Registered number
07650215
QUOMPCO LIMITED
Filleted Accounts
28 February 2018
QUOMPCO LIMITED
Registered number: 07650215
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 270,718 275,519
Current assets
Stocks 19,920 19,920
Debtors 3 208,178 126,067
Cash at bank and in hand 41,827 40,221
269,925 186,208
Creditors: amounts falling due within one year 4 (440,281) (326,443)
Net current liabilities (170,356) (140,235)
Net assets 100,362 135,284
Capital and reserves
Called up share capital 100 100
Profit and loss account 100,262 135,184
Shareholders' funds 100,362 135,284
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. Wyatt-Budd
Director
Approved by the board on 30 April 2018
QUOMPCO LIMITED
Notes to the Accounts
for the year ended 28 February 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures and fittings over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 1 March 2017 77,300 107,848 227,412 412,560
Additions 21,299 4,887 4,314 30,500
At 28 February 2018 98,599 112,735 231,726 443,060
Depreciation
At 1 March 2017 - 52,174 84,867 137,041
Charge for the year - 13,919 21,382 35,301
At 28 February 2018 - 66,093 106,249 172,342
Net book value
At 28 February 2018 98,599 46,642 125,477 270,718
At 28 February 2017 77,300 55,674 142,545 275,519
3 Debtors 2018 2017
£ £
Trade debtors 30,301 3,083
Amounts owed by group undertakings and undertakings in which the company has a participating interest 127,555 73,166
Other debtors 50,322 49,818
208,178 126,067
4 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 196,878 212,110
Trade creditors 62,886 29,570
Directors loan account 125,050 24,560
Corporation tax - 4,928
Other taxes and social security costs 7,942 6,108
Value Added Tax 42,661 44,603
Other creditors 4,864 4,564
440,281 326,443
5 Other information
QUOMPCO LIMITED is a private company limited by shares and incorporated in England.
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