Company No:
Contents
Note | 2024 | 2023 | ||
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Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand | 4 |
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46,371 | 39,485 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (98) | 9,938 | ||
Total assets less current liabilities | (98) | 9,938 | ||
Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's (deficit)/funds | (
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Director's responsibilities:
The financial statements of QSI Consulting Ltd (registered number:
Brian Churchill Allan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
QSI Consulting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Avenel, Ewanfield, Crieff, PH7 3DA, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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£ | £ | ||
Trade debtors |
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Other taxation and social security |
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Other debtors |
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£ | £ | ||
Cash at bank and in hand |
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£ | £ | ||
Taxation and social security |
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Other creditors |
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£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Loan to director | 9,783 | 13,665 |
Advances have been made in the year to a director totalling £378 and £4,312 has been repaid. Interest of £52 was charged at 2.25%. The loan is unsecured and has no fixed terms of repayment. Taxation under S455 has been applied on balances not repaid within 9 months of the company year end.
The director paid a dividend when there was unknowingly insufficient reserves. The director undertakes to make no further distributions until such time as there are reserves available for the purpose.