Quality Process Engineering Limited - Period Ending 2018-03-31

Registration number: 05249022

Quality Process Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Lanham & Francis
Chartered Accountants
77a Cheap Street
Sherborne
Dorset
DT9 3BA

Quality Process Engineering Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Quality Process Engineering Limited

Company Information

Director

G A R Caws-Lovelace

Company secretary

Mrs P A Caws-Lovelace

Registered office

Caledon Cottage 69 South Street Milborne Port Sherborne Dorset DT9 5DH

Accountants

Lanham & Francis Chartered Accountants 77a Cheap Street Sherborne Dorset DT9 3BA

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Quality Process Engineering Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quality Process Engineering Limited for the year ended 31 March 2018 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Quality Process Engineering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quality Process Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Quality Process Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quality Process Engineering Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quality Process Engineering Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quality Process Engineering Limited. You consider that Quality Process Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Quality Process Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Lanham & Francis
Chartered Accountants
77a Cheap Street
Sherborne
Dorset
DT9 3BA

24 December 2018

Page 2

Quality Process Engineering Limited

(Registration number: 05249022)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	17
Current assets
Debtors	5	40,566	25,184
Cash at bank and in hand		361	2,713
		40,927	27,897
Creditors: Amounts falling due within one year	6	(39,807)	(27,333)
Net current assets		1,120	564
Net assets		1,120	581
Capital and reserves
Called up share capital		2	2
Profit and loss account		1,118	579
Total equity		1,120	581

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 23 December 2018



 

G A R Caws-Lovelace

Director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Quality Process Engineering 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 and Wales.

The address of its registered office is:
Caledon Cottage
69 South Street
Milborne Port
Sherborne
Dorset
DT9 5DH

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the United Kingdom.

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.

Page 4

Quality Process Engineering Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	33% on reducing balance

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	580	580
At 31 March 2018	580	580
Depreciation
At 1 April 2017	563	563
Charge for the year	17	17
At 31 March 2018	580	580
Carrying amount
At 31 March 2018	-	-
At 31 March 2017	17	17

Page 5

Quality Process Engineering Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

5

Debtors

	2018 £	2017 £
Trade debtors	2,886	3,156
Other debtors	37,680	22,028
Total current trade and other debtors	40,566	25,184

6

Creditors

	Note	2018 £	2017 £
Due within one year
Taxation and social security		10,028	2,658
Other creditors		29,779	24,675
		39,807	27,333

7	Related party transactions

Transactions with directors

2018	At 1 April 2017 £	Advances to directors £	At 31 March 2018 £
G A R Caws-Lovelace
Interest free loan	17,300	11,807	29,107

2017	At 1 April 2016 £	Repayments by director £	At 31 March 2017 £
G A R Caws-Lovelace
Interest free loan	19,880	(2,580)	17,300

Page 6