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Company registration number: 04587391
QLIC IT LTD
Unaudited filleted financial statements
31 March 2023
QLIC IT LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
QLIC IT LTD
Statement of financial position
31 March 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 123,995 147,543
_______ _______
123,995 147,543
Current assets
Stocks 1,500 2,500
Debtors 6 334,474 278,708
Cash at bank and in hand 397,983 316,981
_______ _______
733,957 598,189
Creditors: amounts falling due
within one year 7 ( 444,267) ( 447,088)
_______ _______
Net current assets 289,690 151,101
_______ _______
Total assets less current liabilities 413,685 298,644
_______ _______
Net assets 413,685 298,644
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 413,585 298,544
_______ _______
Shareholders funds 413,685 298,644
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 September 2023 , and are signed on behalf of the board by:
Mr Nicholas Stansfield
Director
Company registration number: 04587391
QLIC IT LTD
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and wales. The address of the registered office is Avery House, 8 Avery Hill Road, New Eltham, London, SE9 2BD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% Reducing balance
Fittings fixtures and equipment - 25% Reducing balance
Motor vehicles - 25% Reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2022: 30 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 142,644 21,889 105,451 9,751 279,735
Additions - - 4,075 - 4,075
_______ _______ _______ _______ _______
At 31 March 2023 142,644 21,889 109,526 9,751 283,810
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 44,475 20,136 58,807 8,774 132,192
Charge for the year 14,261 280 12,838 244 27,623
_______ _______ _______ _______ _______
At 31 March 2023 58,736 20,416 71,645 9,018 159,815
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 83,908 1,473 37,881 733 123,995
_______ _______ _______ _______ _______
At 31 March 2022 98,169 1,753 46,644 977 147,543
_______ _______ _______ _______ _______
6. Debtors
£ £
Trade debtors 244,911 268,208
Other debtors 89,563 10,500
_______ _______
334,474 278,708
_______ _______
7. Creditors: amounts falling due within one year
£ £
Trade creditors 101,323 179,240
Corporation tax 72,243 23,906
Social security and other taxes 112,412 81,919
Other creditors 158,289 162,023
_______ _______
444,267 447,088
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Nicholas Stansfield ( 2,951) 57,877 54,926
Mr Adam Graham 10,000 24,101 34,101
_______ _______ _______
7,049 81,978 89,027
_______ _______ _______
Period ended
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Nicholas Stansfield ( 40) ( 2,911) (2,951)
Mr Adam Graham - 10,000 10,000
_______ _______ _______
( 40) 7,089 7,049
_______ _______ _______