Company registration number 03186539 (England and Wales)
QA RESEARCH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
QA RESEARCH LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
QA RESEARCH LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
53,388
37,684
Current assets
Debtors
5
614,696
588,747
Cash at bank and in hand
579,078
615,972
1,193,774
1,204,719
Creditors: amounts falling due within one year
6
(570,954)
(700,934)
Net current assets
622,820
503,785
Total assets less current liabilities
676,208
541,469
Creditors: amounts falling due after more than one year
7
(21,938)
(35,693)
Provisions for liabilities
(5,733)
(6,173)
Net assets
648,537
499,603
Capital and reserves
Called up share capital
7,600
7,600
Other reserves
1,300
1,300
Profit and loss reserves
639,637
490,703
Total equity
648,537
499,603

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

QA RESEARCH LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 July 2024 and are signed on its behalf by:
Mr N Lynch
Director
Company registration number 03186539 (England and Wales)
QA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

QA Research Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Merus Court, Meridian Business Park, Leicester, Leicestershire, LE19 1RJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable for goods and services net of VAT and trade discounts. In respect of long-term contracts for ongoing services, turnover represents the value of work done in the year, including estimated of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
10% straight line
Computer equipment & electric car charger
20-25% straight line
Motor vehicles
30% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

QA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provision of the instrument.

 

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

 

Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Finance leases are recognised at the present value of the future payments discounted at the inherent rate of interest imbedded in the lease. The corresponding asset is recognised in fixed assets at the asset value communicated by the lessor.

Operating lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease terms on a straight line basis.

QA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9

Bounce back loan

The bounce back loan is accounted for in the statement of financial position at its carrying value each year. Interest is charged to the statement of comprehensive income in the year the interest becomes payable by Qa Research Ltd.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
366
221

This amounted in the year to 2024 to full time equivalents of 44 (year to 2023: 39). The difference is largely due to commissioning people to conduct surveys in various geographical locations over short periods of time.

QA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
117,455
Additions
43,297
Disposals
(13,454)
At 31 March 2024
147,298
Depreciation and impairment
At 1 April 2023
79,771
Depreciation charged in the year
27,178
Eliminated in respect of disposals
(13,039)
At 31 March 2024
93,910
Carrying amount
At 31 March 2024
53,388
At 31 March 2023
37,684
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
410,897
287,003
Gross amounts owed by contract customers
143,295
201,766
Other debtors
7,579
25,487
Prepayments and accrued income
52,925
74,491
614,696
588,747

Other debtors include deferred interest payable after more than one year of £721 (2024) and £1,635 (2023).

QA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
10,648
Obligations under finance leases
3,107
5,893
Payments received on account
162,820
182,321
Trade creditors
54,393
113,642
Taxation and social security
216,194
219,421
Other creditors
6,663
2,356
Accruals and deferred income
117,129
166,653
570,954
700,934
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,297
31,945
Other creditors
641
3,748
21,938
35,693

The bounce back loan arose on accepting a business interruption payment offered by the UK government. The interest rate applicable to the loan is 2.5% fixed per annum.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
31,145
83,555
9
Events after the reporting date

On 31st May, 2024 100% of Qa Research Ltd's share capital was acquired by EMB-Group Limited, a company registered in the UK. Company registration number 07087597. Registered address 5 Merus Court, Meridian Business Park, Leicester, Leicestershire, LE19 1RU.

QA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Key management personnel
-
15,000

The loans are interest free and were repaid between 27th and 28th February 2024.

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