QSSI Limited - Accounts to registrar - small 17.2
QSSI Limited - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
FOR |
QSSI LIMITED |
QSSI LIMITED (REGISTERED NUMBER: 09235998) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
QSSI LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
QSSI LIMITED (REGISTERED NUMBER: 09235998) |
BALANCE SHEET |
31ST DECEMBER 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
QSSI LIMITED (REGISTERED NUMBER: 09235998) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
1. | STATUTORY INFORMATION |
QSSI Limited is a |
company's registered number and registered office address can be found on the Company Information |
page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis on the assumption that the |
company will be able to rely on the continued financial support of its fellow subsidiary company, Pacific |
Die Cast Inc, as part of the QSSI Group. |
Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial |
statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks |
and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there |
is an enforceable right to set off the recognised amounts and there is an intention to settle on a net |
basis or to realise the asset and settle the liability simultaneously. |
QSSI LIMITED (REGISTERED NUMBER: 09235998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
2. | ACCOUNTING POLICIES - continued |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property |
and equipment, are reviewed to determine whether there is an indication that an asset may be |
impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group |
of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated |
and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the |
asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit |
or loss. |
Stock is also assessed for impairment at each reporting date. The carrying amount of each item of |
stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an |
item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less |
costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related |
assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount |
that would have been determined had no impairment loss been recognised for the asset or group of |
related assets. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2016 |
Additions |
At 31st December 2016 |
DEPRECIATION |
At 1st January 2016 |
Charge for year |
At 31st December 2016 |
NET BOOK VALUE |
At 31st December 2016 |
At 31st December 2015 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
QSSI LIMITED (REGISTERED NUMBER: 09235998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Accruals and deferred income |
7. | ULTIMATE CONTROLLING PARTY |
The parent company is Quality Sourcing Services Inc based at 12802 Commodity Place, Tampa, |
Florida, FL33626, USA. |
8. | FIRST YEAR ADOPTION |
The company adopted the provisions of Section 1A "Small Entities" of Financial Reporting Standard |
102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" with effect from |
1st January 2016. There have been no transitional adjustments as a result of the adoption. |