QSL Limited,Ltd - AccountsLtd - Accounts

QSL LTD - Company Information

Print Friendly Version

QSL Limited

Registered Number:04080469

For the year ended 30 September 2017

England and Wales

Unaudited Financial Statements

For the year ended 30 September 2017

QSL Limited

Contents Page

Statement of Financial Position

2 to 4

Notes to the Financial Statements

As at 30 September 2017

QSL Limited

Statement of Financial Position

Registered Number :

04080469

2016

2017

Notes

Fixed assets

Property, plant and equipment

2,940

3,744

2,940

3,744

Current assets

Trade and other receivables

28,813

5,381

151,106

Cash and cash equivalents

37,037

42,418

179,919

Trade and other payables: amounts falling due within one year

(28,036)

(16,467)

151,883

25,951

Net current assets

Total assets less current liabilities

28,891

155,627

(737)

Provisions for liabilities

28,154

Net assets

154,890

Capital and reserves

Called up share capital

100

Retained earnings

28,054

154,790

28,154

154,890

Shareholders' funds

For the year ended 30 September 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Gordon Hoise Director

These financial statements were approved and authorised for issue by the Board on 25 June 2018 and were signed by:

The notes form part of these financial statements

1 of 4

For the year ended 30 September 2017

QSL Limited

Notes to the Financial Statements

Statutory Information

QSL Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 04080469.

Registered address:

Unit 3 Fernie House Fernie Road

Market Harborough

Leicestershire

LE167QU

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as modified by the revaluation of certain assets.

Revenue recognition

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

33 Reducing balance

Computer equipment

20 Reducing balance

Fixtures and fittings

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.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.

2 of 4

For the year ended 30 September 2017

QSL Limited

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Computer

equipment

Fixtures and

fittings

Cost or valuation

At 01 October 2016

26,927

11,872

15,055

At 30 September 2017

15,055

11,872

26,927

Provision for depreciation and impairment

At 01 October 2016

23,183

11,449

11,734

Charge for year

804

140

664

At 30 September 2017

23,987

11,589

12,398

At 30 September 2017

Net book value

2,657

283

2,940

At 30 September 2016

3,321

423

3,744

3. Trade and other receivables

2016

2017

Trade debtors

4,770

12,000

Prepayments and accrued income

611

917

Other debtors

15,896

28,813

5,381

All debtors are receivable within one year

4. Trade and other payables: amounts falling due within one year

2016

2017

Trade creditors

430

11,519

Taxation and social security

2,950

9,173

Accruals and deferred income

3,140

6,090

Directors' loan accounts

6,858

Other creditors

3,089

1,254

16,467

28,036

5. Related party transactions

During the year the company paid dividends to its director of £33000 (2016 £60000)

The company was under the control of its director who held 100% of the issued share capital, ttroughout the year.

3 of 4

For the year ended 30 September 2017

QSL Limited

Notes to the Financial Statements Continued

6. Guarantees and other financial commitments

Capital commitments

There were no committments for future capital expenditure at the balance sheet date.

Lease commitments

At 30 September 2017 the company had annual commitments under non-cancellable operating leases as set out below:

2016

2017

Operating leases which expire:

3,668

Within 1 year

7,233

Within 2 to 5 years

7,233

3,668

The company has at 30 September 2017 annual commitments under operating leases which expire as follows

7. Subsequent events

No post balance sheet events have occured since 30 September 2017, which require reporting or disclosing in the accounts.

8. Average number of persons employed

During the year the average number of employees (including director) was 5 (2016 : 6)

9. Transition to FRS 102

This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102)

issued by the Financial Reporting Council. The last financial statements for the year ended 30 September 2016, were prepared

under previous UK GAAP. The transition date to FRS 102 is therefore 1 October 2016.

Adopting FRS 102 has meant that a number of accounting policies have changed to comply with the new standard but the

directors feel that no adjustments need to be made to comply with the new standard.

4 of 4