REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
FOR |
QUANTCOPY GROWTH AI LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
FOR |
QUANTCOPY GROWTH AI LIMITED |
QUANTCOPY GROWTH AI LIMITED (REGISTERED NUMBER: 11808232) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
QUANTCOPY GROWTH AI LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 Underwood Row |
London |
N1 7LQ |
QUANTCOPY GROWTH AI LIMITED (REGISTERED NUMBER: 11808232) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
31.12.21 | 28.2.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
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. |
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 and authorised for issue on |
QUANTCOPY GROWTH AI LIMITED (REGISTERED NUMBER: 11808232) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Quantcopy Growth AI Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
There are no significant judgements or estimates applied to the numbers contained within these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
QUANTCOPY GROWTH AI LIMITED (REGISTERED NUMBER: 11808232) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Income Statement. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, loans from fellow Group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value. |
QUANTCOPY GROWTH AI LIMITED (REGISTERED NUMBER: 11808232) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current 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 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 statement of financial position date. |
The tax credit disclosed in the income statement represents the surrender of corporation tax losses for research and development tax credits. |
Research and development |
Revenue expenditure on research and development is written off in the period in which it is incurred. |
The company qualifies to make claims under the SME R&D tax relief scheme. Benefits arising from successful claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Benefits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to income statement in the period to which they relate. |
Going concern |
The financial statements have been prepared on a going concern basis. The company has incurred losses during the year however the company was successful in raising funding during the year and the directors believe the company has sufficient resources in order to meet its obligations, if and when, they fall due. The directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the financial statements. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 28.2.21 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
QUANTCOPY GROWTH AI LIMITED (REGISTERED NUMBER: 11808232) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2021 TO 31 DECEMBER 2021 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 28.2.21 |
£ | £ |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | RELATED PARTY DISCLOSURES |
At the date of the financial statements, the company owed the director £4,352 (2021 - £4,352). The loans are interest free and repayable on demand. |
8. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
9. | CHANGE IN REPORTING PERIOD AND IMPACT ON COMPARABILITY |
The company shortened its accounting period end from 28 February 2022 to 31 December 2021 so that, going forward, it could report its annual financial results on a calendar year basis. These financial statements therefore cover the 10 month period 1 March 2021 to 31 December 2021. The comparative figures included in these financial statements cover the 12 month period 1 March 2020 to 28 February 2021. |