Registered number
06967357
QQQ Ltd
Filleted Accounts
31 January 2023
QQQ Ltd
Registered number: 06967357
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 4,015 -
Tangible assets 4 132,760 35,585
136,775 35,585
Current assets
Stocks 112,000 96,000
Debtors 5 425,241 372,293
Cash at bank and in hand 55,993 77,884
593,234 546,177
Creditors: amounts falling due within one year 6 (193,284) (208,868)
Net current assets 399,950 337,309
Total assets less current liabilities 536,725 372,894
Creditors: amounts falling due after more than one year 7 (446,524) (194,384)
Net assets 90,201 178,510
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 89,201 177,510
Shareholder's funds 90,201 178,510
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Domas Zevuckis
Director
Approved by the board on 18 November 2023
QQQ Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 20 years, straight line basis
Plant and machinery etc 25%, reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Domain Costs:
Cost
Additions 4,226
At 31 January 2023 4,226
Amortisation
Provided during the year 211
At 31 January 2023 211
Net book value
At 31 January 2023 4,015
Domain costs are being written off in equal annual instalments over their estimated economic life of 20 years.
4 Tangible fixed assets
Building Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 - 24,578 43,750 68,328
Additions 87,501 40,515 - 128,016
Disposals - - (20,350) (20,350)
At 31 January 2023 87,501 65,093 23,400 175,994
Depreciation
At 1 February 2022 - 16,464 16,279 32,743
Charge for the year 4,375 12,157 4,388 20,920
On disposals - - (10,429) (10,429)
At 31 January 2023 4,375 28,621 10,238 43,234
Net book value
At 31 January 2023 83,126 36,472 13,162 132,760
At 31 January 2022 - 8,114 27,471 35,585
5 Debtors 2023 2022
£ £
Trade debtors 9,000 7,700
Prepayments and accrued income 6,519 109,262
Director's loan account 84,541 84,541
CT recoverable 4,323 4,323
Other debtors 320,858 166,467
425,241 372,293
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,033 6,005
Other commercial loans 72,985 34,300
Trade creditors 56,334 61,982
Taxation and social security costs 24,633 42,370
Value added tax 16,060 20,798
Accruals and deferred income 11,521 38,013
Other creditors 5,718 5,400
193,284 208,868
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,189 40,034
Other commercial loans 412,335 154,350
446,524 194,384
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 19,800 16,200
9 Controlling party
The immediate and ultimate controlling party is Mr Domas Zevuckis, the sole director and shareholder of QQQ Ltd.
10 Other information
QQQ Ltd is a private company limited by shares and incorporated in England. Its registered office is at:
5 Markyate Road, Dagenham, Essex, RM8 2LJ
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