Qualitynet Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 08523489 (England and Wales)

QUALITYNET LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Director:

Mr I Ahmed

Registered office:

534 Harrow Road

Harrow

London

W9 3QF

Registered number:

08523489 (England and Wales)

Accountants:

M. Parmar & Co.

Chartered Accountants

First Floor

244 Edgware Road

London

W2 1DS

Fixed assets

Tangible assets

2

5,135

2,572

Current assets

Stocks

412

385

Cash in hand

846

1,399

1,258

1,784

Creditors

Amounts falling due within one year

3,010

1,618

Net current (liabilities)/assets

(1,752

)

166

Total assets less current liabilities

3,383

2,738

Capital and reserves

Called up share capital

3

1

Profit and loss account

3,382

2,737

Shareholders' funds

3,383

2,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 16 November 2016 and were signed by:

Mr I Ahmed - Director

1.	Accounting policies

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts receivable for services provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	Tangible fixed assets

Total

£

Cost

At 1 June 2015

3,779

Additions

4,026

At 31 May 2016

7,805

Depreciation

At 1 June 2015

1,207

Charge for year

1,463

At 31 May 2016

2,670

Net book value

At 31 May 2016

5,135

At 31 May 2015

2,572

3.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

1

4.	Post balance sheet events

The company changed it's name to QUALITYNET LTD on 26th September 2016.