Silverfin false 30/04/2023 01/05/2022 30/04/2023 S Barnes 26/03/2008 J Draper 21/11/2016 R Ramos 28/11/2014 04 October 2023 The principal activity of the company continues to be that of management consultancy services. 06543734 2023-04-30 06543734 bus:Director1 2023-04-30 06543734 bus:Director2 2023-04-30 06543734 bus:Director3 2023-04-30 06543734 2022-04-30 06543734 core:CurrentFinancialInstruments 2023-04-30 06543734 core:CurrentFinancialInstruments 2022-04-30 06543734 core:Non-currentFinancialInstruments 2023-04-30 06543734 core:Non-currentFinancialInstruments 2022-04-30 06543734 core:ShareCapital 2023-04-30 06543734 core:ShareCapital 2022-04-30 06543734 core:SharePremium 2023-04-30 06543734 core:SharePremium 2022-04-30 06543734 core:RetainedEarningsAccumulatedLosses 2023-04-30 06543734 core:RetainedEarningsAccumulatedLosses 2022-04-30 06543734 core:ComputerSoftware 2022-04-30 06543734 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 06543734 core:ComputerSoftware 2023-04-30 06543734 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 06543734 core:LeaseholdImprovements 2022-04-30 06543734 core:FurnitureFittings 2022-04-30 06543734 core:ComputerEquipment 2022-04-30 06543734 core:LeaseholdImprovements 2023-04-30 06543734 core:FurnitureFittings 2023-04-30 06543734 core:ComputerEquipment 2023-04-30 06543734 core:CostValuation 2022-04-30 06543734 core:CostValuation 2023-04-30 06543734 core:ProvisionsForImpairmentInvestments 2022-04-30 06543734 core:ProvisionsForImpairmentInvestments 2023-04-30 06543734 2022-05-01 2023-04-30 06543734 bus:AbridgedAccounts 2022-05-01 2023-04-30 06543734 bus:SmallEntities 2022-05-01 2023-04-30 06543734 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 06543734 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06543734 bus:Director1 2022-05-01 2023-04-30 06543734 bus:Director2 2022-05-01 2023-04-30 06543734 bus:Director3 2022-05-01 2023-04-30 06543734 core:ComputerSoftware core:TopRangeValue 2022-05-01 2023-04-30 06543734 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-05-01 2023-04-30 06543734 core:PatentsTrademarksLicencesConcessionsSimilar 2022-05-01 2023-04-30 06543734 core:LeaseholdImprovements core:TopRangeValue 2022-05-01 2023-04-30 06543734 core:FurnitureFittings core:TopRangeValue 2022-05-01 2023-04-30 06543734 core:ComputerEquipment core:TopRangeValue 2022-05-01 2023-04-30 06543734 2021-05-01 2022-04-30 06543734 core:ComputerSoftware 2022-05-01 2023-04-30 06543734 core:LeaseholdImprovements 2022-05-01 2023-04-30 06543734 core:FurnitureFittings 2022-05-01 2023-04-30 06543734 core:ComputerEquipment 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 06543734 (England and Wales)

QUOLUX LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 30 April 2023

QUOLUX LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

QUOLUX LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
QUOLUX LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 39,757 48,435
Tangible assets 4 7,542 12,116
Investments 5 50 50
47,349 60,601
Current assets
Debtors 139,051 162,650
Cash at bank and in hand 288,096 237,499
427,147 400,149
Creditors: amounts falling due within one year ( 243,799) ( 262,773)
Net current assets 183,348 137,376
Total assets less current liabilities 230,697 197,977
Creditors: amounts falling due after more than one year ( 33,796) ( 39,352)
Provision for liabilities ( 1,401) 0
Net assets 195,500 158,625
Capital and reserves
Called-up share capital 121 121
Share premium account 32,768 32,768
Profit and loss account 162,611 125,736
Total shareholders' funds 195,500 158,625

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of QuoLux Limited (registered number: 06543734) were approved and authorised for issue by the Director on 04 October 2023. They were signed on its behalf by:

S Barnes
Director
QUOLUX LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
QUOLUX LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

QuoLux Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is B9 Elmbridge Court, Cheltenham Road East, Gloucester, GL3 1JZ, England, United Kingdom. The company is B Corp Certified.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable are classified as current liabilities if payment is due within one year or less. 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 May 2022 20,787 45,204 65,991
At 30 April 2023 20,787 45,204 65,991
Accumulated amortisation
At 01 May 2022 5,196 12,360 17,556
Charge for the financial year 4,158 4,520 8,678
At 30 April 2023 9,354 16,880 26,234
Net book value
At 30 April 2023 11,433 28,324 39,757
At 30 April 2022 15,591 32,844 48,435

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 May 2022 21,115 21,022 35,146 77,283
Additions 0 670 2,321 2,991
At 30 April 2023 21,115 21,692 37,467 80,274
Accumulated depreciation
At 01 May 2022 15,408 21,002 28,757 65,167
Charge for the financial year 4,223 113 3,229 7,565
At 30 April 2023 19,631 21,115 31,986 72,732
Net book value
At 30 April 2023 1,484 577 5,481 7,542
At 30 April 2022 5,707 20 6,389 12,116

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 May 2022 50 50
At 30 April 2023 50 50
Provisions for impairment
At 01 May 2022 0 0
At 30 April 2023 0 0
Carrying value at 30 April 2023 50 50
Carrying value at 30 April 2022 50 50

6. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 4,908 24,540

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Dividends paid to directors' 6,000 0
Directors overdrawn loan balances 15,439 1,012

The overdrawn directors loan account balances above have been repaid following the year end and interest has been charged at 2% per annum.

Separately to the above, an amount of £155,134 (2022: £156,933) was owed to a company director. Interest is being accrued at 10% per annum and there is no fixed date for repayment of the loan.