AQC Limited - Period Ending 2018-03-31

Registration number: 03028728

AQC Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

AQC Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 6

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	248,789	61,131
Current assets
Debtors	4	1,807,221	583,305
Cash at bank and in hand		346,886	490,973
		2,154,107	1,074,278
Creditors: Amounts falling due within one year	5	(1,355,722)	(522,377)
Net current assets		798,385	551,901
Total assets less current liabilities		1,047,174	613,032
Creditors: Amounts falling due after more than one year	5	(8,556)	(20,555)
Provisions for liabilities		(8,136)	(8,205)
Net assets		1,030,482	584,272
Capital and reserves
Called up share capital		90	90
Capital redemption reserve		10	10
Profit and loss account		1,030,382	584,172
Total equity		1,030,482	584,272

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2018

For the financial year ending 31 March 2018 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 Income Statement has been taken.

Approved and authorised by the director on 6 June 2018
 

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

Mr P F Butterworth

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE
United Kingdom

These financial statements were authorised for issue by the director on 6 June 2018.

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

The financial statements have been prepared in accordance with the provisions of FRS 102 section 1A for small entities. There were no material departures.

Basis of preparation

These 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, as follows:

Asset class	Depreciation method and rate
Freehold property	2% on cost
Motor vehicles	33.33% on cost
Computer equipment	20% on cost
Fixtures and fittings	15% on cost

Page 3

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

Page 4

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2017	-	60,156	97,920	158,076
Additions	205,346	9,238	-	214,584
Disposals	-	-	(21,580)	(21,580)
At 31 March 2018	205,346	69,394	76,340	351,080
Depreciation
At 1 April 2017	-	51,975	44,970	96,945
Charge for the year	2,053	2,960	21,913	26,926
Eliminated on disposal	-	-	(21,580)	(21,580)
At 31 March 2018	2,053	54,935	45,303	102,291
Carrying amount
At 31 March 2018	203,293	14,459	31,037	248,789
At 31 March 2017	-	8,181	52,950	61,131

Included within the net book value of land and buildings above is £203,293 (2017 - £Nil) in respect of freehold land and buildings.
 

4

Debtors

	2018 £	2017 £
Trade debtors	1,798,056	570,283
Other debtors	9,165	13,022
Total current trade and other debtors	1,807,221	583,305

Page 5

AQC Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Creditors

	Note	2018 £	2017 £
Due within one year
Loans and overdrafts	6	174,359	15,548
Trade creditors		774,710	336,837
Taxation and social security		67,796	45,368
Other creditors		338,857	124,624
		1,355,722	522,377
Due after one year
Loans and borrowings	6	8,556	20,555

6	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Finance lease liabilities	8,556	20,555

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	162,392	-
Finance lease liabilities	11,967	15,548
	174,359	15,548

Secured creditors:
Finance lease agreements are secured on the assets to which they relate.
The bank loan is secured by way of a debenture in favour of the National Westminster Bank over the fixed and floating assets of the company and a 1st Legal charge of the property at 585 Oldham Road, Rochdale and its associated assets.

7	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2017 - 15).

8	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £Nil (2017 - £30,000).

Page 6