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Registration number: 10599569

De Quality Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

De Quality Services Ltd

Contents

Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Unaudited Financial Statements

3 to 6

 

De Quality Services Ltd

(Registration number: 10599569)
Balance Sheet as at 31 December 2022

Note

2022

2021

Fixed assets

 

Tangible assets

4

2,128

346

Current assets

 

Debtors

5

62,424

85,489

Investments

6

688,027

681,769

Cash at bank and in hand

 

5,111

8,033

 

755,562

775,291

Creditors: Amounts falling due within one year

7

(654,096)

(723,866)

Net current assets

 

101,466

51,425

Net assets

 

103,594

51,771

Capital and reserves

 

Called up share capital

11,702

11,702

Retained earnings

91,892

40,069

Shareholders' funds

 

103,594

51,771

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2023
 

.........................................
Gianni Mario Auriglietti
Director

 

De Quality Services Ltd

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital

Retained earnings

Total

At 1 January 2022

11,702

40,069

51,771

Profit for the year

-

51,823

51,823

At 31 December 2022

11,702

91,892

103,594

Share capital

Retained earnings

Total

At 1 January 2021

11,702

29,660

41,362

Profit for the year

-

10,409

10,409

At 31 December 2021

11,702

40,069

51,771

 

De Quality Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
England

These financial statements were authorised for issue by the director on 23 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

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 rate on the date when the fair value is re-measured.

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

 

De Quality Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% Straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

De Quality Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Financial instruments

Classification
The company only enters into basic financial instruments 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 non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

4

Tangible assets

Office equipment

Total

Cost or valuation

At 1 January 2022

799

799

Additions

2,238

2,238

At 31 December 2022

3,037

3,037

Depreciation

At 1 January 2022

453

453

Charge for the year

456

456

At 31 December 2022

909

909

Carrying amount

At 31 December 2022

2,128

2,128

At 31 December 2021

346

346

 

De Quality Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Debtors

Current

2022

2021

Trade debtors

17,640

74,816

Prepayments

30,811

-

Other debtors

13,973

10,673

 

62,424

85,489

6

Current asset investments

2022

2021

Other investments

688,027

681,769

7

Creditors

Creditors: amounts falling due within one year

2022

2021

Due within one year

Trade creditors

87,323

105,317

Taxation and social security

1,525

4,969

Accruals and deferred income

5,250

34,872

Other creditors

559,998

578,708

654,096

723,866