XRF Limited (formerly QVR Ltd) - Abbreviated accounts

XRF Limited (formerly QVR Ltd) - Abbreviated accounts


Registered number
SC168142
XRF Limited (formerly QVR Ltd)
Abbreviated Accounts
31 December 2013
XRF Limited (formerly QVR Ltd)
Registered number: SC168142
Abbreviated Balance Sheet
as at 31 December 2013
Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 2,753 6,428
Investments 3 - 120
2,753 6,548
Current assets
Debtors 7,426 3,871
Cash at bank and in hand 4,410 4,288
11,836 8,159
Creditors: amounts falling due within one year (10,534) (11,624)
Net current assets/(liabilities) 1,302 (3,465)
Total assets less current liabilities 4,055 3,083
Creditors: amounts falling due after more than one year - (2,364)
Provisions for liabilities (550) (594)
Net assets 3,505 125
Capital and reserves
Called up share capital 4 1,750 1,750
Capital redemption reserve 1,750 1,750
Profit and loss account 5 (3,375)
Shareholders' funds 3,505 125
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Gary Holland
Director
Approved by the board on 19 June 2014
XRF Limited (formerly QVR Ltd)
Notes to the Abbreviated Accounts
for the year ended 31 December 2013
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% straight line
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Tangible fixed assets £
Cost
At 1 January 2013 11,891
Additions 471
Disposals (6,750)
At 31 December 2013 5,612
Depreciation
At 1 January 2013 5,463
Charge for the year 690
On disposals (3,294)
At 31 December 2013 2,859
Net book value
At 31 December 2013 2,753
At 31 December 2012 6,428
3 Investments £
Cost
At 1 January 2013 120
Disposals (120)
At 31 December 2013 -
4 Share capital Nominal 2013 2013 2012
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1,750 1,750 1,750
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Gary Holland
Loan 341 2,107 (341) 2,107
341 2,107 (341) 2,107
This loan is interest free, unsecured and repayable on demand.
XRF Limited (formerly QVR Ltd) SC168142 false true 2013-01-01 2013-12-31 2013-12-31 Gary Holland SC168142 uk-bus:OrdinaryShareClass1 2012-12-31 SC168142 2013-01-01 2013-12-31 SC168142 uk-bus:Director40 2013-01-01 2013-12-31 SC168142 uk-gaap:PlantMachinery 2013-01-01 2013-12-31 SC168142 uk-bus:OrdinaryShareClass1 2013-01-01 2013-12-31 SC168142 uk-bus:Director1 2013-01-01 2013-12-31 SC168142 uk-bus:AllEntityOfficers 2013-01-01 2013-12-31 SC168142 2013-12-31 SC168142 uk-bus:OrdinaryShareClass1 2013-12-31 SC168142 uk-bus:Director1 2013-12-31 SC168142 uk-bus:AllEntityOfficers 2013-12-31 SC168142 2012-12-31 SC168142 uk-bus:Director1 2012-12-31 SC168142 uk-bus:AllEntityOfficers 2012-12-31 iso4217:GBP xbrli:shares