Quantum Effect Limited - Period Ending 2017-03-31

Registration number: 07593147

Quantum Effect Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2017

Quantum Effect Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Abridged Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Abridged Financial Statements	7 to 10

Quantum Effect Limited

Company Information

Director

Mr K Hardy

Registered office

Fareham House 69 High Street Fareham Hampshire PO16 7BB

Accountants

Candour Accounts Limited Chartered Accountants and Business Advisers Spalding Business Centre Church Street Spalding Lincolnshire PE11 2PB

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Quantum Effect Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quantum Effect Limited for the year ended 31 March 2017 as set out on pages 3 to 10 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 (ICAEW), 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 Quantum Effect Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quantum Effect Limited and state those matters that we have agreed to state to the Board of Directors of Quantum Effect 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 Quantum Effect Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quantum Effect Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quantum Effect Limited. You consider that Quantum Effect 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 accounts of Quantum Effect 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 accounts.

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

Candour Accounts Limited
Chartered Accountants and Business Advisers
Spalding Business Centre
Church Street
Spalding
Lincolnshire
PE11 2PB

19 December 2017

Page 2

Quantum Effect Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Profit for the year		52,842	39,469
Total comprehensive income for the year		52,842	39,469

The notes on pages 7 to 10 form an integral part of these abridged financial statements.

Page 3

Quantum Effect Limited

(Registration number: 07593147)
Abridged Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	924	1,234
Current assets
Debtors		49,506	-
Cash at bank and in hand		18,738	13,493
		68,244	13,493
Creditors: Amounts falling due within one year		(14,902)	(12,812)
Net current assets		53,342	681
Total assets less current liabilities		54,266	1,915
Provisions for liabilities		(185)	(247)
Accruals and deferred income		(1,200)	(1,629)
Net assets		52,881	39
Capital and reserves
Called up share capital		1	1
Profit and loss account		52,880	38
Total equity		52,881	39

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 Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The notes on pages 7 to 10 form an integral part of these abridged financial statements.

Page 4

Quantum Effect Limited

(Registration number: 07593147)
Abridged Balance Sheet as at 31 March 2017

Approved and authorised by the director on 19 December 2017
 

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

Mr K Hardy

Director

The notes on pages 7 to 10 form an integral part of these abridged financial statements.

Page 5

Quantum Effect Limited

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

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	1	38	39
Profit for the year	-	52,842	52,842
Total comprehensive income	-	52,842	52,842
At 31 March 2017	1	52,880	52,881

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	1	6,069	6,070
Profit for the year	-	39,469	39,469
Total comprehensive income	-	39,469	39,469
Dividends	-	(45,500)	(45,500)
At 31 March 2016	1	38	39

The notes on pages 7 to 10 form an integral part of these abridged financial statements.

Page 6

Quantum Effect Limited

Notes to the Abridged 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:
Fareham House
69 High Street
Fareham
Hampshire
PO16 7BB
England

These financial statements were authorised for issue by the director on 19 December 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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 7

Quantum Effect Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 8

Quantum Effect Limited

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

4	Tangible assets

	Total £
Cost or valuation
At 1 April 2016	3,926
At 31 March 2017	3,926
Depreciation
At 1 April 2016	2,692
Charge for the year	310
At 31 March 2017	3,002
Carrying amount
At 31 March 2017	924
At 31 March 2016	1,234

5

Dividends

	2017	2016
	£	£
Interim dividend of £Nil (2016 - £45,500.00) per ordinary share	-	45,500

6	Related party transactions

Transactions with directors

2017	Advances to directors £	At 31 March 2017 £
Mr K Hardy
Overdrawn Director's Loan Account	48,954	48,954

2016	At 31 March 2016 £

Directors' remuneration

The director's remuneration for the year was as follows:

Page 9

Quantum Effect Limited

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

	2017 £	2016 £
Remuneration	8,060	10,600

Other transactions with directors

The above overdrawn loan account was repaid within 9 months of the year end.

Page 10