London Quant Limited Company Accounts

London Quant Limited Company Accounts

LONDON QUANT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06304522
London Quant Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 October 2017
London Quant Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 October 2017
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
London Quant Limited
Company Limited by Guarantee
Statement of Financial Position
31 October 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
1
1
Current assets
Debtors
6
893
1,434
Cash at bank and in hand
62,397
49,678
--------
--------
63,290
51,112
Creditors: amounts falling due within one year
7
( 18,442)
( 3,398)
--------
--------
Net current assets
44,848
47,714
--------
--------
Total assets less current liabilities
44,849
47,715
--------
--------
Net assets
44,849
47,715
--------
--------
Capital and reserves
Profit and loss account
44,849
47,715
--------
--------
Members funds
44,849
47,715
--------
--------
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 income and retained earnings 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 .
London Quant Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 October 2017
These financial statements were approved by the board of directors and authorised for issue on 16 July 2018 , and are signed on behalf of the board by:
Mr J E Fishwick
Director
Company registration number: 06304522
London Quant Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 2017
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 11 High Street, Baldock, Herts, SG7 6AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
-
25% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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.
4. Company limited by guarantee
Every member of the Company undertakes to contribute to the assets of the Company, in the event of its being wound up while he is a member, or within one year after he ceases to be a member, for pay payment of the debts and liabilities of the Company contracted before he ceases to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of contributories among themselves, such amount as may be required not exceeding £1. The company attempts to maintain adequate reserves in the event of poor attendance of members, to cover the costs of forthcomming conferences.
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 Nov 2016 and 31 Oct 2017
3,750
3,750
-------
-------
Depreciation
At 1 Nov 2016 and 31 Oct 2017
3,749
3,749
-------
-------
Carrying amount
At 31 October 2017
1
1
-------
-------
6. Debtors
2017
2016
£
£
Other debtors
893
1,434
----
-------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
16,999
1,955
Other creditors
1,443
1,443
--------
-------
18,442
3,398
--------
-------
8. 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.