Registered number
07560913
Quartermaster Supplies Limited
Filleted Accounts
31 August 2023
Quartermaster Supplies Limited
Registered number: 07560913
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 210,474 229,197
Cash at bank and in hand 1,761 7,485
212,235 236,682
Creditors: amounts falling due within one year 5 (116,565) (204,954)
Net current assets 95,670 31,728
Total assets less current liabilities 95,670 31,728
Creditors: amounts falling due after more than one year 6 (9,664) (15,012)
Net assets/(liabilities) 86,006 16,716
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,906 16,616
Shareholder's funds 86,006 16,716
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.
Pankesh Patel
Director
Approved by the board on 15 August 2024
Quartermaster Supplies Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
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 at rates calculated to write off
the cost, less accumulated residual value, of each asset over its expected useful life, as follows
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 4,810
At 31 August 2023 4,810
Depreciation
At 1 September 2022 4,810
At 31 August 2023 4,810
Net book value
At 31 August 2023 -
4 Debtors 2023 2022
£ £
Trade debtors - 16,677
Amounts owed by a company with a common director 45,268 91,643
Other debtors 165,206 120,877
210,474 229,197
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,656 8,195
Trade creditors 6,583 147,726
Taxation and social security costs 19,086 4,382
Other creditors 68,240 44,651
116,565 204,954
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,664 15,012
7 Related party transactions
At the balance sheet date, an amount of £45,268 was due from Quartermasters Ltd, a company of which Mr P Patel is director.
8 Other information
Quartermaster Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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