768

395,598

136,467

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Wilch FCCA (Senior Statutory Auditor)

for and on behalf of Cottons Accountants LLP

8.	RELATED PARTY DISCLOSURES

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.

During the year the company traded with directors Nigel and Robert Burnand. The directors were charged £29,032 (2019 £Nil) relating to surveying fees, of which £29,032 (2019 £Nil) is included within trade debtors at the year end.

9.	AUDITOR'S LIABILITY LIMITATION AGREEMENT

Upon re-appointment of Cottons Accountants LLP as auditors, the company entered into a liability limitation agreement with the auditors and this was approved by resolution on 28 May 2021. Liability is limited to the lesser of 20 times the audit fee or £500,000. In accordance with section 537 of CA06, if the effect of the liability limitation agreement is to limit the auditor's liability to less than such a mount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31 December 2020.

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

10.	ULTIMATE CONTROLLING PARTY

Qdime Corporate Holdings Limited is the immediate parent company.

Qdime Limited is the ultimate parent company undertaking, the consolidated accounts of which are available from Companies House.