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Registration number: 04863391

Q-Solution Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Q-Solution Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 8

 

Q-Solution Limited

Company Information

Directors

K D Hoskins

L A Flaxington

S K Jennings

Company secretary

L A Flaxington

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Q-Solution Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

21,562

23,973

Current assets

 

Debtors

6

329,698

248,726

Cash at bank and in hand

 

1,012,948

843,542

 

1,342,646

1,092,268

Creditors: Amounts falling due within one year

7

(345,353)

(320,187)

Net current assets

 

997,293

772,081

Total assets less current liabilities

 

1,018,855

796,054

Provisions for liabilities

(4,459)

(4,927)

Net assets

 

1,014,396

791,127

Capital and reserves

 

Called up share capital

160

160

Retained earnings

1,014,236

790,967

Shareholders' funds

 

1,014,396

791,127

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Q-Solution Limited

Statement of Financial Position as at 31 March 2023

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 11 September 2023 and signed on its behalf by:
 

.........................................

K D Hoskins

Director

Company registration number: 04863391

 

Q-Solution Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is the provision of information technology services.

2

Accounting policies

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 except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. After making enquiries the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. These enquiries included a detailed review of the potential impact upon the Company’s activities and ability to operate within its market due to current inflationary outlook on the UK economy.

Due to the nature of Company’s activities and services all key staff members have been able to continue delivering a full suite of IT development and support services to established clients with a minimum of disruption. Clients have demonstrated their continued demand for these services and associated cashflows remain in line with expectations. With new revenue opportunities in the pipeline, both revenue and underlying profitability have remained strong to date.

Post year end trading has seen continued profitability as demonstrated in the latest available monthly management accounts and the growth of potentially significant new income streams. Both the Company’s net asset position and liquidity remain healthy, and are further supported by the Directors’ continued vigilance over variable costs.

The Directors therefore remain confident that the company will continue to meet all its financial obligations as and when they fall due and therefore the financial statements have been prepared on the going concern basis.

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 sales/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.

 

Q-Solution Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

 

Q-Solution Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 8 (2022 - 7).

4

Taxation

Tax charged/(credited) in the income statement

 

Q-Solution Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current taxation

UK corporation tax

173,474

150,560

R&D tax credit

(85,270)

(53,998)

88,204

96,562

Deferred taxation

Arising from reclassification from equity to profit or loss

(468)

595

Tax expense in the income statement

87,736

97,157

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

61,132

21,669

82,801

Additions

4,299

-

4,299

At 31 March 2023

65,431

21,669

87,100

Depreciation

At 1 April 2022

42,202

16,626

58,828

Charge for the year

5,449

1,261

6,710

At 31 March 2023

47,651

17,887

65,538

Carrying amount

At 31 March 2023

17,780

3,782

21,562

At 31 March 2022

18,930

5,043

23,973

6

Debtors

2023
£

2022
£

Trade debtors

302,696

224,948

Other debtors

27,002

23,778

329,698

248,726

 

Q-Solution Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

99,452

32,834

Taxation and social security

172,349

217,554

Other creditors

73,552

69,799

345,353

320,187

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2022 - £36,000).