Quicklink Video Distribution Services Limited 04775920 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is business and domestic software development. Digita Accounts Production Advanced 6.30.9574.0 true false 04775920 2022-12-01 2023-11-30 04775920 2023-11-30 04775920 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-11-30 04775920 core:RetainedEarningsAccumulatedLosses 2023-11-30 04775920 core:ShareCapital 2023-11-30 04775920 core:CurrentFinancialInstruments 2023-11-30 04775920 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 04775920 core:MoreThanFiveYears 2023-11-30 04775920 core:FurnitureFittingsToolsEquipment 2023-11-30 04775920 core:LandBuildings 2023-11-30 04775920 bus:SmallEntities 2022-12-01 2023-11-30 04775920 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04775920 bus:FilletedAccounts 2022-12-01 2023-11-30 04775920 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 04775920 bus:RegisteredOffice 2022-12-01 2023-11-30 04775920 bus:CompanySecretary1 2022-12-01 2023-11-30 04775920 bus:Director1 2022-12-01 2023-11-30 04775920 bus:Director3 2022-12-01 2023-11-30 04775920 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-01 2023-11-30 04775920 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04775920 core:ComputerEquipment 2022-12-01 2023-11-30 04775920 core:FurnitureFittings 2022-12-01 2023-11-30 04775920 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 04775920 core:LandBuildings 2022-12-01 2023-11-30 04775920 core:LeaseholdImprovements 2022-12-01 2023-11-30 04775920 core:OtherRelatedParties 2022-12-01 2023-11-30 04775920 core:ParentEntities 2022-12-01 2023-11-30 04775920 1 2022-12-01 2023-11-30 04775920 countries:UnitedKingdom 2022-12-01 2023-11-30 04775920 2022-11-30 04775920 core:FurnitureFittingsToolsEquipment 2022-11-30 04775920 core:LandBuildings 2022-11-30 04775920 2021-12-01 2022-11-30 04775920 2022-11-30 04775920 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-11-30 04775920 core:RetainedEarningsAccumulatedLosses 2022-11-30 04775920 core:ShareCapital 2022-11-30 04775920 core:CurrentFinancialInstruments 2022-11-30 04775920 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 04775920 core:MoreThanFiveYears 2022-11-30 04775920 core:FurnitureFittingsToolsEquipment 2022-11-30 04775920 core:LandBuildings 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04775920

Quicklink Video Distribution Services Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Quicklink Video Distribution Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Quicklink Video Distribution Services Limited

Company Information

Directors

Mr R J Rees

Mr D Audion

Company secretary

Mrs B J Rees

Registered office

Block A
Bay Studios
Fabian Way
Swansea
West Glamorgan
SA1 8QB

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Quicklink Video Distribution Services Limited

(Registration number: 04775920)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

55,142

63,983

Current assets

 

Stocks

5

257,035

272,153

Debtors

6

304,428

194,433

Cash at bank and in hand

 

2,699,199

3,574,970

 

3,260,662

4,041,556

Creditors: Amounts falling due within one year

7

(683,117)

(1,055,404)

Net current assets

 

2,577,545

2,986,152

Net assets

 

2,632,687

3,050,135

Capital and reserves

 

Called up share capital

9

150

150

Retained earnings

2,632,537

3,049,985

Shareholders' funds

 

2,632,687

3,050,135

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Quicklink Video Distribution Services Limited

(Registration number: 04775920)
Balance Sheet as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr R J Rees
Director

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Block A
Bay Studios
Fabian Way
Swansea
West Glamorgan
SA1 8QB
Wales

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Computer equipment

33% on reducing balance

Leasehold improvements

Over lease term

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

67,703

75,020

142,723

Additions

-

5,691

5,691

Disposals

-

(4,601)

(4,601)

At 30 November 2023

67,703

76,110

143,813

Depreciation

At 1 December 2022

31,595

47,145

78,740

Charge for the year

6,770

7,530

14,300

Eliminated on disposal

-

(4,369)

(4,369)

At 30 November 2023

38,365

50,306

88,671

Carrying amount

At 30 November 2023

29,338

25,804

55,142

At 30 November 2022

36,108

27,875

63,983

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Other inventories

257,035

272,153

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

98,067

99,161

Amounts owed by related parties

10

149,151

9,248

Prepayments

 

21,514

12,363

Other debtors

 

35,696

73,661

   

304,428

194,433

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

51,196

19,257

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

32,171

Taxation and social security

 

14,635

11,690

Accruals and deferred income

 

51,618

43,815

Other creditors

 

565,668

948,471

 

683,117

1,055,404

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Later than five years

127,985

155,551

127,985

155,551

The amount of non-cancellable operating lease payments recognised as an expense during the year was £36,329 (2022 - £30,219).

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

150

150

150

150

       

10

Related party transactions

Loans to related parties

2023

Parent
£

Total
£

At start of period

(32,171)

(32,171)

Advanced

201,233

201,233

Repaid

(104,368)

(104,368)

At end of period

64,694

64,694

 

Quicklink Video Distribution Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions (continued)

2022

Parent
£

Total
£

At start of period

64,693

64,693

Repaid

(96,865)

(96,865)

At end of period

(32,172)

(32,172)

Terms of loans to related parties

As at the balance sheet date, the company was owed £64,694 (2022 - owed to £32,171) from Lien Rapide Limited. The company considers this loan to be interest free and repayable on demand.
 

Summary of transactions with other related parties


Quicklink SL

A company under common control of one of the directors.

As at the balance sheet date the company was owed £84,457 (2022 - £31,500) from Quicklink SL. Quicklink SL provides consultancy services to the company which totalled £326,428 (2022 - £251,205).

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Lien Rapide Limited, incorporated in United Kingdom.

 The ultimate controlling party is Mr R J Rees.