Company Registration No. 07804554 (England and Wales)
QRC Consultants Limited
Unaudited accounts
for the year ended 31 March 2023
QRC Consultants Limited
Unaudited accounts
Contents
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of QRC Consultants Limited for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
QRC Consultants Limited for the year ended
31 March 2023 as set out on pages
4 -
6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of QRC Consultants Limited, as a body, in accordance with the terms of our engagement letter dated 18 November 2019. Our work has been undertaken solely to prepare for your approval the accounts of QRC Consultants Limited and state those matters that we have agreed to state to the Board of Directors of QRC Consultants Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than QRC Consultants Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that QRC Consultants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of QRC Consultants Limited. You consider that QRC Consultants Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of QRC Consultants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Blanche & Co
Chartered Accountants
4E The Lanterns
16 Melbourn Street
Royston
Herts
SG8 7BX
7 August 2023
QRC Consultants Limited
Statement of financial position
as at 31 March 2023
Tangible assets
16,052
21,674
Cash at bank and in hand
1,902,070
1,565,071
Creditors: amounts falling due within one year
(605,211)
(444,972)
Net current assets
2,081,760
1,660,579
Total assets less current liabilities
2,097,812
1,682,253
Provisions for liabilities
Deferred tax
(4,013)
(4,112)
Net assets
2,093,799
1,678,141
Called up share capital
114
114
Profit and loss account
2,091,887
1,676,229
Shareholders' funds
2,093,799
1,678,141
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2023 and were signed on its behalf by
Dr S Nicholson
Director
Company Registration No. 07804554
QRC Consultants Limited
Notes to the Accounts
for the year ended 31 March 2023
QRC Consultants Limited is a private company, limited by shares, registered in England and Wales, registration number 07804554. The registered office is Silvaco Technology Centre, Compass Point, St Ives, Cambs, PE27 5JL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The abridged financial statements have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006, including the provisions permitting an abridged profit and loss account and balance sheet to be prepared.
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and similar allowances.
Revenue from the sale of services is recognised when services are provided and legal title has passed.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis at rates of 25 - 33 1/3 % per annum.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
QRC Consultants Limited
Notes to the Accounts
for the year ended 31 March 2023
The company operates a defined contribution pension scheme and the pension charged represents the amounts payable by the company to the fund in respect of the year.
The accounts are presented in £ sterling.
4
Tangible fixed assets
Total
Charge for the year
11,718
5
Transactions with related parties
The immediate and ultimate parent undertaking and controlling party is QRC Holdings Limited. The registered office of QRC Holdings Limited is 4E The Lanterns, 16 Melbourn Street, Royston, Herts, SG8 7BX.
During the year the Company paid dividends of £876,092 (2022: £1,527,075) to the parent undertaking.
6
Average number of employees
During the year the average number of employees was 19 (2022: 17).
