Assured Quality Partners Ltd Company Accounts

ASSURED QUALITY PARTNERS LTD. - Company Information

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COMPANY REGISTRATION NUMBER: SC409967

Assured Quality Partners Ltd

Filleted Unaudited Financial Statements

31 October 2017

Assured Quality Partners Ltd

Financial Statements

Year ended 31 October 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Assured Quality Partners Ltd

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		1,805	2,481

Current assets

Debtors	6	2,822	21,055
Cash at bank and in hand		9,756	60,068
		--------	--------
		12,578	81,123

Creditors: amounts falling due within one year	7	( 44,157)		28,234
		--------		--------
Net current assets			56,735	52,889
			--------	--------
Total assets less current liabilities			58,540	55,370
			--------	--------
Net assets			58,540	55,370
			--------	--------

Capital and reserves

Called up share capital	10	10
Profit and loss account	58,530	55,360
	--------	--------
Shareholders funds	58,540	55,370
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 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 .

Assured Quality Partners Ltd

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 21 March 2018 , and are signed on behalf of the board by:

Mrs J Colman

Director

Company registration number: SC409967

Assured Quality Partners Ltd

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 Commercial Street, Dundee, DD1 3DG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, inclusive of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 November 2016	4,422	4,422
Additions	170	170
	-------	-------
At 31 October 2017	4,592	4,592
	-------	-------
Depreciation
At 1 November 2016	1,941	1,941
Charge for the year	846	846
	-------	-------
At 31 October 2017	2,787	2,787
	-------	-------
Carrying amount
At 31 October 2017	1,805	1,805
	-------	-------
At 31 October 2016	2,481	2,481
	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	2,822	21,055
	-------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	13,832	10,014
Social security and other taxes	1,405	13,511
Other creditors	( 59,394)	4,709
	--------	--------
	( 44,157)	28,234
	--------	--------

8. Directors' advances, credits and guarantees

At the year end Mrs Colman, the director, was owed £1,416 from the company (last year £53).

9. Related party transactions

During the year dividends totalling £53,571.16 were paid to shareholders.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.