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Registration number: 11602319

Quantum Comms Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Quantum Comms Group Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Quantum Comms Group Ltd

Company Information

Director

Hayley Castles

Registered office

Unit 18 Lea hall Enterprise Park
Wheelhouse Road
Brereton
Rugeley
WS15 1LH

Accountants

Linton Park Administrative Services Ltd
4 Hewston Croft
Hednesford
Cannock
Staffordshire
WS12 1PB

 

Quantum Comms Group Ltd

Director's Report for the Year Ended 31 October 2023

The director presents her report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Hayley Castles

Principal activity

The principal activity of the company is Wired telecommunications activities

Small companies provision statement

This report has 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.

Approved and authorised by the director on 29 July 2024
 

.........................................
Hayley Castles
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Quantum Comms Group Ltd
for the Year Ended 31 October 2023

This report is made solely to the Board of Directors of Quantum Comms Group Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quantum Comms Group Ltd and state those matters that we have agreed to state to the Board of Directors of Quantum Comms Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quantum Comms Group Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quantum Comms Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quantum Comms Group Ltd. You consider that Quantum Comms Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Quantum Comms Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Linton Park Administrative Services Ltd
4 Hewston Croft
Hednesford
Cannock
Staffordshire
WS12 1PB

29 July 2024

 

Quantum Comms Group Ltd

(Registration number: 11602319)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

111,516

75,525

Current assets

 

Debtors

6

758,110

889,139

Cash at bank and in hand

 

330,660

403,402

 

1,088,770

1,292,541

Creditors: Amounts falling due within one year

7

(453,288)

(428,548)

Net current assets

 

635,482

863,993

Total assets less current liabilities

 

746,998

939,518

Creditors: Amounts falling due after more than one year

7

(26,668)

(35,802)

Provisions for liabilities

(25,862)

(771)

Net assets

 

694,468

902,945

Capital and reserves

 

Called up share capital

8

5

5

Retained earnings

694,463

902,940

Shareholders' funds

 

694,468

902,945

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

Approved and authorised by the director on 29 July 2024
 

.........................................
Hayley Castles
Director

 

Quantum Comms Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 18 Lea hall Enterprise Park
Wheelhouse Road
Brereton
Rugeley
WS15 1LH

These financial statements were authorised for issue by the director on 29 July 2024.

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 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 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 and deferred 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.

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.

 

Quantum Comms Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

33.33% Straight line

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.

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.

Borrowings

 

Quantum Comms Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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 the director) during the year, was 35 (2022 - 26).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

54,564

27,261

 

Quantum Comms Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

121,454

121,454

Additions

90,555

90,555

At 31 October 2023

212,009

212,009

Depreciation

At 1 November 2022

45,929

45,929

Charge for the year

54,564

54,564

At 31 October 2023

100,493

100,493

Carrying amount

At 31 October 2023

111,516

111,516

At 31 October 2022

75,525

75,525

6

Debtors

Current

2023
£

2022
£

Trade debtors

136,221

259,692

Prepayments

4,176

-

Other debtors

617,713

629,447

 

758,110

889,139

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

(58)

(58)

Trade creditors

 

204,616

138,243

Taxation and social security

 

242,307

285,577

Accruals and deferred income

 

7,200

-

Other creditors

 

(777)

4,786

 

453,288

428,548

 

Quantum Comms Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

26,668

35,802

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5

5

5

5

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

26,668

35,802

2023
£

2022
£

Current loans and borrowings

Other borrowings

(58)

(58)

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £106,478.00 (2022 - £49,240.00) per ordinary share

 

532,393

 

246,200

         

11

Related party transactions

 

Quantum Comms Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

43,004

-