2 28 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,500 3,780 7,280 234 1,401 1,635 5,645 3,266 xbrli:pure xbrli:shares iso4217:GBP 10829605 2022-03-01 2023-02-28 10829605 2023-02-28 10829605 2022-02-28 10829605 2022-02-28 10829605 bus:Director1 2022-03-01 2023-02-28 10829605 core:WithinOneYear 2023-02-28 10829605 core:WithinOneYear 2022-02-28 10829605 core:ShareCapital 2023-02-28 10829605 core:ShareCapital 2022-02-28 10829605 core:RetainedEarningsAccumulatedLosses 2023-02-28 10829605 core:RetainedEarningsAccumulatedLosses 2022-02-28 10829605 bus:SmallEntities 2022-03-01 2023-02-28 10829605 bus:Audited 2022-03-01 2023-02-28 10829605 bus:FullAccounts 2022-03-01 2023-02-28 10829605 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10829605 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10829605 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 10829605 core:IntangibleAssetsOtherThanGoodwill 2022-02-28 10829605 core:IntangibleAssetsOtherThanGoodwill 2023-02-28
COMPANY REGISTRATION NUMBER: 10829605
QIC DIRECT LIMITED
FILLETED FINANCIAL STATEMENTS
28 February 2023
QIC DIRECT LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
5,645
3,266
CURRENT ASSETS
Stocks
96,836
73,321
Debtors
6
160,541
13,185
Cash at bank and in hand
34,556
23,693
---------
---------
291,933
110,199
CREDITORS: amounts falling due within one year
7
197,401
101,254
---------
---------
NET CURRENT ASSETS
94,532
8,945
---------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
100,177
12,211
PROVISIONS
1,608
817
---------
--------
NET ASSETS
98,569
11,394
---------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
1,000
1,000
Profit and loss account
97,569
10,394
--------
--------
SHAREHOLDERS FUNDS
98,569
11,394
--------
--------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 10829605
QIC DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 Qictrims Radclive Road, Gawcott, Buckingham, MK18 4BL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: Nil).
5. INTANGIBLE ASSETS
Website costs
£
Cost
At 1 March 2022
3,500
Additions
3,780
-------
At 28 February 2023
7,280
-------
Amortisation
At 1 March 2022
234
Charge for the year
1,401
-------
At 28 February 2023
1,635
-------
Carrying amount
At 28 February 2023
5,645
-------
At 28 February 2022
3,266
-------
6. DEBTORS
2023
2022
£
£
Trade debtors
23,315
185
Amounts owed by group undertakings and undertakings in which the company has a participating interest
137,108
12,000
Other debtors
118
1,000
---------
--------
160,541
13,185
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,729
4,269
Amounts owed to group undertakings and undertakings in which the company has a participating interest
149,172
94,012
Corporation tax
19,810
1,617
Social security and other taxes
12,698
1,356
Other creditors
5,992
---------
---------
197,401
101,254
---------
---------
8. SUMMARY AUDIT OPINION
The auditor's report for the year dated 28 November 2023 was unqualified .
The senior statutory auditor was David Kelland FCA , for and on behalf of Meadows & Co Limited .
9. RELATED PARTY TRANSACTIONS
The company has participated in transactions with related parties and has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group. There are no other related party transactions.
10. PARENT UNDERTAKING
The parent undertaking of the smallest group that prepares consolidated accounts which includes the results of Qic Direct Limited is Silvanito Holdings Limited , a company incorporated in England and Wales, whose registered office is Qictrims Radclive Road, Gawcott, Buckingham, United Kingdom, MK18 4BL .