QXE Industries Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10085815 (England and Wales)

QXE INDUSTRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

H Stevens

C D Honer

REGISTERED OFFICE:

Qxe Barn

Oxpens

Yanworth

Gloucestershire

GL54 3QE

REGISTERED NUMBER:

10085815 (England and Wales)

ACCOUNTANTS:

William Hinton Limited

Chartered Accountants

Ross House

The Square

Stow On The Wold

Gloucestershire

GL54 1AF

FIXED ASSETS

Intangible assets

4

854,938

651,355

Tangible assets

5

144,152

30,532

999,090

681,887

CURRENT ASSETS

Debtors

41,851

404,582

Cash at bank

512,962

216,823

554,813

621,405

CREDITORS

Amounts falling due within one year

217,075

14,814

NET CURRENT ASSETS

337,738

606,591

TOTAL ASSETS LESS CURRENT LIABILITIES

1,336,828

1,288,478

CAPITAL AND RESERVES

Called up share capital

729,992

719,742

Share premium

2,504,462

1,489,712

Retained earnings

(1,897,626

)

(920,976

)

1,336,828

1,288,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2018 and were signed on its behalf by:

H Stevens - Director

1.	STATUTORY INFORMATION

QXE Industries 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten 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 etc

-

20% per annum on cost and 15% on reducing balance

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 balance sheet date.

Deferred tax

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

sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

704,167

Additions

274,000

At 31 December 2017

978,167

AMORTISATION

At 1 January 2017

52,812

Amortisation for year

70,417

At 31 December 2017

123,229

NET BOOK VALUE

At 31 December 2017

854,938

At 31 December 2016

651,355

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

32,063

Additions

131,996

Disposals

(8,663

)

At 31 December 2017

155,396

DEPRECIATION

At 1 January 2017

1,531

Charge for year

11,052

Eliminated on disposal

(1,339

)

At 31 December 2017

11,244

NET BOOK VALUE

At 31 December 2017

144,152

At 31 December 2016

30,532

6.	ULTIMATE CONTROLLING PARTY

The controlling party is H Stevens.

The ultimate controlling party is H Stevens.