Marketing Quality Assurance Limited - Accounts to registrar (filleted) - small 23.1.2

MARKETING QUALITY ASSURANCE LIMITED - Company Information

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REGISTERED NUMBER: 02749419 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2022

for

Marketing Quality Assurance Limited

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

DIRECTORS:

Mrs M James

Miss Y M James

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

BUSINESS ADDRESS:

Sandford House

Perry Green Road

Wembdon

Bridgewater

Somerset

TA5 2AZ

REGISTERED NUMBER:

02749419 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

3,357

4,275

CURRENT ASSETS

Debtors

42,075

49,699

CREDITORS

Amounts falling due within one year

46,757

21,470

NET CURRENT (LIABILITIES)/ASSETS

(4,682

)

28,229

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,325

)

32,504

CREDITORS

Amounts falling due after more than one
year

20,891

26,213

NET (LIABILITIES)/ASSETS

(22,216

)

6,291

CAPITAL AND RESERVES

Called up share capital

10,000

Retained earnings

(32,216

)

(3,709

)

SHAREHOLDERS' FUNDS

(22,216

)

6,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2023 and were signed on its behalf by:

Mrs M James - Director

Miss Y M James - Director

1.	STATUTORY INFORMATION

Marketing Quality Assurance 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 represents net invoiced charges, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

50% on cost and 10% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

COST

At 1 October 2021

and 30 September 2022

19,052

DEPRECIATION

At 1 October 2021

14,777

Charge for year

918

At 30 September 2022

15,695

NET BOOK VALUE

At 30 September 2022

3,357

At 30 September 2021

4,275

5.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.22

30.9.21

Bank overdrafts

21,744

203

Bank loans

26,679

30,000

48,423

30,203

Bank borrowing is secured by a fixed and floating charge over the company's assets and personal guarantees given by the directors.

During the previous year the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 6 year period. The loan is repayable by instalments that began in March 2022. Interest is payable by the company at 2.5% per annum from the first repayment date.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.22

30.9.21

value:

10,000

Ordinary

£1

10,000

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2022 and 30 September 2021:

30.9.22

30.9.21

Miss Y M James

Balance outstanding at start of year

Amounts advanced

13,000

Amounts repaid

(4,000

)

Amounts written off

Amounts waived

Balance outstanding at end of year

9,000

Mrs M James

Balance outstanding at start of year

19,000

Amounts advanced

19,000

Amounts repaid

(19,000

)

Amounts written off

Amounts waived

Balance outstanding at end of year

19,000

The loan advanced to the directors during the year was repaid within 9 months of the year end.