HC_QS_LIMITED - Accounts

HC QS LIMITED - Company Information

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Company Registration No. 08059326 (England and Wales)

HC QS LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

HC QS LIMITED

COMPANY INFORMATION

Directors

Mr S Haley

Mr J Brown

Secretary

Mr S Barnes

Company number

08059326

Registered office

3 Lloyd's Avenue

London

EC3N 3DS

Accountants

Bryden Johnson

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

Business address

Maple House

118 High Street

Purley

Surrey

CR8 2AD

HC QS LIMITED

CONTENTS

Page

Directors' report

Accountants' report

Profit and loss account

Balance sheet

Notes to the financial statements

5 - 9

HC QS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MAY 2016

- 1 -

The directors present their report and financial statements for the year ended 31 May 2016.

Directors

The following directors have held office since 1 June 2015:

Mr S Haley

Mr J Brown

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

By order of the board

Mr S Barnes

Secretary

15 November 2016

HC QS LIMITED

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HC QS LIMITED FOR THE YEAR ENDED 31 MAY 2016

- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HC QS Limited for the year ended 31 May 2016 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of HC QS Limited, as a body, in accordance with the terms of our engagement letter dated 25 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of HC QS Limited and state those matters that we have agreed to state to the Board of Directors of HC QS Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HC QS Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that HC QS Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HC QS Limited. You consider that HC QS Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of HC QS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bryden Johnson

5 December 2016

Chartered accountants

Kings Parade

Lower Coombe Street

Croydon

Surrey

CR0 1AA

HC QS LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

2016

2015

Notes

Turnover

4,406,582

4,066,384

Cost of sales

(3,569,031)

(3,282,543)

Gross profit

837,551

783,841

Administrative expenses

(720,062)

(701,749)

Other operating income

74,128

60,500

Operating profit

191,617

142,592

Other interest receivable and similar income

Interest payable and similar charges

(15,247)

(15,198)

Profit on ordinary activities before taxation

176,422

127,394

Tax on profit on ordinary activities

(47,183)

(41,754)

Profit for the year

129,239

85,640

HC QS LIMITED

BALANCE SHEET

AS AT

31 MAY 2016

- 4 -

2016

2015

Notes

Fixed assets

Tangible assets

17,757

22,639

Current assets

Stocks

14,937

11,850

Debtors

1,003,002

989,990

Cash at bank and in hand

7,251

5,574

1,025,190

1,007,414

Creditors: amounts falling due within one year

(648,710)

(690,324)

Net current assets

376,480

317,090

Total assets less current liabilities

394,237

339,729

Capital and reserves

Called up share capital

6,794

Other reserves

114,050

Profit and loss account

273,393

218,885

Shareholders' funds

394,237

339,729

For the financial year ended 31 May 2016 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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board for issue on 15 November 2016

Mr S Haley

Mr J Brown

Director

Company Registration No. 08059326

HC QS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

- 5 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% straight line

Fixtures, fittings & equipment

25% straight line

Operating profit

2016

2015

Operating profit is stated after charging:

Depreciation of tangible assets

14,843

33,638

Directors' remuneration

200,000

195,643

Investment income

2016

2015

Bank interest

Taxation

2016

2015

Domestic current year tax

U.K. corporation tax

47,183

37,524

Total current tax

47,183

37,524

Deferred tax

Origination and reversal of timing differences

4,230

47,183

41,754

HC QS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 6 -

Dividends

2016

2015

Ordinary interim paid

74,731

Tangible fixed assets

Plant and machinery etc

Cost

At 1 June 2015

103,975

Additions

9,961

At 31 May 2016

113,936

Depreciation

At 1 June 2015

81,336

Charge for the year

14,843

At 31 May 2016

96,179

Net book value

At 31 May 2016

17,757

At 31 May 2015

22,639

Debtors

2016

2015

Trade debtors

732,555

833,184

Other debtors

270,447

156,806

1,003,002

989,990

HC QS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 7 -

Creditors: amounts falling due within one year

2016

2015

Trade creditors

147,866

197,351

Taxation and social security

288,865

237,915

Other creditors

211,979

255,058

648,710

690,324

Included within other creditors is £2,049 (2015: £60,646) which is secured against the balance of trade debtors.

Pension costs

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Defined contribution

2016

2015

Contributions payable by the company for the year

107,952

84,753

Share capital

2016

2015

Allotted, called up and fully paid

679,373 Ordinary shares of 1p each

6,794

HC QS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 8 -

Statement of movements on reserves

Other reserves
(see below)

Profit
and loss
account

Balance at 1 June 2015

114,050

218,885

Profit for the year

129,239

Dividends paid

(74,731)

Balance at 31 May 2016

114,050

273,393

Other reserves

Reserves provided for by the Articles of Association

Balance at 1 June 2015 & at 31 May 2016

114,050

HC QS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 9 -

Related party relationships and transactions

The following directors were paid dividends during the year as outlined in the table below:

2016

2015

Mr S Haley

58,405

Mr J Brown

7,832

66,237

During the year the company received management charges from HC M&E Ltd of £42,000 (2015 - £27,000), a company in which Mr S Haley holds a controlling interest, and also recharged costs of £19,672 (2015 - £32,627) to them in respect of IT support, rent and other recharged costs. The company also provided them with subcontractor services amounting to £6,363 – (2015 - £nil). The company acquired subcontractor services from HC M&E Ltd amounting to £22,389 (2015 - £138,041). At the year end, the company owed £41,214 (2015 - £nil) to HC M&E Ltd.

During the year the company received a management charge from Haleys Limited of £2,400 (2015 - £29,700), a company in which Mr S Haley holds a controlling interest, and also provided them with subcontractor services amounting to £510,265 – (2015 - £582,947) in addition to recharge costs of £8,458 (2015 - £8,225). The company acquired subcontractor services from Haleys Limited amounting to £84,351 (2015 - £26,094) and was recharged an amount of £122,604 (2015 - £131,451) in respect of costs borne on their behalf. At the year end, the company was owed £165,034 – (2015 - £96,672) by Haleys Limited.

During the year the company received a management charge from HSC UK Ltd of £2,400 (2015 - £2,400) a company in which Mr S Haley holds a controlling interest, and also provided them with subcontractor services amounting to £nil – (2015 - £12,715) and recharged costs to them of £1,187 (2015 - £1,228). At the year end, the company owed £12,327 (2015 - £8,508) to HSC UK Ltd.

At the year end, the company received a management charge from HC BIM Ltd of £2,400 (2015 - £1,400), a company in which Mr S Haley holds a controlling interest, and also provided recharged costs to them of £590 (2015 - £64). The company received from HC BIM Ltd net cash advances totalling £nil (2015 - £30,000), at the year end, the company owed £41,807 (2015 - £28,536) to HC BIM Ltd.

At the year end the company director Mr S Haley owed the company £28,755 (2015 - £nil).