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REGISTERED NUMBER: NI670702 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

QT Network LTD

QT Network LTD (Registered number: NI670702)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


QT Network LTD

Company Information
for the Year Ended 31 July 2023







DIRECTORS: E Trainor





REGISTERED OFFICE: Unit HF 9
Howard Buildings
155 Northumberland Street
Belfast
Co. Antrim
BT13 2JF





REGISTERED NUMBER: NI670702 (Northern Ireland)





ACCOUNTANTS: Toman Accountancy Services Ltd
Unit HF 9, Twin Spires Complex
Howard Buildings
155 Northumberland Street
Belfast
Antrim
BT13 2JF

QT Network LTD (Registered number: NI670702)

Statement of Financial Position
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 328,762 183,614

CURRENT ASSETS
Debtors 5 123,472 123,437
Cash at bank 264,598 397,534
388,070 520,971
CREDITORS
Amounts falling due within one year 6 89,315 168,471
NET CURRENT ASSETS 298,755 352,500
TOTAL ASSETS LESS CURRENT
LIABILITIES

627,517

536,114

CREDITORS
Amounts falling due after more than one
year

7

(175,073

)

-

PROVISIONS FOR LIABILITIES (75,091 ) (40,786 )
NET ASSETS 377,353 495,328

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 377,253 495,228
SHAREHOLDERS' FUNDS 377,353 495,328

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

QT Network LTD (Registered number: NI670702)

Statement of Financial Position - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





E Trainor - Director


QT Network LTD (Registered number: NI670702)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

QT Network LTD is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

Consider the recoverability of trade debtors and work in progress and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Computer equipment - 33% on cost

Financial instruments
All financial statements of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

-Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand

Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issues costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowing are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.


QT Network LTD (Registered number: NI670702)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the un-discounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 August 2022 260,868 4,015 264,883
Additions 266,298 - 266,298
At 31 July 2023 527,166 4,015 531,181
DEPRECIATION
At 1 August 2022 79,587 1,682 81,269
Charge for year 119,812 1,338 121,150
At 31 July 2023 199,399 3,020 202,419
NET BOOK VALUE
At 31 July 2023 327,767 995 328,762
At 31 July 2022 181,281 2,333 183,614

QT Network LTD (Registered number: NI670702)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 600 76,437
Other debtors 122,872 47,000
123,472 123,437

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 10,614 -
Taxation and social security 16,914 103,467
Other creditors 61,787 65,004
89,315 168,471

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Other creditors 175,073 -

8. RELATED PARTY DISCLOSURES

Havana Grill NI Ltd at the year ended 31st July 2023 owed QT Network Ltd £25K. Eamonn Trainor is a director and shareholder of Havana Grill NI Ltd.

Included in debtors is an amount of £69K owing to the company by the director E Trainor, this was repaid within 9 months of the year end and is included as other debtors.

9. ULTIMATE CONTROLLING PARTY

The controlling party is E Trainor.

10. SUBSEQUENT EVENTS

Subsequent to the year end, COVID-19 has caused significant disruption to the economic activity of many business's and their activities, this disruption has been worldwide.

The company has set robust cost containment measures to enable the business to continue to operate.