Quantum Seating Limited Filleted accounts for Companies House (small and micro)

QUANTUM SEATING LIMITED - Company Information

3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 323,538 5,100 328,638 253,411 14,705 268,116 60,522 70,127 xbrli:pure xbrli:shares iso4217:GBP 09053058 2023-02-01 2024-01-31 09053058 2024-01-31 09053058 2023-01-31 09053058 2022-02-01 2023-01-31 09053058 2023-01-31 09053058 2022-01-31 09053058 core:PlantMachinery 2023-02-01 2024-01-31 09053058 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 09053058 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 09053058 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 09053058 bus:OrdinaryShareClass4 2023-02-01 2024-01-31 09053058 bus:Director3 2023-02-01 2024-01-31 09053058 core:PlantMachinery 2023-01-31 09053058 core:PlantMachinery 2024-01-31 09053058 core:WithinOneYear 2024-01-31 09053058 core:WithinOneYear 2023-01-31 09053058 core:ShareCapital 2024-01-31 09053058 core:ShareCapital 2023-01-31 09053058 core:SharePremium 2024-01-31 09053058 core:SharePremium 2023-01-31 09053058 core:CapitalRedemptionReserve 2024-01-31 09053058 core:CapitalRedemptionReserve 2023-01-31 09053058 core:RetainedEarningsAccumulatedLosses 2024-01-31 09053058 core:RetainedEarningsAccumulatedLosses 2023-01-31 09053058 core:BetweenOneFiveYears 2024-01-31 09053058 core:BetweenOneFiveYears 2023-01-31 09053058 core:PlantMachinery 2023-01-31 09053058 bus:SmallEntities 2023-02-01 2024-01-31 09053058 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09053058 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09053058 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09053058 bus:FullAccounts 2023-02-01 2024-01-31 09053058 bus:AllOrdinaryShares 2024-01-31 09053058 bus:AllOrdinaryShares 2023-01-31 09053058 bus:OrdinaryShareClass1 2024-01-31 09053058 bus:OrdinaryShareClass1 2023-01-31 09053058 bus:OrdinaryShareClass2 2024-01-31 09053058 bus:OrdinaryShareClass2 2023-01-31 09053058 bus:OrdinaryShareClass3 2024-01-31 09053058 bus:OrdinaryShareClass3 2023-01-31 09053058 bus:OrdinaryShareClass4 2024-01-31 09053058 bus:OrdinaryShareClass4 2023-01-31

COMPANY REGISTRATION NUMBER: 09053058

Quantum Seating Limited

Filleted Unaudited Financial Statements

31 January 2024

Quantum Seating Limited

Statement of Financial Position

31 January 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		60,522	70,127

Current assets

Stocks		147,900	93,630
Debtors	5	201,010	235,563
Cash at bank and in hand		25,082	56,657
		--------	--------
		373,992	385,850

Prepayments and accrued income	5,171		8,965

Creditors: amounts falling due within one year	6	267,550		442,842
		--------		--------
Net current assets/(liabilities)			111,613	( 48,027)
			--------	-------
Total assets less current liabilities			172,135	22,100

Provisions

Taxation including deferred tax	16,038	–
	--------	-------
Net assets	156,097	22,100
	--------	-------

Capital and reserves

Called up share capital	7	86	86
Share premium account		19	19
Capital redemption reserve		15	15
Profit and loss account		155,977	21,980
		--------	-------
Shareholders funds		156,097	22,100
		--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2024 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Quantum Seating Limited

Statement of Financial Position (continued)

31 January 2024

These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:

B Townsend

Director

Company registration number: 09053058

Quantum Seating Limited

Notes to the Financial Statements

Year ended 31 January 2024

1. General information

The company is a private company limited by shares, registered and trading in England and Wales, with company number 09053058 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).

4. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 February 2023	323,538	323,538
Additions	5,100	5,100
	--------	--------
At 31 January 2024	328,638	328,638
	--------	--------
Depreciation
At 1 February 2023	253,411	253,411
Charge for the year	14,705	14,705
	--------	--------
At 31 January 2024	268,116	268,116
	--------	--------
Carrying amount
At 31 January 2024	60,522	60,522
	--------	--------
At 31 January 2023	70,127	70,127
	--------	--------

5. Debtors

	2024	2023
	£	£
Trade debtors	201,010	232,794
Other debtors	–	2,769
	--------	--------
	201,010	235,563
	--------	--------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	89,404	197,347
Social security and other taxes	48,555	13,373
Other creditors	129,591	232,122
	--------	--------
	267,550	442,842
	--------	--------

The only security which the company has given is in respect of a fixed charge and negative pledge to the bank.

7. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
A Ordinary shares of £ 1 each	40	40	40	40
B Ordinary shares of £ 1 each	15	15	15	15
C Ordinary shares of £ 1 each	30	30	30	30
D Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----
	86	86	86	86
	----	----	----	----

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	4,814	8,509
Later than 1 year and not later than 5 years	401	10,809
	------	-------
	5,215	19,318
	------	-------

9. Controlling party

The company was under the control of J. Sandford and B. Townsend during the current and previous period.