1 August 2022 v2023.25.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP073212232022-08-012023-07-31073212232023-07-31073212232022-07-3107321223core:WithinOneYear2023-07-3107321223core:WithinOneYear2022-07-3107321223core:AfterOneYear2023-07-3107321223core:AfterOneYear2022-07-3107321223core:ShareCapital2023-07-3107321223core:ShareCapital2022-07-3107321223core:RetainedEarningsAccumulatedLosses2023-07-3107321223core:RetainedEarningsAccumulatedLosses2022-07-3107321223bus:Director12022-08-012023-07-3107321223bus:RegisteredOffice2022-08-012023-07-3107321223core:NetGoodwill2022-08-012023-07-31073212232021-08-012022-07-3107321223core:NetGoodwill2023-07-3107321223core:NetGoodwill2022-08-0107321223core:NetGoodwill2022-07-3107321223core:PlantMachinery2022-08-0107321223core:PlantMachinery2022-08-012023-07-3107321223core:PlantMachinery2023-07-3107321223core:PlantMachinery2022-07-310732122312022-08-012023-07-3107321223countries:EnglandWales2022-08-012023-07-3107321223bus:AuditExemptWithAccountantsReport2022-08-012023-07-3107321223bus:PrivateLimitedCompanyLtd2022-08-012023-07-3107321223bus:SmallEntities2022-08-012023-07-3107321223bus:FullAccounts2022-08-012023-07-31
Company registration number:
07321223
Quicktest Scientific Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
BRIAN PAUL LIMITED
Chartered Accountants
Chase Green House, 42 Chase Side, Enfield, Middlesex, EN2 6NF, United Kingdom
Quicktest Scientific Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Intangible assets 5
56,000
 
64,000
 
Tangible assets 6
3,682
 
2,021
 
59,682
 
66,021
 
Current assets    
Stocks
40,500
 
35,400
 
Debtors 7
13,502
 
6,427
 
Cash at bank and in hand
46,523
 
54,924
 
100,525
 
96,751
 
Creditors: amounts falling due within one year 8
(46,323
)
(37,704
)
Net current assets
54,202
 
59,047
 
Total assets less current liabilities 113,884   125,068  
Creditors: amounts falling due after more than one year 9
(40,000
)
(40,000
)
Net assets
73,884
 
85,068
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
73,883
 
85,067
 
Shareholders funds
73,884
 
85,068
 
For the year ending
31 July 2023
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 October 2023
, and are signed on behalf of the board by:
Raphael David Katz
Director
Company registration number:
07321223
Quicktest Scientific Limited
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The registered office and business address of the company is
Chase Green House
,
Middlesex
,
EN2 6NF
, United Kingdom. The business address of the company is Park House, Greenhill Crescent, Watford Business Park, Watford, Hertfordshire, WD18 8PH.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

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.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
6
(2022:
7
).

5 Intangible assets

Goodwill
£
Cost  
At
1 August 2022
and
31 July 2023
160,000
 
Amortisation  
At
1 August 2022
96,000
 
Charge
8,000
 
At
31 July 2023
104,000
 
Carrying amount  
At
31 July 2023
56,000
 
At 31 July 2022
64,000
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2022
29,293
 
Additions
2,888
 
At
31 July 2023
32,181
 
Depreciation  
At
1 August 2022
27,272
 
Charge
1,227
 
At
31 July 2023
28,499
 
Carrying amount  
At
31 July 2023
3,682
 
At 31 July 2022
2,021
 

7 Debtors

20232022
££
Trade debtors
11,177
 
5,313
 
Other debtors
2,325
 
1,114
 
13,502
 
6,427
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
16,649
 
13,600
 
Taxation and social security
4,963
 
11,308
 
Other creditors
24,711
 
12,796
 
46,323
 
37,704
 

9 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
40,000
 
40,000