Registered number
11308736
FQMI GROUP LTD.
Unaudited Filleted Accounts
30 September 2023
FQMI GROUP LTD.
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of FQMI GROUP LTD. for the year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FQMI GROUP LTD. for the year ended 30 September 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Weber & Associates
Chartered Accountants
5 St John's Lane
London
EC1M 4BH
22 August 2024
FQMI GROUP LTD.
Registered number: 11308736
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 90 90
Current assets
Debtors 4 63,698 27,020
Cash at bank and in hand 3,807 112
67,505 27,132
Creditors: amounts falling due within one year 5 (26,406) (23,767)
Net current assets 41,099 3,365
Total assets less current liabilities 41,189 3,455
Creditors: amounts falling due after more than one year 6 (99,302) (49,367)
Net liabilities (58,113) (45,912)
Capital and reserves
Called up share capital 100 100
Profit and loss account (58,213) (46,012)
Shareholders' funds (58,113) (45,912)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
F. Qavi
Director
Approved by the board on 22 August 2024
FQMI GROUP LTD.
Notes to the Accounts
for the year ended 30 September 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. Turnover includes revenue earned from 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.
Going concern
The directors, having assessed the available information and after making appropriate enquiries, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the period financial statements.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Group financial statements
These financial statements present information about the company as an individual undertaking and not about its group. The company is exempt by virtue of s383 of the Companies Act 2006 from the requirement to prepare the group financial statements.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 October 2022 90
At 30 September 2023 90
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 63,698 27,020
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 52 33
Other creditors 26,354 23,734
26,406 23,767
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 99,302 49,367
7 Related party transactions
As at the balance sheet date, the Company owed Mr F. Qavi a sum of £24,696 (2022: £23,477).
8 Controlling party
Mr F. Qavi and Ms R. I. Qavi, the directors of the Company, control the Company, as a result of controlling directly or indirectly, 100 per cent of the issued share capital of the Company.
9 Other information
FQMI GROUP LTD. is a private company limited by shares and incorporated in England. Its registered office is:
12 Derwent Avenue
London
SW15 3RD
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