Company No: 05665301 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	C Barringon
	C Garrido
	P Salaman

REGISTERED OFFICE	No 10 Argyle Street
	Bath
	BA2 4BQ
	United Kingdom

COMPANY NUMBER

05665301 (England and Wales)

CHARTERED ACCOUNTANTS	Albert Goodman LLP
	3 Filers Way
	Weston Gateway Business Park
	Weston-super-Mare
	Somerset
	BS24 7JP

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	38,985		0
Tangible assets	4	69,838		89,211
Investments	5	4,200		0
		113,023		89,211
Current assets
Stocks	6	8,357		0
Debtors	7	298,587		313,807
Cash at bank and in hand		174,591		168,391
		481,535		482,198
Creditors: amounts falling due within one year	8	( 142,342)		( 114,716)
Net current assets		339,193		367,482
Total assets less current liabilities		452,216		456,693
Creditors: amounts falling due after more than one year	9	( 52,255)		( 99,840)
Net assets		399,961		356,853
Capital and reserves
Called-up share capital		100		100
Share premium account		356,053		356,053
Profit and loss account		43,808		700
Total shareholders' funds		399,961		356,853

For the financial year ending 31 July 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Quidos Limited (registered number: 05665301) were approved and authorised for issue by the Board of Directors on 20 March 2023. They were signed on its behalf by:

P Salaman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Quidos Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is No 10 Argyle Street, Bath, BA2 4BQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software	5 years straight line
Other intangible assets	5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		12

3. Intangible assets

	Computer software		Other intangible assets		Total
	£		£		£
Cost
At 01 August 2021	0		0		0
Additions	29,779		13,700		43,479
At 31 July 2022	29,779		13,700		43,479
Accumulated amortisation
At 01 August 2021	0		0		0
Charge for the financial year	3,144		1,350		4,494
At 31 July 2022	3,144		1,350		4,494
Net book value
At 31 July 2022	26,635		12,350		38,985
At 31 July 2021	0		0		0

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 August 2021	81,397		110,020		690		192,107
Additions	5,875		0		593		6,468
At 31 July 2022	87,272		110,020		1,283		198,575
Accumulated depreciation
At 01 August 2021	71,193		31,427		276		102,896
Charge for the financial year	3,622		22,004		215		25,841
At 31 July 2022	74,815		53,431		491		128,737
Net book value
At 31 July 2022	12,457		56,589		792		69,838
At 31 July 2021	10,204		78,593		414		89,211

5. Fixed asset investments

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 August 2021	0		0
Additions	4,757		4,757
Disposals	( 557)		( 557)
At 31 July 2022	4,200		4,200
Provisions for impairment
At 01 August 2021	0		0
At 31 July 2022	0		0
Carrying value at 31 July 2022	4,200		4,200
Carrying value at 31 July 2021	0		0

6. Stocks

	2022		2021
	£		£
Stocks	8,357		0

7. Debtors

	2022		2021
	£		£
Trade debtors	114,086		141,749
Amounts owed by associates	164,282		164,282
Other debtors	20,219		7,776
	298,587		313,807

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	9,113		10,000
Trade creditors	56,415		13,346
Amounts owed to directors	390		0
Accruals	4,297		3,427
Corporation tax	( 28,154)		7,638
Deferred tax liability	13,269		16,950
Other taxation and social security	40,445		49,033
Obligations under finance leases and hire purchase contracts	39,792		7,610
Other creditors	6,775		6,712
	142,342		114,716

9. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	30,540		38,333
Obligations under finance leases and hire purchase contracts	21,715		61,507
	52,255		99,840