Quantum International Consulting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02829015 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2020

FOR

QUANTUM INTERNATIONAL CONSULTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P D Elliott-Hughes

R G Jervis

T L Martin

M D Friend

REGISTERED OFFICE:

Suites 1 & 2 Hillbrow House

Linden Drive

Liss

Surrey

GU33 7RJ

REGISTERED NUMBER:

02829015 (England and Wales)

ACCOUNTANTS:

Nunn Hayward LLP

Chartered Accountants

2-4 Packhorse Road

Gerrards Cross

Buckinghamshire

SL9 7QE

FIXED ASSETS

Intangible assets

4

1,797

6,033

Tangible assets

5

3,119

3,986

Investments

6

91,399

91,399

96,315

101,418

CURRENT ASSETS

Debtors

7

1,991,608

2,219,314

Cash at bank

382,920

366,706

2,374,528

2,586,020

CREDITORS

Amounts falling due within one year

8

1,235,040

1,303,321

NET CURRENT ASSETS

1,139,488

1,282,699

TOTAL ASSETS LESS CURRENT LIABILITIES

1,235,803

1,384,117

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,235,703

1,384,017

SHAREHOLDERS' FUNDS

1,235,803

1,384,117

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2020 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 6 December 2021 and were signed on its behalf by:

P D Elliott-Hughes - Director

1.	STATUTORY INFORMATION

Quantum International Consulting Limited 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.

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

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 revenue earned under a wide variety of contracts to provide professional services and advice to third parties.

Revenue earned under contract is billed monthly in accordance with the contract terms and is recognised at that point.

It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements but excluding value added tax.

Revenue in respect of contingent fee arrangements (over and above any minimum agreed fee) is recognised when the contingent event becomes more likely than not to occur and the recoverability of the fee is assured.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

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.

Website development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

25 - 33.3% on cost

Government grants

Government grants are recognised as income in the profit and loss account over the period in which the company recognises related costs for which the grants are intended to compensate.

Grant income relating to the Coronavirus Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relate to.

Investments in subsidiaries

Fixed asset investments are disclosed at cost less provision for diminution in value, if appropriate.

Investments in subsidiary undertakings are recognised at cost less provision for impairment.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates two defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The assets of the schemes are held separately from those of the company, being administered by the relevant pensioneer trustee.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Website

development

Goodwill

costs

Totals

£

£

£

COST

At 30 December 2019

and 29 December 2020

82,500

26,765

109,265

AMORTISATION

At 30 December 2019

82,500

20,732

103,232

Amortisation for year

-

4,236

4,236

At 29 December 2020

82,500

24,968

107,468

NET BOOK VALUE

At 29 December 2020

-

1,797

1,797

At 29 December 2019

-

6,033

6,033

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 30 December 2019

23,292

23,303

46,595

Additions

-

1,056

1,056

At 29 December 2020

23,292

24,359

47,651

DEPRECIATION

At 30 December 2019

23,261

19,348

42,609

Charge for year

31

1,892

1,923

At 29 December 2020

23,292

21,240

44,532

NET BOOK VALUE

At 29 December 2020

-

3,119

3,119

At 29 December 2019

31

3,955

3,986

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 30 December 2019

and 29 December 2020

91,399

NET BOOK VALUE

At 29 December 2020

91,399

At 29 December 2019

91,399

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

54,167

152,833

Amounts owed by group undertakings

1,644,835

1,731,717

Other debtors

292,606

334,764

1,991,608

2,219,314

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

467,557

467,276

Trade creditors

9,884

90,322

Amounts owed to group undertakings

505,562

479,925

Taxation and social security

153,200

137,224

Other creditors

98,837

128,574

1,235,040

1,303,321

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

467,557

467,276

10.

SECURITY

HSBC Bank Plc holds a Debenture, First Fixed Charge and First Floating Charge over assets of the company.

11.	OTHER FINANCIAL COMMITMENTS

As at 29 December 2020, the company had total operating lease commitments of £nil (2019: £155,748).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 December 2020 and 29 December 2019:

2020

2019

£

£

P D Elliott-Hughes

Balance outstanding at start of year

198,458

101,971

Amounts advanced

-

96,487

Amounts repaid

(12,195

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

186,263

198,458

Interest of 2.25% and 2.50% has been charged on the outstanding loan which is in line with HM Revenue & Customs official rate of interest.

13.	CONTINGENT LIABILITIES

In 2019, a legal claim was brought against the Company in Qatar and a defence and counterclaim has been filed. External legal opinion is that the Company's position is robust. The claim is ongoing.