Registered number
12338027
QUANTUM SOLUTIONS GROUP LTD
Filleted Accounts
30 November 2023
QUANTUM SOLUTIONS GROUP LTD
Registered number: 12338027
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,178 36,278
Current assets
Debtors 4 30,204 30,690
Cash at bank and in hand 32,532 15,672
62,736 46,362
Creditors: amounts falling due within one year 5 (18,619) (27,353)
Net current assets 44,117 19,009
Total assets less current liabilities 74,295 55,287
Creditors: amounts falling due after more than one year 6 (290,015) (290,015)
Net liabilities (215,720) (234,728)
Capital and reserves
Profit and loss account (215,720) (234,728)
Shareholder's funds (215,720) (234,728)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sergei Shavrin
Director
Approved by the board on 15 July 2024
QUANTUM SOLUTIONS GROUP LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 62,806
Additions 3,960
At 30 November 2023 66,766
Depreciation
At 1 December 2022 26,528
Charge for the year 10,060
At 30 November 2023 36,588
Net book value
At 30 November 2023 30,178
At 30 November 2022 36,278
4 Debtors 2023 2022
£ £
Trade debtors 6,900 4,010
Other debtors 23,304 26,680
30,204 30,690
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 163 -
Taxation and social security costs 130 612
Director's loan account 31,652 26,741
VAT Liabilities (13,326) -
18,619 27,353
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's loan account 290,015 290,015
7 Related party transactions
The director Mr Shavrin is owed £290,015 as a long term loan and is unsecured and subordinated in favour of third party creditors of the company.
8 Other information
QUANTUM SOLUTIONS GROUP LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Boundary Way
Woking Surrey
United Kingdom
GU21 5DH
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