RedQuadrant Limited - Limited company accounts 17.3

REGISTERED NUMBER: 06944005 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 30 June 2017

for

RedQuadrant Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Statement of Financial Position

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTOR:

Mr B P Taylor

REGISTERED OFFICE:

27-29 South Lambeth Road

Vauxhall

London

SW8 1SZ

REGISTERED NUMBER:

06944005 (England and Wales)

ACCOUNTANTS:

Farnell Clarke Limited

Evolution House

Delft Way

Norwich Airport

Norwich

Norfolk

NR6 6BB

The director presents his report with the financial statements of the company for the year ended 30 June 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of public sector management consultancy

services.

DIRECTORS

Mr B P Taylor has held office during the whole of the period from 1 July 2016 to the date of this report.

Other changes in directors holding office are as follows:

Mr D J Vergne - resigned 20 July 2016

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

companies.

ON BEHALF OF THE BOARD:

Mr B P Taylor - Director

21 March 2018

REVENUE

2,546,840

2,403,698

Cost of sales

1,841,479

1,826,820

GROSS PROFIT

705,361

576,878

Administrative expenses

432,655

341,531

OPERATING PROFIT

4

272,706

235,347

Interest receivable and similar income

-

554

272,706

235,901

Interest payable and similar expenses

(129

)

-

PROFIT BEFORE TAXATION

272,835

235,901

Tax on profit

5

57,061

49,050

PROFIT FOR THE FINANCIAL YEAR

215,774

186,851

FIXED ASSETS

Intangible assets

7

13,441

18,633

Property, plant and equipment

8

6,824

7,378

20,265

26,011

CURRENT ASSETS

Inventories

80,000

79,855

Debtors

9

711,678

501,216

Prepayments and accrued income

12,649

-

Cash at bank and in hand

85,073

340,212

889,400

921,283

CREDITORS

Amounts falling due within one year

10

708,999

464,084

NET CURRENT ASSETS

180,401

457,199

TOTAL ASSETS LESS CURRENT LIABILITIES

200,666

483,210

PROVISIONS FOR LIABILITIES

1,297

-

NET ASSETS

199,369

483,210

CAPITAL AND RESERVES

Called up share capital

11

833

1,666

Capital redemption reserve

12

833

-

Retained earnings

12

197,703

481,544

SHAREHOLDERS' FUNDS

199,369

483,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 21 March 2018 and were signed by:

Mr B P Taylor - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2015

1,666

462,693

-

464,359

Changes in equity

Dividends

-

(168,000

)

-

(168,000

)

Total comprehensive income

-

186,851

-

186,851

Balance at 30 June 2016

1,666

481,544

-

483,210

Changes in equity

Issue of share capital

(833

)

-

-

(833

)

Dividends

-

(98,416

)

-

(98,416

)

Total comprehensive income

-

(185,425

)

833

(184,592

)

Balance at 30 June 2017

833

197,703

833

199,369

1.	STATUTORY INFORMATION

RedQuadrant Limited is a private company, limited by shares , registered in England and Wales. The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

The company transitioned from UK GAAP to FRS102 Section1A as at 1 July 2016, no adjustments were

required to the 2016 accounts to meet the new standard.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 6 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.6.17

30.6.16

£

£

Depreciation - owned assets

2,604

3,373

Development costs amortisation

5,192

2,765

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.6.17

30.6.16

£

£

Current tax:

UK corporation tax

55,764

49,050

Deferred tax

1,297

-

Tax on profit

57,061

49,050

6.

DIVIDENDS

30.6.17

30.6.16

£

£

Ordinary B Shares shares of £1 each

Interim

49,208

42,000

Ordinary C Shares shares of £1 each

Interim

-

42,000

Ordinary E Shares shares of £1 each

Interim

49,208

84,000

98,416

168,000

7.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 July 2016

and 30 June 2017

25,958

AMORTISATION

At 1 July 2016

7,325

Amortisation for year

5,192

At 30 June 2017

12,517

NET BOOK VALUE

At 30 June 2017

13,441

At 30 June 2016

18,633

8.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2016

-

9,059

25,617

34,676

Additions

407

207

1,436

2,050

At 30 June 2017

407

9,266

27,053

36,726

DEPRECIATION

At 1 July 2016

-

4,385

22,913

27,298

Charge for year

8

713

1,883

2,604

At 30 June 2017

8

5,098

24,796

29,902

NET BOOK VALUE

At 30 June 2017

399

4,168

2,257

6,824

At 30 June 2016

-

4,674

2,704

7,378

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

686,395

463,206

Other debtors

25,283

38,010

711,678

501,216

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans and overdrafts

749

-

Trade creditors

428,683

313,779

Tax

55,764

49,050

Social security and other taxes

7,349

-

VAT

107,705

100,921

Other creditors

79,700

-

Directors' current accounts

28,780

334

Accruals and deferred income

269

-

708,999

464,084

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.17

30.6.16

value:

£

£

300

Ordinary B Shares

£1

300

300

NIL

Ordinary C Shares

£1

-

300

(30.6.16 - 300 )

33

Ordinary D Shares

£1

33

66

(30.6.16 - 66 )

500

Ordinary E Shares

£1

500

1,000

(30.6.16 - 1,000 )

833

1,666

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 July 2016

481,544

-

481,544

Profit for the year

215,774

215,774

Dividends

(98,416

)

(98,416

)

Purchase of own shares

(401,199

)

833

(400,366

)

At 30 June 2017

197,703

833

198,536

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

30.6.17

30.6.16

£

£

Mr B P Taylor

Balance outstanding at start of year

(334

)

(334

)

Amounts advanced

2,734

-

Amounts repaid

(31,180

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(28,780

)

(334

)

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £49,208 were paid to the directors .

At the end of the financial year the company was owed £158,483 (2016: £2,564) by Public Service

Transformation Academy Limited which is a company under control of common directors. £2,564 of this is

included in Other debtors and the remaining £155,919 is included within Trade debtors.

At the end of the financial year the company was owed £2,916 (2016: £2,916) by Redquadrant Resources

Limited which is a company under control of common directors, this balance is included within Other debtors.

At the end of the financial year the company was owed £9,657 (2016: £25,891) by Quadrant Resourcing Limited

which is a company under control of common directors, this balance is included within Other debtors.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B P Taylor.