Q CABS LTD - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI611507 (Northern Ireland)

Q CABS LTD

Unaudited Financial Statements

for the Year Ended 31 March 2021

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

R Barr

B P Campbell

T Curran

P J Walsh

REGISTERED OFFICE:

30 Scarva Street

Banbridge

Co. Down

BT32 3DD

REGISTERED NUMBER:

NI611507 (Northern Ireland)

ACCOUNTANTS:

S.M. Vint & Company

Chartered Certified Accountants

8 Newry Road

Banbridge

Co. Down

BT32 3HN

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 Balance Sheet. 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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2021 set out on pages four to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

S.M. Vint & Company

Chartered Certified Accountants

8 Newry Road

Banbridge

Co. Down

BT32 3HN

20 October 2021

FIXED ASSETS

Intangible assets

4

3,600

7,200

Tangible assets

5

4,904

3,959

8,504

11,159

CURRENT ASSETS

Debtors

6

1,420

3,896

Cash at bank

3,326

9,708

4,746

13,604

CREDITORS

Amounts falling due within one year

7

34,606

37,412

NET CURRENT LIABILITIES

(29,860

)

(23,808

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,356

)

(12,649

)

PROVISIONS FOR LIABILITIES

932

752

NET LIABILITIES

(22,288

)

(13,401

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

(22,292

)

(13,405

)

SHAREHOLDERS' FUNDS

(22,288

)

(13,401

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2021 and were signed on its behalf by:

R Barr - Director

T Curran - Director

1.	STATUTORY INFORMATION

Q CABS LTD is a private company, limited by shares , registered in Northern Ireland. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

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.

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 reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

36,000

AMORTISATION

At 1 April 2020

28,800

Charge for year

3,600

At 31 March 2021

32,400

NET BOOK VALUE

At 31 March 2021

3,600

At 31 March 2020

7,200

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2020

2,000

1,535

5,200

8,735

Additions

-

-

5,500

5,500

Disposals

-

-

(5,200

)

(5,200

)

At 31 March 2021

2,000

1,535

5,500

9,035

DEPRECIATION

At 1 April 2020

1,665

1,240

1,871

4,776

Charge for year

67

59

1,100

1,226

Eliminated on disposal

-

-

(1,871

)

(1,871

)

At 31 March 2021

1,732

1,299

1,100

4,131

NET BOOK VALUE

At 31 March 2021

268

236

4,400

4,904

At 31 March 2020

335

295

3,329

3,959

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,420

3,896

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

(1

)

-

Taxation and social security

659

2,106

Other creditors

33,948

35,306

34,606

37,412

8.	GOING CONCERN

The company is able to trade due to loans provided by it's directors' who have indicated that they will not seek to withdraw these loans for the foreseeable future.