Quick-Test Technologies Limited 06486298 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the generation and sale of carbon credits. Digita Accounts Production Advanced 6.30.9574.0 true false true 06486298 2023-01-01 2023-12-31 06486298 2023-12-31 06486298 core:RetainedEarningsAccumulatedLosses 2023-12-31 06486298 core:ShareCapital 2023-12-31 06486298 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06486298 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06486298 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06486298 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06486298 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 06486298 bus:SmallEntities 2023-01-01 2023-12-31 06486298 bus:Audited 2023-01-01 2023-12-31 06486298 bus:FullAccounts 2023-01-01 2023-12-31 06486298 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06486298 bus:RegisteredOffice 2023-01-01 2023-12-31 06486298 bus:Director1 2023-01-01 2023-12-31 06486298 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06486298 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06486298 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 06486298 core:OfficeEquipment 2023-01-01 2023-12-31 06486298 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2023-01-01 2023-12-31 06486298 1 2023-01-01 2023-12-31 06486298 countries:EnglandWales 2023-01-01 2023-12-31 06486298 2022-12-31 06486298 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06486298 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06486298 2022-01-01 2022-12-31 06486298 2022-12-31 06486298 core:RetainedEarningsAccumulatedLosses 2022-12-31 06486298 core:ShareCapital 2022-12-31 06486298 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06486298 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06486298 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06486298 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06486298 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 06486298

Quick-Test Technologies Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Quick-Test Technologies Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Quick-Test Technologies Limited

(Registration number: 06486298)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

723,707

Tangible assets

-

-

 

-

723,707

Current assets

 

Debtors

5

1,374,204

-

Cash at bank and in hand

 

512

38

 

1,374,716

38

Creditors: Amounts falling due within one year

6

(1,423,141)

(115,987)

Net current liabilities

 

(48,425)

(115,949)

Total assets less current liabilities

 

(48,425)

607,758

Creditors: Amounts falling due after more than one year

6

(399,356)

(104,407)

Provisions for liabilities

-

(89,658)

Net (liabilities)/assets

 

(447,781)

413,693

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(447,881)

413,593

Total equity

 

(447,781)

413,693

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 2 October 2024 and signed on its behalf by:
 

.........................................
N McDougall
Director

 

Quick-Test Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

The company has the support of its fellow group companies which the directors believe will be sufficient for the company to continue to trade for the forseeable future.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 October 2024 was Jonathan Swayne FCA, who signed for and on behalf of Mercer Lewin Limited.

Revenue recognition

The company recognises revenue once carbon credits have been generated and transferred to the customer in order to satisfy the contract in place. Any receipts of advances from buyers are held as deferred income until the contract has been satisfied.

The company writes off costs as incurred or accrued in relation to project costs and do not match against project income.

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 payable and deferred tax.

 

Quick-Test Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Depreciation

Asset class

Depreciation method and rate

Office equipment

33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% straight line

Research and development

10% straight line

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Quick-Test Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Development costs
 £

Total
£

Cost or valuation

At 1 January 2023

42,284

739,736

782,020

At 31 December 2023

42,284

739,736

782,020

Amortisation

At 1 January 2023

42,284

16,029

58,313

Impairment

-

723,707

723,707

At 31 December 2023

42,284

739,736

782,020

Carrying amount

At 31 December 2023

-

-

-

At 31 December 2022

-

723,707

723,707

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

7

1,374,204

-

 

Quick-Test Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

1,423,141

115,987

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Amounts owed to related undertakings

399,356

104,407

7

Related party transactions

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Amounts receivable from related party

1,374,204

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Management charges payable

294,525

Amounts payable to related party

399,356

2022

Entities with joint control or significant influence
£

Amounts payable to related party

104,407

8

Parent and ultimate parent undertaking

The ultimate controlling party is N McDougall, by virtue of his majority shareholding in ultimate parent company DelAgua Group Limited (a company incorporated in The Bahamas).