Company Registration No. NI629129 (Northern Ireland)
QTech Horizon Ltd
Unaudited accounts
for the year ended 28 February 2023
QTech Horizon Ltd
Statement of financial position
as at 28 February 2023
Intangible assets
47,959
75,000
Cash at bank and in hand
76,517
32,209
Creditors: amounts falling due within one year
(38,350)
(42,807)
Net current assets
43,717
10,252
Total assets less current liabilities
92,311
86,093
Creditors: amounts falling due after more than one year
(14,239)
(20,000)
Called up share capital
1
1
Profit and loss account
78,071
66,092
Shareholders' funds
78,072
66,093
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by
Andrew Fox
Director
Company Registration No. NI629129
QTech Horizon Ltd
Notes to the Accounts
for the year ended 28 February 2023
QTech Horizon Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI629129. The registered office is Unit 2, 21 Old Channel Road, Belfast, BT3 9DE, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors believe that the company QTech Horizon Ltd has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes . Turnover from the rendering of digital media and consultancy services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less any subsequent revaluation.
Change in Accounting Policy
During the year the company changed their accounting policy for intangible fixed assets and applied it retrospectively. There were no changes to reserves.
QTech Horizon Ltd
Notes to the Accounts
for the year ended 28 February 2023
4
Intangible fixed assets
Other
At 28 February 2023
47,959
At 28 February 2023
47,959
At 28 February 2022
75,000
5
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,000
6,000
Other creditors
20,158
30,070
Loans from directors
9,192
109
QTech Horizon Ltd
Notes to the Accounts
for the year ended 28 February 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
2 Ordinary A shares of £0.45 each
0.90
0.90
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).