Quantumshift Enterprises Limited - Period Ending 2015-12-31

Registration number: 06024275

Quantumshift Enterprises Limited

Unaudited abbreviated accounts

for the year ended 31 December 2015
 

Quantumshift Enterprises Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 4

Quantumshift Enterprises Limited
(Registration number: 06024275)
Abbreviated balance sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			9,492			12,892
Tangible fixed assets		2			2,456			2,920
					11,948			15,812
Current assets
Debtors					4,566			6,997
Cash at bank and in hand					3,164			9,491
					7,730			16,488
Creditors: amounts falling due within one year					(19,530)			(16,471)
Net current (liabilities)/assets					(11,800)			17
Total assets less current liabilities					148			15,829
Creditors: amounts falling due after more than one year					-			(5,407)
Net assets					148			10,422
Capital and reserves
Called up share capital		3			3			3
Profit and loss account					145			10,419
Shareholders' funds					148			10,422

The notes on pages 3 to 4 form an integral part of these abbreviated accounts.
Page 1

Quantumshift Enterprises Limited
(Registration number: 06024275)
Abbreviated balance sheet at 31 December 2015
......... continued

For the year ending 31 December 2015 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the director on 6 September 2016

.........................................
Mr M Baker
Director

The notes on pages 3 to 4 form an integral part of these abbreviated accounts.
Page 2

Quantumshift Enterprises Limited
Notes to the abbreviated accounts for the year ended 31 December 2015
......... 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).

Going concern

The financial statements have been prepared on a going concern basis, on the understanding that the director will continue to support the company.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	10% on a straight line basis

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 rate and method
Fixtures and fittings	20% on a reducing balance basis
Office equipment	20% on a reducing balance basis

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.

Page 3

Quantumshift Enterprises Limited
Notes to the abbreviated accounts for the year ended 31 December 2015
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		34,000			15,560			49,560
Additions		-			150			150
At 31 December 2015		34,000			15,710			49,710
Depreciation
At 1 January 2015		21,108			12,640			33,748
Charge for the year		3,400			614			4,014
At 31 December 2015		24,508			13,254			37,762
Net book value
At 31 December 2015		9,492			2,456			11,948
At 31 December 2014		12,892			2,920			15,812

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £ 1 each		3			3			3			3

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