REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
FOR |
Q ANALYSTS LTD. |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
FOR |
Q ANALYSTS LTD. |
Q ANALYSTS LTD. (REGISTERED NUMBER: 12870558) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Q ANALYSTS LTD. |
COMPANY INFORMATION |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Freshford House |
Redcliffe Way |
Bristol |
BS1 6NL |
Q ANALYSTS LTD. (REGISTERED NUMBER: 12870558) |
BALANCE SHEET |
31 DECEMBER 2021 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Q ANALYSTS LTD. (REGISTERED NUMBER: 12870558) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Q Analysts Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
All amounts stated have been rounded to the nearest £1 sterling. |
Related party exemption |
The company has taken advantage of the exemption available under 'The Small Companies and Groups Regulations 2008, Schedule 1 paragraph 66(4)' not to disclose transactions with other wholly owned members of this group. |
Significant judgements and estimates |
In the application of the Company's accounting policies, the director are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company is contracted by its parent company Q Analysts Inc to deliver QA and testing under an intercompany agreement. The company is remunerated by its parent for these services. |
Q ANALYSTS LTD. (REGISTERED NUMBER: 12870558) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds |
Total Contribution paid as at year end is £15,060 and amount payable as at year end of £2,005 in the period to which they relate. |
Going concern |
The COVID-19 pandemic has not had a significant, immediate impact on the Company's operations but the directors are aware that this may change if the current situation is prolonged. The directors have therefore sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Debtors and creditors |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Q ANALYSTS LTD. (REGISTERED NUMBER: 12870558) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 SEPTEMBER 2020 TO 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalent |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
VAT |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Corporation tax |
Accruals and deferred income |
Accrued expenses |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | FINANCE INCOME AND COSTS |
Finance income and costs are recognised in profit and loss using the effective interest method |
8. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Q Analysts Inc, a company incorporated in the United States of America with its registered office at 825 Fifth Avenue. Kirkland, WA 98033 USA. |