AQC Limited - Period Ending 2017-03-31

Registration number: 03028728

AQC Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

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

AQC Limited

Contents

Statement of Financial Position	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 7

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	61,131	23,641
Current assets
Debtors	4	583,305	1,081,763
Cash at bank and in hand		490,973	105,916
		1,074,278	1,187,679
Creditors: Amounts falling due within one year	5	(522,377)	(763,928)
Net current assets		551,901	423,751
Total assets less current liabilities		613,032	447,392
Creditors: Amounts falling due after more than one year	5	(20,555)	(3,877)
Provisions for liabilities		(8,205)	-
Net assets		584,272	443,515
Capital and reserves
Called up share capital		90	90
Capital redemption reserve		10	10
Profit and loss account		584,172	443,415
Total equity		584,272	443,515

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 1

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 24 May 2017
 

.........................................

Mr P F Butterworth

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

AQC Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2016	90	10	443,415	443,515
Profit for the year	-	-	210,669	210,669
Total comprehensive income	-	-	210,669	210,669
Dividends	-	-	(69,912)	(69,912)
At 31 March 2017	90	10	584,172	584,272

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2015	100	-	356,740	356,840
Profit for the year	-	-	213,875	213,875
Total comprehensive income	-	-	213,875	213,875
Dividends	-	-	(107,200)	(107,200)
Purchase of own share capital	(10)	-	(20,000)	(20,010)
Other capital redemption reserve movements	-	10	-	10
At 31 March 2016	90	10	443,415	443,515

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
St George's House
215 - 219 Chester Road
Manchester
M15 4JE

The principal place of business is:
585 Oldham Road
Rochdale
Lancashire
OL16 4SU

These financial statements were authorised for issue by the director on 24 May 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The date of transition is 1 April 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those used previously.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, as follows:

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

Page 4

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
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 income statement.
 
 

Page 5

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2016	59,489	54,404	113,893
Additions	667	53,215	53,882
Disposals	-	(9,699)	(9,699)
At 31 March 2017	60,156	97,920	158,076
Depreciation
At 1 April 2016	49,539	40,713	90,252
Charge for the year	2,436	13,956	16,392
Eliminated on disposal	-	(9,699)	(9,699)
At 31 March 2017	51,975	44,970	96,945
Carrying amount
At 31 March 2017	8,181	52,950	61,131
At 31 March 2016	9,950	13,691	23,641

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings.
 

4

Debtors

	2017 £	2016 £
Trade debtors	570,283	1,074,450
Other debtors	13,022	7,313
Total current trade and other debtors	583,305	1,081,763

Page 6

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and overdrafts	6	15,548	8,942
Trade creditors		336,837	545,895
Taxation and social security		45,368	36,912
Other creditors		124,624	172,179
		522,377	763,928
Due after one year
Loans and borrowings	6	20,555	3,877

6	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Finance lease liabilities	20,555	3,877

	2017 £	2016 £
Current loans and borrowings
Finance lease liabilities	15,548	8,942

Secured creditors:
Finance lease agreements are secured on the assets to which they relate.

7	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2016 - 12).

8	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £30,000 (2016 - £50,000).

9	Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those used previously.

Page 7