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Registered number: 03473150
Quiet Storm Solutions Ltd.
Financial Statements
For The Year Ended 31 March 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03473150
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 72,969 82,806
72,969 82,806
CURRENT ASSETS
Debtors 5 119,645 154,984
Cash at bank and in hand 109,707 174,803
229,352 329,787
Creditors: Amounts Falling Due Within One Year 6 (235,784 ) (266,971 )
NET CURRENT ASSETS (LIABILITIES) (6,432 ) 62,816
TOTAL ASSETS LESS CURRENT LIABILITIES 66,537 145,622
Creditors: Amounts Falling Due After More Than One Year 7 (32,500 ) (62,500 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,759 ) (14,385 )
NET ASSETS 21,278 68,737
CAPITAL AND RESERVES
Called up share capital 8 500 500
Profit and Loss Account 20,778 68,237
SHAREHOLDERS' FUNDS 21,278 68,737
Page 1
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs K J Megson
Director
3 June 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Quiet Storm Solutions Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03473150 . The registered office is First Floor Sterling House, Outrams Wharf, Little Eaton , Derbyshire, DE21 5EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% Straight line
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 22,696 164,647 140,255 161,727 489,325
Additions - 1,588 - 6,704 8,292
As at 31 March 2024 22,696 166,235 140,255 168,431 497,617
Depreciation
As at 1 April 2023 9,897 159,800 77,359 159,463 406,519
Provided during the period 454 1,245 15,724 706 18,129
As at 31 March 2024 10,351 161,045 93,083 160,169 424,648
Net Book Value
As at 31 March 2024 12,345 5,190 47,172 8,262 72,969
As at 1 April 2023 12,799 4,847 62,896 2,264 82,806
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 119,645 154,984
119,645 154,984
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,534 12,310
Bank loans and overdrafts 30,000 30,000
Corporation tax 13,202 29,210
Other taxes and social security 48,400 64,570
VAT 3,017 -
Other creditors 38,051 28,236
Accruals and deferred income 200 21,300
Directors' loan accounts 100,380 81,345
235,784 266,971
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 32,500 62,500
32,500 62,500
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500 500
Page 5