Quantum Cool R&A LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC329373 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28th February 2021

for

Quantum Cooling Dispense Refrigeration

and Air Conditioning Services LLP

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

10,168

14,267

Investments

6

82,068

83,226

92,236

97,493

CURRENT ASSETS

Stocks

35,456

62,683

Debtors

28,466

132,562

Cash at bank and in hand

48,885

18,289

112,807

213,534

CREDITORS

Amounts falling due within one year

135,257

142,129

NET CURRENT (LIABILITIES)/ASSETS

(22,450

)

71,405

TOTAL ASSETS LESS CURRENT LIABILITIES

69,786

168,898

CREDITORS

Amounts falling due after more than one year

40,000

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

29,786

168,898

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

29,786

168,898

29,786

168,898

TOTAL MEMBERS' INTERESTS

Members' other interests

29,786

168,898

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 28th February 2021.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28th February 2021 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 29th November 2021 and were signed by:

Mrs M R Gonella - Designated member

1.	STATUTORY INFORMATION

Quantum Cooling Dispense Refrigeration and Air Conditioning Services LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC329373

Registered office:

Kings Lodge

London Road

West Kingsdown

Sevenoaks

Kent

TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

Revenue from the sale of goods is recognised at the point at which the goods have been delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Grants are classified either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 20 (2020 - 20 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st March 2020

135,505

Additions

1,356

At 28th February 2021

136,861

DEPRECIATION

At 1st March 2020

121,238

Charge for year

5,455

At 28th February 2021

126,693

NET BOOK VALUE

At 28th February 2021

10,168

At 29th February 2020

14,267

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1st March 2020

and 28th February 2021

53,355

DEPRECIATION

At 1st March 2020

46,500

Charge for year

1,714

At 28th February 2021

48,214

NET BOOK VALUE

At 28th February 2021

5,141

At 29th February 2020

6,855

6.	FIXED ASSET INVESTMENTS

The amount included as fixed asset investment represents the LLP's capital account outstanding as at the balance sheet date in Quantum Cooling Dispense and Refrigeration Services LLP.

7.	RELATED PARTY DISCLOSURES

During the year under review, the company has been a corporate partner in Quantum Cooling Dispense & Refrigeration Services LLP. As at the balance sheet date, the unlisted fixed asset investment of £82,068 (2020: £83,226) is made up of the capital account balances that the company has in the LLP.

8.	ULTIMATE CONTROLLING PARTY

During the year, the ultimate controlling party was Mr C Gonella and Mrs M R Gonella by virtue of having control of the designated members.