AQC Limited - Period Ending 2016-03-31

Registration number: 03028728

AQC Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

AQC Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

AQC Limited
(Registration number: 03028728)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					23,641			30,176
Current assets
Debtors					1,081,763			666,454
Cash at bank and in hand					105,916			104,351
					1,187,679			770,805
Creditors: Amounts falling due within one year					(763,928)			(431,323)
Net current assets					423,751			339,482
Total assets less current liabilities					447,392			369,658
Creditors: Amounts falling due after more than one year					(3,877)			(12,818)
Net assets					443,515			356,840
Capital and reserves
Called up share capital		4			90			100
Capital redemption reserve					10			-
Profit and loss account					443,415			356,740
Shareholders' funds					443,515			356,840

For the year ending 31 March 2016 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 7 June 2016

......................................... Mr P F Butterworth Director

The notes on pages 2 to 4 form an integral part of these financial statements.
  Page 1

AQC Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The turnover shown in the profit and loss account is based on the sales value of activity during the year, exclusive of Value Added Tax. Turnover, therefore, includes applications for payment made to customers during the year that had not been invoiced at the year end.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Property alterations	33% on cost
Fixtures & fittings	15% on cost
Motor vehicles	33.33% on cost
Computer equipment	20% on cost

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

AQC Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		138,622			138,622
Additions		9,726			9,726
Disposals		(34,455)			(34,455)
At 31 March 2016		113,893			113,893
Depreciation
At 1 April 2015		108,446			108,446
Charge for the year		16,261			16,261
Eliminated on disposals		(34,455)			(34,455)
At 31 March 2016		90,252			90,252
Net book value
At 31 March 2016		23,641			23,641
At 31 March 2015		30,176			30,176

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		8,942			13,456
Amounts falling due after more than one year		3,876			12,818
Total secured creditors		12,818			26,274

Page 3

AQC Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary 'A' shares of £1 each		50			50			50			50
Ordinary 'B' shares of £1 each		40			40			50			50
		90			90			100			100

Purchase of own shares

During the year the company purchased 10 of its own Ordinary 'B' shares at a nominal value of £10. The Ordinary 'B' shares were purchased for a consideration of £20,000 and represent 20% of the called up share capital of that class of share. The reason for the purchase was to facilitate the exit of a minority shareholder. The shares were immediately cancelled on buy back, leaving issued share capital of 50 'A' Ordinary and 40 'B' Ordinary £1 shares.

Page 4