QOL Technologies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03767640 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

FOR

QOL TECHNOLOGIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Prof E F Juniper

Mrs J P Styles

SECRETARY:

Prof E F Juniper

REGISTERED OFFICE:

19 Marcuse Fields

Bosham

Chichester

West Sussex

PO18 8NA

REGISTERED NUMBER:

03767640 (England and Wales)

ACCOUNTANTS:

Gibson Whitter

Chartered Accountants

and Chartered Tax Advisers

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

FIXED ASSETS

Intangible assets

4

2,873

2,873

Tangible assets

5

7,038

8,280

9,911

11,153

CURRENT ASSETS

Debtors

6

1,021,334

1,009,323

Cash at bank and in hand

338,221

442,919

1,359,555

1,452,242

CREDITORS

Amounts falling due within one year

7

212,956

198,831

NET CURRENT ASSETS

1,146,599

1,253,411

TOTAL ASSETS LESS CURRENT LIABILITIES

1,156,510

1,264,564

PROVISIONS FOR LIABILITIES

8

365

465

NET ASSETS

1,156,145

1,264,099

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,156,045

1,263,999

SHAREHOLDERS' FUNDS

1,156,145

1,264,099

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 and authorised for issue by the Board of Directors and authorised for issue on 18 February 2022 and were signed on its behalf by:

Prof E F Juniper - Director

1.	STATUTORY INFORMATION

QOL Technologies 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.

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 recognised on completion of contracts and is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of Value Added Tax. The revenue is recognised at the point when the company satisfies a performance obligation to a customer as agreed.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 etc

-

33% on cost, 15% on cost and 15% 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.

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 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 2 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2020

and 31 July 2021

2,873

NET BOOK VALUE

At 31 July 2021

2,873

At 31 July 2020

2,873

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

and 31 July 2021

184,962

DEPRECIATION

At 1 August 2020

176,682

Charge for year

1,242

At 31 July 2021

177,924

NET BOOK VALUE

At 31 July 2021

7,038

At 31 July 2020

8,280

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

48,722

35,600

Other debtors

972,612

973,723

1,021,334

1,009,323

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Taxation and social security

45,800

36,186

Other creditors

167,156

162,645

212,956

198,831

8.	PROVISIONS FOR LIABILITIES

31.7.21

31.7.20

£

£

Deferred tax

365

465

Deferred

tax

£

Balance at 1 August 2020

465

Utilised during year

(100

)

Balance at 31 July 2021

365

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

60

Ordinary "A"

£1

60

60

40

Ordinary "B"

£1

40

40

100

100

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the directors £109,204 (31.7.20: £109,204).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Prof E F Juniper.