Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30No description of principal activity2022-07-01false1010truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10239097 2022-07-01 2023-06-30 10239097 2021-07-01 2022-06-30 10239097 2023-06-30 10239097 2022-06-30 10239097 c:Director1 2022-07-01 2023-06-30 10239097 d:Buildings d:ShortLeaseholdAssets 2022-07-01 2023-06-30 10239097 d:Buildings d:ShortLeaseholdAssets 2023-06-30 10239097 d:Buildings d:ShortLeaseholdAssets 2022-06-30 10239097 d:PlantMachinery 2022-07-01 2023-06-30 10239097 d:PlantMachinery 2023-06-30 10239097 d:PlantMachinery 2022-06-30 10239097 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10239097 d:OfficeEquipment 2022-07-01 2023-06-30 10239097 d:OfficeEquipment 2023-06-30 10239097 d:OfficeEquipment 2022-06-30 10239097 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10239097 d:ComputerEquipment 2022-07-01 2023-06-30 10239097 d:ComputerEquipment 2023-06-30 10239097 d:ComputerEquipment 2022-06-30 10239097 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10239097 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10239097 d:CurrentFinancialInstruments 2023-06-30 10239097 d:CurrentFinancialInstruments 2022-06-30 10239097 d:Non-currentFinancialInstruments 2023-06-30 10239097 d:Non-currentFinancialInstruments 2022-06-30 10239097 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10239097 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 10239097 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 10239097 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 10239097 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 10239097 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 10239097 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 10239097 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-06-30 10239097 c:FRS102 2022-07-01 2023-06-30 10239097 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 10239097 c:FullAccounts 2022-07-01 2023-06-30 10239097 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10239097 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 10239097









Q 888 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
Q 888 LIMITED
REGISTERED NUMBER: 10239097

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
29,312
40,662

Current assets
  

Stocks
  
4,875
4,120

Debtors: amounts falling due within one year
 6 
550
34,238

Cash at bank and in hand
  
51,924
76,306

  
57,349
114,664

Creditors: amounts falling due within one year
 7 
(43,027)
(72,459)

Net current assets
  
 
 
14,322
 
 
42,205

Total assets less current liabilities
  
43,634
82,867

  

Creditors: amounts falling due after more than one year
 8 
(30,840)
(37,046)

  
12,794
45,821

Provisions for liabilities
  

Deferred taxation
  
(4,576)
(6,596)

  

Net assets
  
8,218
39,225


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,118
39,125

  
8,218
39,225


Page 1

 
Q 888 LIMITED
REGISTERED NUMBER: 10239097
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2024.




C K Wong
Director


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Q 888 Limited is a private limited company, incorporated and domiciled in England.  Its registered office is situated at 68 West Gate, Mansfield, Nottinghamshire NG18 1RR.  Its principal place of business is 343 Nottingham Road, Mansfield, Nottinghamshire NG18 4SG.
The principal activity of the company is that of a Chinese takeaway.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis.  The director believes that the company has sufficient resources to be able to continue to trade until at least January 2025.
At the time of signing there is still a degree of uncertainty about the full economic impact of COVID-19. The director continues to monitor the position closely, however believes that the company will continue its current level of activity.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants of a revenue nature are recognised in the statement of comprehensive income upon receipt.

Page 3

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 years straight line
Plant and machinery
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2023
2022
£
£

Wages and salaries
86,796
103,796

Cost of defined contribution scheme
888
1,204

87,684
105,000


The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Dividends

2023
2022
£
£


Ordinary shares
32,500
20,000

32,500
20,000

Page 7

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
9,914
48,897
6,494
4,770
70,075


Additions
2,175
-
410
-
2,585



At 30 June 2023

12,089
48,897
6,904
4,770
72,660



Depreciation


At 1 July 2022
3,966
21,793
1,746
1,908
29,413


Charge for the year on owned assets
2,418
9,660
1,380
477
13,935



At 30 June 2023

6,384
31,453
3,126
2,385
43,348



Net book value



At 30 June 2023
5,705
17,444
3,778
2,385
29,312



At 30 June 2022
5,948
27,104
4,748
2,862
40,662


6.


Debtors





2023
2022
£
£

Due within one year

Prepayments and accrued income
550
34,238

550
34,238


Page 8

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,250
6,250

Trade creditors
17,084
16,165

Corporation tax
3,032
6,142

Other taxation and social security
16,503
17,130

Other creditors
158
26,772

43,027
72,459



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
30,840
37,046



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
6,250
6,250

Amounts falling due 1-2 years

Bank loans
6,250
6,250

Amounts falling due 2-5 years

Bank loans
18,750
18,750

Amounts falling due after more than 5 years

Bank loans
5,840
12,046

37,090
43,296


Page 9

 
Q 888 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £888 (2022 - £1,204). Contributions totalling £25 (2022 - £467) were payable to the fund at the balance sheet date and are included in other creditors.

 
Page 10