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Registration number: 07243867

Quantum Tuning Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Quantum Tuning Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Quantum Tuning Limited

Company Information

Directors

D E Guildford

S J Banfield

K R Exley

S C Yates

Registered office

Unit A Enterprise House
Waldeck Road
Maidenhead
Bucks
SL6 8BR

Accountants

Churchills
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE

 

Quantum Tuning Limited

(Registration number: 07243867)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

135,127

148,695

Tangible assets

5

55,325

63,137

 

190,452

211,832

Current assets

 

Stocks

6

44,298

16,951

Debtors

7

646,538

37,576

Cash at bank and in hand

 

1,140,599

900,186

 

1,831,435

954,713

Creditors: Amounts falling due within one year

(817,423)

(649,430)

Net current assets

 

1,014,012

305,283

Net assets

 

1,204,464

517,115

Capital and reserves

 

Called up share capital

8

770

770

Capital redemption reserve

230

230

Retained earnings

1,203,464

516,115

Shareholders' funds

 

1,204,464

517,115

 

Quantum Tuning Limited

(Registration number: 07243867)
Abridged Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2023 and signed on its behalf by:
 

.........................................
K R Exley
Director

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A Enterprise House
Waldeck Road
Maidenhead
Bucks
SL6 8BR
England

These financial statements were authorised for issue by the Board on 12 February 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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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

Plant and machinery

25% of net book value

Office equipment

20% of net book value

Motor vehicles

20% of net book value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% of net book value

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 23).

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2022

430,231

Additions acquired separately

16,171

At 30 June 2023

446,402

Amortisation

At 1 July 2022

281,536

Amortisation charge

29,739

At 30 June 2023

311,275

Carrying amount

At 30 June 2023

135,127

At 30 June 2022

148,695

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

276,377

32,522

308,899

Additions

1,211

6,995

8,206

At 30 June 2023

277,588

39,517

317,105

Depreciation

At 1 July 2022

235,108

10,654

245,762

Charge for the year

10,478

5,540

16,018

At 30 June 2023

245,586

16,194

261,780

Carrying amount

At 30 June 2023

32,002

23,323

55,325

At 30 June 2022

41,269

21,868

63,137

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

44,298

16,951

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

770

770

910

910

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £190.48) per each Ordinary shares

 

-

 

146,670

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

355,314

332,774